Key Takeaways
- Deutsche Börse signed an MoU with Circle in the first major tie-up between a European market infrastructure provider and a global stablecoin issuer.
- The deal will integrate Circle’s EURC and USDC into Deutsche Börse’s platforms under the EU’s new MiCAR regulatory framework.
- Stablecoins will be listed and traded on 360T’s 3DX exchange and via Crypto Finance, with custody provided by Clearstream.
- Executives said the move could cut settlement risk, lower costs, and bridge traditional and digital finance across European markets.
Deutsche Börse Group said on Tuesday it had signed a memorandum of understanding with U.S. firm Circle to bring regulated stablecoins into European market infrastructure, marking the first tie-up of its kind in the EU between a major exchange operator and a global stablecoin issuer.
According to Circle, the partnership will see Circle’s euro-denominated EURC and U.S. dollar-pegged USDC stablecoins integrated into Deutsche Börse’s platforms, with the aim of linking token-based payment networks to traditional finance.
Initial work will focus on listing and trading stablecoins on Deutsche Börse’s 360T digital exchange 3DX and through its institutional crypto provider Crypto Finance. Additionally, custody will be handled by Deutsche Börse’s post-trade arm Clearstream, with Crypto Finance’s German unit acting as sub-custodian.
Circle’s Chief Executive Jeremy Allaire said the move would cut settlement risk and costs while boosting efficiency for banks and asset managers. “As clear rules take hold across Europe, aligning our regulated stablecoins with trusted venues will unlock new products and streamline workflows across trading, settlement, and custody,” he said.
Stephanie Eckermann, Deutsche Börse board member responsible for post-trading, said the collaboration was a step toward integrating stablecoins into regulated infrastructure. “Digital assets have the potential to reshape financial markets by enhancing efficiency, transparency and security,” she said.
Circle’s Push into Mainstream Finance
Circle has been steadily building bridges with traditional finance, becoming the first global stablecoin issuer to operate under the EU’s MiCA regime in July 2024 through its French entity, a step that allowed it to issue EURC and USDC across the bloc under direct supervision.
Since then, the company has deepened links with mainstream finance. Visa has expanded its settlement platform to support Circle’s tokens in cross-border payments, while BlackRock manages the Circle Reserve Fund that holds USDC’s cash and Treasury backings.
Additionally, in 2025, Circle listed on the New York Stock Exchange under the ticker CRCL, marking its entry into public markets and underscoring its push toward regulated adoption.
Read More: Visa Rolls Out Stablecoin Pilot to Modernize Cross-Border Money Movement
