Deutsche Börse, Circle to Integrate Stablecoins Into European Market Infrastructure

Deutsche Börse Group (DB1) signed a memorandum of understanding with Circle Internet Group (CRCL) to bring regulated stablecoins into Europe’s financial market infrastructure.

The agreement aims to integrate Circle’s euro- and dollar-pegged tokens, EURC and USDC, into trading, settlement and custody services across the exchange operator’s platforms, the firms said in a statement on Tuesday.

There has been a flurry of stablecoin activity focused on Europe of late, with the likes of SogGen’s FORGE subsidiary recently announcing expansion of its stablecoins in the region and a group of European banks issuing a euro-denominated stablecoin.

Circle was the first major global issuer to comply with the EU’s Markets in Crypto Assets regulation (MiCA), giving the company a regulatory foothold in Europe. The stablecoin rules took effect in June 2024 and full legislation kicked in toward the end of December.

The initiative will begin with listing and trading the stablecoins on 360T’s digital exchange, 3DX, and through Crypto Finance, Deutsche Börse’s institutional crypto brokerage. Custody will be handled by Clearstream, the group’s post-trade arm, using Crypto Finance’s German entity as a sub-custodian.

“Together with Deutsche Börse Group, we’re planning to advance the use of regulated stablecoins across Europe’s market infrastructure — reducing settlement risk, lowering costs, and improving efficiency for banks, asset managers, and the wider market,” said Jeremy Allaire, the co-founder, chairman and CEO of Circle.

In practice, the tie-up could allow banks, asset managers and other institutions to settle trades in tokenized euros or dollars, instead of relying on legacy payment systems. For Europe’s capital markets, it represents an early test of whether stablecoins can become a trusted part of regulated financial infrastructure.