Circle Partners with Deutsche Börse to Integrate USDC in Europe
Circle, the company behind USDC, is partnering with Deutsche Börse Group to promote stablecoin adoption in European financial markets. They have signed a Memorandum of Understanding (MoU) to integrate Circle's stablecoins into Deutsche Börse's market infrastructure.
Key Points:
- This is the first formal agreement of its kind in Europe, connecting a leading market infrastructure provider with a major stablecoin issuer.
- The collaboration aims to reduce settlement risk, lower costs, and improve efficiency for banks and asset managers.
- Initial plans include listing Circle’s euro-backed EURC and USDC on Deutsche Börse's foreign exchange platform, 360T, and integrating them with Crypto Finance.
- Deutsche Börse’s Clearstream will offer institutional-grade custody for these stablecoins.
- Thomas Book from Deutsche Börse highlighted this as a step towards a unified ecosystem for digital and traditional assets.
- The partnership is facilitated by the EU’s Markets in Crypto-Assets (MiCA) regulation.
- Other firms are also leveraging MiCA, such as BitGo obtaining a crypto trading license in Germany.
- This initiative reflects a broader trend of stablecoins being integrated into various business operations.
Circle's strategic move in Europe aligns with their ongoing innovations, including exploring reversible USDC transactions to address hacks and fraud.