DWS Group in stablecoins and digital assets
DWS Group is the asset manager of Deutsche Bank, which holds a majority of its shares, and has its head office on Mainzer Landstraße in Frankfurt. According to its own reporting it manages more than one trillion euros in active, passive and alternative investments.
In digital assets, DWS co-founded AllUnity, the Frankfurt company that issues the euro stablecoin EURAU, and it advises on the reserve portfolio behind that token. DWS Group is one of Finance Loop's event and network partners.
AllUnity: the euro stablecoin DWS co-founded
On December 13, 2023, DWS, the trading firm Flow Traders and the digital asset company Galaxy announced that they would found AllUnity to issue a fully collateralized, regulated euro stablecoin (DWS). DWS brought portfolio management and product structuring, Flow Traders brought liquidity, and Galaxy brought technical infrastructure. DWS chief executive Stefan Hoops said at the time that AllUnity would "bridge the gap between the traditional and digital finance ecosystems".
BaFin granted AllUnity an e-money institution license on July 1, 2025, and AllUnity launched EURAU on July 31, 2025. AllUnity calls the token 100 percent reserved under a multi-bank model: several European banks hold the reserves, and DWS advises on the reserve portfolio (AllUnity). AllUnity also issues CHFAU and SEKAU, and Deutsche Börse signed a memorandum with AllUnity to take EURAU into Clearstream custody (Deutsche Börse).
Why an asset manager builds a stablecoin
A fund manager settles every trade in money. When bonds, fund units and other securities move onto a blockchain, the cash leg has to be on the same ledger, or the trade still waits for a bank transfer. A euro stablecoin under MiCAR is one answer to that problem, tokenized deposits and central bank money are others. The page on tokenized deposits compares the options, and euro stablecoins under MiCA sets EURAU next to EURC and the bank consortium Qivalis.
For DWS the reserve side is familiar work: the assets behind an e-money token have to be held in cash and very liquid instruments, which is how a money market fund works too. The hub answer on stablecoin reserves explains what MiCAR requires.
The rules that apply
Every fund manager in Germany needs authorization under the Kapitalanlagegesetzbuch (KAGB), as the page on asset management in Germany explains. A euro stablecoin is an e-money token under MiCAR, and in Germany BaFin supervises its issuer under both MiCAR and the Payment Services Supervision Act (ZAG). The issuer needs an e-money or banking license, which is why AllUnity applied to BaFin as an e-money institution. Fund units themselves can be issued as crypto fund units under the Electronic Securities Act (eWpG), as the hub answer on tokenized funds sets out.
DWS Group at events Finance Loop runs or supports
DWS Group is on the About page among Finance Loop's event and network partners. A speaker from DWS Group was on the program of the Digital Finance Night Frankfurt, which Finance Loop hosted for people from banks, asset managers and market infrastructure, and the event graphic names DWS Group. At the German Blockchain & AI Week 2025 in Berlin, which Finance Loop supported, DWS Group was part of the "Germany Insights" session. DWS is also named as a partner of Capital & Code, the Frankfurt conference on stablecoins and tokenized finance that AllUnity hosts and where Finance Loop is a media partner.
Is DWS behind a stablecoin?
Yes. DWS co-founded AllUnity with Flow Traders and Galaxy, and AllUnity issues the euro stablecoin EURAU from Frankfurt under a BaFin e-money license. DWS advises on the reserve portfolio. AllUnity, not DWS, is the issuer.
What is AllUnity?
AllUnity GmbH is a Frankfurt e-money institution that issues EURAU, CHFAU and SEKAU under MiCAR. The AllUnity page explains its license and how EURAU is used in payments and trading.
Who owns DWS Group?
Deutsche Bank holds the majority of DWS Group, and DWS runs its business from its own head office in Frankfurt.
Investment & Digital Assets
Payments & Digital Money
Risk & Compliance
DWS Group and Finance Loop
DWS Group is an event and network partner of Finance Loop. A DWS speaker was on the program of the Digital Finance Night Frankfurt, and AllUnity, which DWS co-founded, hosts Capital & Code with Finance Loop as media partner. Stablecoins belong to Finance Loop's Payments & Digital Money track.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, tokenization, stablecoins, and DeFi. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, and Risk & Compliance.