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Market infrastructure provider Deutsche Börse Group and stablecoin issuer Circle Internet Group have signed a Memorandum of Understanding (MoU) to explore the use of Circle’s EURC and USDC stablecoins across Deutsche Börse’s infrastructure.
The agreement marks the first collaboration in Europe between a major financial market infrastructure provider and a global stablecoin issuer. The parties said the move is designed to connect token-based payment networks with traditional market infrastructure, creating new solutions for market participants and advancing the regulated adoption of stablecoins in Europe.
The initiative comes under the framework of the EU’s Markets in Crypto Assets Regulation (MiCAR), which provides the world’s first comprehensive regulatory framework for crypto assets. Circle was the first major issuer to achieve compliance with MiCAR.
The collaboration will initially focus on stablecoin listing and trading on 360T’s digital exchange 3DX and via institutional crypto provider Crypto Finance, both part of Deutsche Börse Group. Custody will be offered through Deutsche Börse’s post-trade business Clearstream, with Crypto Finance’s German entity acting as sub-custodian.
Jeremy Allaire, Co-Founder, Chairman and CEO, Circle
“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. As clear rules take hold across Europe, aligning our regulated stablecoins, EURC and USDC, with trusted venues will unlock new products and streamline workflows across trading, settlement, and custody.”
— Jeremy Allaire, Co-Founder, Chairman and CEO, Circle
Stephanie Eckermann,
Member of the Executive Board of Deutsche Börse Group
Stephanie Eckermann, Member of the Executive Board of Deutsche Börse Group responsible for Post-Trading, commented:
“Digital assets have the potential to reshape financial markets by enhancing efficiency, transparency, and security – thereby strengthening the competitiveness of European capital markets. Through this collaboration, we are taking a decisive step toward integrating stablecoins into regulated, reliable and trusted infrastructure. Thereby, we are advancing our ambition to transform traditional securities issuance and post-trade processes into a fully digital experience tailored to client needs.”
— Stephanie Eckermann, Executive Board Member, Deutsche Börse Group
Thomas Book,
Member of the Executive Board of Deutsche Börse Group
Thomas Book, Member of the Executive Board of Deutsche Börse Group responsible for Trading & Clearing, added:
“Deutsche Börse Group is uniquely positioned to bridge the gap between traditional and digital finance. Our integrated offerings from 360T, 3DX, Crypto Finance and Clearstream have built a complete value chain for crypto asset trading, spanning execution, settlement, and custody. Our collaboration with Circle helps lay the groundwork to enable the usage of stablecoins by everyone in the European capital markets – from established players to new entrants. It is a first step on the way to creating a unified ecosystem that seamlessly integrates tokenized payment and cash solutions and that allows participants to access both digital and traditional assets in a regulated and liquid environment.”
— Thomas Book, Executive Board Member, Deutsche Börse Group
Deutsche Börse said the collaboration supports its ambition to integrate digital assets across the value chain. It builds on existing initiatives including the launch of institutional custody and settlement services in crypto assets through Clearstream and Crypto Finance earlier this year. It also complements Deutsche Börse’s work with the European Central Bank on wholesale central bank digital currency trials, which utilised its tokenisation solution D7 DLT.
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