Deutsche Börse Teams Up With Circle to Push Stablecoin Adoption in Europe

German securities giant Deutsche Börse has struck a major deal with Circle, the issuer of USDC, to accelerate stablecoin adoption across Europe. The two companies signed a memorandum of understanding to integrate Circle’s stablecoins into Deutsche Börse’s financial market infrastructure, marking one of the most significant moves yet to bring regulated digital assets into traditional finance.

The collaboration will focus on Circle’s euro-backed EURC and dollar-backed USDC. Both tokens are expected to be listed and traded through Deutsche Börse’s 360T digital exchange 3DX and its subsidiary Crypto Finance. Plans also include custody services via Clearstream, Deutsche Börse’s post-trade business, with Crypto Finance acting as sub-custodian.

Circle co-founder and CEO Jeremy Allaire said the partnership will help reduce settlement risk, cut costs, and streamline processes for banks and asset managers. He emphasized that Europe’s regulatory clarity under the Markets in Crypto-Assets Regulation (MiCA), which took effect in late 2024, has enabled Circle to expand with confidence. Circle was the first global stablecoin issuer to comply fully with MiCA rules.

The announcement comes as European officials debate whether to ban “multi-issuance” stablecoins, which are issued both in the EU and abroad under a single brand. While the European Systemic Risk Board recently recommended restrictions, the proposal is not legally binding. Still, it has sparked industry concern, particularly as rivals like Tether have refused to comply with MiCA’s reserve requirements.

Despite uncertainty, momentum around regulated stablecoins in Europe is growing. Just this week, Société Générale-Forge launched its own euro and dollar stablecoins on DeFi platforms Morpho and Uniswap. Circle’s alignment with Deutsche Börse signals that compliant tokens could soon play a central role in Europe’s financial markets, even as regulators tighten their stance.