Deutsche Bank’s asset management arm, DWS, is forming a new venture with Michael Novogratz’s Galaxy Digital and Flow Traders to jointly issue a euro-denominated stablecoin.

DWS Group officially announced on Dec. 13 the plan to form AllUnity as part of a new partnership between DWS, Flow Traders and Galaxy to launch a “fully collateralized” euro stablecoin.

AllUnity’s operations will be regulated by the German Federal Financial Supervisory Authority, or BaFin, the announcement notes. AllUnity’s longer-term focus will be to promote the acceleration of mass adoption of digital assets and tokenization.

“Through the future creation of AllUnity, we will bridge the gap between the…

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