DWS Group
DWS Group is an asset manager that invests money for individuals and institutional clients. Its funds pool investors' money into portfolios, while tailored mandates manage investments for a particular client. DWS provides actively managed products and index-tracking products, which follow a defined market benchmark.
Asset management combines selecting investments with monitoring how a portfolio meets its stated objectives and risk limits. DWS applies this work across different types of assets and provides clients with information about their holdings. As a company majority-owned by Deutsche Bank, DWS has its own responsibility for the investment products it manages.
AllUnity: the euro stablecoin DWS co-founded
On 13 December 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 1 July 2025, and AllUnity launched EURAU on 31 July 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. Tokenized deposits are another option for banks. EURAU, EURC and the bank consortium Qivalis use the separate framework for euro stablecoins under MiCA.
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 an event and network partner of Finance Loop. 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.
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.
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 the Finance Loop track Payments & Digital Money.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.