AllUnity, a joint venture formed by Deutsche Bank's asset manager DWS, Dutch market maker Flow Traders, and digital asset firm Galaxy, has been granted an E-Money Institution (EMI) license by Germany's Federal Financial Supervisory Authority (BaFin). This license is a critical regulatory milestone, authorizing the company to issue a euro-denominated stablecoin.

The approval is significant as it positions AllUnity to launch one of the first bank-backed, fully regulated stablecoins under the new Markets in Crypto-Assets (MiCA) framework in Europe. The venture leverages the distinct strengths of its partners: DWS provides asset management expertise and a blue-chip reputation, Flow Traders offers deep liquidity provisioning capabilities, and Galaxy contributes its crypto-native technology and experience.

This development signals a foundational shift in the stablecoin landscape. By adhering to MiCA, AllUnity aims to provide a robust, transparent, and compliant digital euro for use cases spanning decentralized finance (DeFi), institutional trading, and corporate treasury management. The move establishes a powerful, regulated competitor to existing stablecoins and paves the way for wider adoption of digital assets by traditional financial institutions in Europe.