DWS, a subsidiary of Deutsche Bank, announced the company's founding as part of their larger plan to implement the new euro stablecoin early in 2019. Given that DWS oversees €941 billion in assets, this is a major milestone for the European financial system.

As DWS seems to be the first firm to be awarded a German e-money licence for a stablecoin, the cryptocurrency is scheduled to be regulated by Germany's Federal Financial Supervisory Authority (BaFin).

DWS, Flow Traders, and Galaxy Digital have joined forces to form AllUnity, a new firm that will launch the new stablecoin.

DWS CEO Stefan Hoops predicted that a wide spectrum of customers, including investors in digital assets and industrial uses, would be interested in the stablecoin.

"We anticipate greater demand in the medium term, such as from industrial companies working with 'internet of things' continuous payments," according to Hoops. Short-term demand is anticipated from investors in digital assets.