The Deutsche Börse Group has entered into a Memorandum of Understanding (MoU) with Circle Internet Financial to facilitate the incorporation of regulated stablecoins into the European capital markets.
As detailed in the announcement, this partnership will concentrate on Circle’s USDC and EURC, establishing connections between token-based payment systems and traditional financial frameworks.
This collaboration signifies a groundbreaking moment, marking the first formal alliance between a prominent European market infrastructure provider and a global stablecoin issuer.
Both organizations hailed this initiative as a significant advancement for regulated digital finance within Europe, enabled by the EU’s Markets in Crypto-Assets Regulation (MiCA), which serves as the bloc’s comprehensive regulatory framework for digital assets.
As per the terms of the agreement, the first phase will be implemented through the subsidiaries of Deutsche Börse. Trading operations will be carried out on 360T’s digital platform, 3DX, as well as through the institutional crypto service provider, Crypto Finance.
Custody services will be offered through Clearstream, Deutsche Börse’s post-trade division, while Crypto Finance’s German subsidiary will act as the sub-custodian.
Jeremy Allaire, co-founder and CEO of Circle, stated that this collaboration aims to minimize settlement risks, reduce costs, and enhance efficiency among banks, asset managers, and other market actors.
“With the establishment of clear regulations across Europe, syncing our regulated stablecoins, EURC and USDC, with credible platforms will enable new product opportunities and simplify workflows related to trading, settlement, and custody,” Allaire commented.
Deutsche Börse executives highlighted the transformative potential of stablecoins within the European financial landscape. Stephanie Eckermann, who oversees post-trading operations at the firm, remarked that the agreement supports the company’s aspiration to digitize the issuance of securities and post-trade functions.
Thomas Book, who manages trading and clearing, emphasized that this partnership positions Deutsche Börse to bridge traditional finance with digital markets, creating a seamless value chain that encompasses execution, settlement, and custody services.
This agreement follows Circle’s significant regulatory achievement this year. On July 1, Circle became the first global stablecoin issuer to obtain an Electronic Money Institution (EMI) license under MiCA, granted by French regulators.
This license permits the company to issue USDC and EURC throughout the European Union.
Circle characterized this approval as a pivotal achievement for mainstream adoption, highlighting that MiCA establishes the framework for sustainable growth in digital finance, ensuring that stablecoin issuers comply with rigorous consumer protection and reserve standards.
