Deutsche Börse Group and Circle Internet Group have signed a Memorandum of Understanding (MoU) to collaborate on the use of Circle’s EURC and USDC stablecoins within Deutsche Börse’s financial market infrastructure. which aims to deliver new solutions for market participants by connecting token-based payment networks with traditional financial market infrastructure.
This initiative is enabled by the EU’s Markets in Crypto Assets (MiCA) Regulation, the world’s first comprehensive regulatory framework for crypto assets. Circle was the first major global issuer to achieve compliance with MiCA, underscoring its commitment to Europe as a key region for digital financial innovation.
The parties intend to initially focus on the listing and trading of stablecoins on 360T’s digital exchange 3DX and via institutional crypto provider Crypto Finance, both part of Deutsche Börse Group. In addition, the collaboration will enable institutional-grade digital asset custody via Deutsche Börse Group’s post-trade business Clearstream, leveraging the German entity of Crypto Finance as sub-custodian.
Jeremy Allaire, co-founder, chair and CEO of Circle, said in a statement: “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.”
Stephanie Eckermann, member of the Executive Board of Deutsche Börse Group, responsible for Post-Trading, said in a statement: “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.”
Thomas Book, member of the Executive Board of Deutsche Börse Group, responsible for Trading & Clearing, said in a statement: “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.”
This collaboration also complements Deutsche Börse Group’s efforts to explore the use of wholesale central bank digital currencies (wCBDC) as part of last year’s successful European Central Bank (ECB) trials, which leveraged the Group’s tokenization solution D7 DLT.