Deutsche Börse has struck a deal with Circle to list EURC and USDC across its trading and custody arms, a first for a major European exchange group under the EU’s MiCA regulatory framework.
Summary
- Deutsche Börse partnered with Circle to list EURC and USDC under EU MiCA rules.
- The stablecoins will be traded on 3DX and custodied through Clearstream.
According to a press release dated Sept. 30, Deutsche Börse Group signed a memorandum of understanding with Circle Internet Group to bring the issuer’s EURC and USDC stablecoins onto its financial-market infrastructure.
The companies said the plan will kick off with listing and trading on 360T’s digital exchange, 3DX, and extends to providing institutional-grade custody through Deutsche Börse’s post-trade titan, Clearstream.
Regulation unlocks stablecoin entry into Europe’s market core
Per the statement, the partnership rests on the foundation of the EU’s Markets in Crypto-Assets Regulation, or MiCA, which became fully effective in late 2024. MiCA established the first continent-wide rulebook for crypto assets, setting reserve, disclosure, and licensing requirements that have begun to separate compliant issuers from those unwilling to meet the standard.
USDC issuer Circle was the first global stablecoin firm to announce full compliance, a status that has made it an early mover in Europe’s tightly regulated environment.
“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,” Circle CEO Jeremy Allaire said.
Allaire argued that regulated stablecoins can cut settlement risk, lower costs, and smooth operations for banks, asset managers, and other market participants. In his view, integrating EURC and USDC into Deutsche Börse’s infrastructure could demonstrate that tokenized cash instruments deliver efficiencies traditional systems have long struggled to provide.
For Deutsche Börse, the partnership is framed as more than an experiment. Thomas Book, member of the Executive Board of Deutsche Börse Group responsible for Trading & Clearing, said the tie-up with Circle lays the foundation for a market structure where tokenized payments and traditional assets coexist seamlessly.
He emphasized the group’s unique position to bridge the two worlds, leveraging its complete value chain—from the 3DX trading venue to Clearstream’s custody, to offer a regulated and liquid environment for both established financial institutions and new entrants.
