DWS chief executive Stefan Hoops predicts stablecoins could evolve to become a “gigantic market”, as the German asset manager seeks to capitalise on recent regulatory approval received by one of its joint ventures to launch the digital tokens.

Last month AllUnity, a joint venture backed by DWS, Galaxy Digital and Flow Traders, launched EURAU — the first Euro stablecoin to win approval from German financial regulator Bafin.