Deutsche Börse Group and Circle Internet Group have signed a memorandum of understanding to explore the integration of Circle’s EURC and USDC stablecoins into Deutsche Börse’s financial market infrastructure, the companies announced Tuesday.
The initiative, the first of its kind in Europe, is designed to connect token-based payment systems with established trading, clearing and settlement services. It comes as European regulators move forward with implementing the Markets in Crypto Assets Regulation (MiCAR), the EU’s framework for digital assets.
Focus on Trading, Custody and Settlement
Under the agreement, Deutsche Börse and Circle plan to focus initially on stablecoin listing and trading through 360T’s digital exchange 3DX and via Crypto Finance, an institutional crypto services provider owned by Deutsche Börse.
The partnership also includes custody solutions. Deutsche Börse’s post-trade division, Clearstream, is expected to provide institutional-grade custody for digital assets, with Crypto Finance’s German entity serving as sub-custodian.
According to the companies, the effort aims to reduce settlement risk, lower transaction costs, and improve operational efficiency for banks, asset managers and other institutional participants.
Regulatory Backdrop
Circle, which issues the USDC dollar stablecoin and the euro-backed EURC, was the first major issuer to comply with MiCAR. The regulation, which came into effect earlier this year, sets uniform standards for digital asset issuers and service providers across the EU.
The MoU builds on those requirements by testing how stablecoins can be integrated into regulated market environments. Executives from both organisations said the project is intended to help shape the transition of securities issuance, trading and post-trade services into more digital formats.
A Bridge Between Traditional and Digital Finance
Deutsche Börse, which operates exchanges and post-trade infrastructure across Europe, said it sees stablecoins as a potential bridge between traditional finance and digital assets. Its trading and clearing services, along with 360T, 3DX, Crypto Finance and Clearstream, already form a chain of platforms that can be extended to include token-based payments.
Jeremy Allaire, Circle’s co-founder and chief executive, said regulated stablecoins could play a role in streamlining market processes, while Deutsche Börse executives described the initiative as a step toward creating a unified ecosystem for both digital and traditional assets. No timeline was given for when trading or custody services using EURC or USDC might be rolled out.
