Circle & Deutsche Börse Partnership Could Reshape European Crypto Trading
The USDC stablecoin issuer Circle and the German financial marketplace Deutsche Börse have teamed up to work on stablecoin adoption in Europe. A memorandum of understanding has been signed between Circle Internet Group and Deutsche Börse Group. According to a joint announcement on Tuesday, the deal intends to incorporate Circle’s stablecoins into Deutsche Börse’s financial market infrastructure.
Circle‘s dollar-pegged USDC and euro-pegged EURC stablecoins are the focus of the partnership. Listing and trading them on 360T’s digital exchange 3DX and through Crypto Finance, both of which are a part of Deutsche Börse, will be the primary focus at first. The announcement coincides with rumors that multi-issuer stablecoins may be banned by European authorities. But this begs the question of what effect it might have on businesses like Circle and Paxos.
Circle Pioneers MiCA Compliance with Deutsche Börse Partnership for EURC and USDC
The release states that the Markets in Crypto-Assets Regulation (MiCA) framework of the European Union makes it possible for Circle and Deutsche Börse to work together. Late in 2024, this structure went into full effect. In July 2024, Circle’s CEO and co-founder, Jeremy Allaire, declared that the company was the first stablecoin issuer in the world to adhere to MiCA regulations.
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.
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Strategic Timing Amid Multi-Issued Stablecoin Controversy
Circle and Deutsche Börse partnered in the midst of Bloomberg’s news that European regulators are thinking about outlawing multi-issue stablecoins. Under a single brand, these tokens are distributed both in Europe and outside. The story cited people with knowledge of the situation to claim that last week, the European Systemic Risk Board (ESRB) approved a suggestion to outlaw multi-issued stablecoins.
The ESRB guidance, which was approved by a high-powered board of central bank governors and EU officials, is not legally binding,
the report
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