Investing.com -- AllUnity, a joint venture that includes Deutsche Bank’s (ETR:DBK) asset manager DWS (ETR:DWS), received a license from German regulator BaFin on Wednesday to issue a euro stablecoin.

The company has been developing plans for this stablecoin for more than a year.

The regulatory approval marks a significant step forward for the venture’s digital currency initiatives in the European market.

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