The move highlights how traditional market operators are beginning to embrace digital currencies as MiCA regulations take hold across the EU.
The collaboration, revealed this week, will initially focus on Circle’s euro‑linked EURC and dollar‑linked USDC. These tokens are expected to be listed and traded on Deutsche Börse’s 3DX platform, operated by 360T, with custody supported through Clearstream and Crypto Finance, a subsidiary of the exchange group.
Circle says the integration could simplify cross‑border payments and lower settlement risks for banks and asset managers.
The timing is significant. While MiCA has given regulatory clarity and allowed Circle to become the first global issuer to meet its standards, European policymakers are weighing whether to restrict so‑called “multi‑issued” stablecoins – tokens launched both inside and outside the EU. A recent recommendation from the European Systemic Risk Board, though not binding, has already triggered debate among regulators about potential risks to financial stability.
Circle’s approach stands in contrast to Tether, which has openly refused to comply with MiCA’s reserve requirements. Meanwhile, other European institutions are pressing forward. Société Générale’s crypto division, for example, has just announced that its own EURCV and USDCV stablecoins will be available across DeFi platforms like Morpho and Uniswap.
For Circle and Deutsche Börse, the partnership represents a calculated bet that regulated stablecoins will eventually become part of Europe’s mainstream financial plumbing, even as the rules of the game are still being written.
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