Circle Partners with Deutsche Börse to Boost Stablecoin Adoption Across Europe

Circle, the issuer of USDC and EURC, has partnered with Deutsche Börse Group to accelerate the adoption of regulated stablecoins across European financial markets. The collaboration will initially focus on integrating Circle’s tokens into Deutsche Börse’s 3DX digital exchange and Crypto Finance platforms.

• The partnership begins with listing and trading on 3DX and Crypto Finance, both owned by Deutsche Börse.
• Collaboration is enabled by the EU’s MiCA framework, under which Circle is fully compliant.
• The goal is to reduce settlement risk, lower costs, and improve efficiency in trading and custody.
• The news follows reports that EU regulators may restrict multi-issuer stablecoins.
• Tether (USDT) has refused MiCA compliance, citing strict reserve rules.

Circle Internet Financial, the company behind the USDC and EURC stablecoins, has entered a new partnership with Deutsche Börse Group, one of Europe’s largest securities marketplaces. The two firms have signed a memorandum of understanding to promote regulated stablecoin use across European trading, settlement, and custody systems.

The collaboration will focus on integrating USDC, Circle’s dollar-pegged token, and EURC, its euro-pegged counterpart, into Deutsche Börse’s 360T digital exchange (3DX) and Crypto Finance, a digital asset service provider under the Deutsche Börse umbrella.

According to the joint announcement, the partnership aims to enhance market efficiency, reduce settlement risks, and cut operational costs for banks, brokers, and asset managers. Jeremy Allaire, Circle’s co-founder and CEO, said the initiative marks a milestone for digital asset infrastructure in Europe:

“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.”

Allaire added that Europe’s clear MiCA (Markets in Crypto-Assets) regulations make it easier to align Circle’s stablecoins with trusted financial institutions.

Circle became the first global stablecoin issuer to comply with MiCA in mid-2024, positioning itself as a frontrunner in regulatory transparency. Through this partnership, Circle and Deutsche Börse also plan to expand custody options via Clearstream, Deutsche Börse’s post-trade division, with Crypto Finance acting as the sub-custodian.

The announcement comes amid growing policy debate in Europe over multi-issuance stablecoins—tokens issued under the same brand across multiple jurisdictions. According to Bloomberg, the European Systemic Risk Board (ESRB) recently recommended banning such models due to potential legal, liquidity, and operational risks. Although the guidance is not legally binding, it could pressure EU regulators to tighten oversight.

Meanwhile, Tether, the issuer of the world’s largest stablecoin USDT, has refused to comply with MiCA, citing reserve restrictions that it says are incompatible with its global operations.

Despite the regulatory uncertainty, adoption of compliant stablecoins continues to grow. Local banks and fintech firms across Europe are experimenting with blockchain-based payments and DeFi applications. On the same day as Circle’s announcement, Société Générale-Forge launched its own stablecoins — USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) — on DeFi platforms Morpho and Uniswap.

The Circle–Deutsche Börse partnership highlights a growing confidence in regulated stablecoin infrastructure, signaling that traditional finance and digital assets are converging faster than ever in Europe.

Final Thought

By joining forces, Circle and Deutsche Börse are setting the stage for a new era of regulated stablecoin adoption in Europe. With MiCA providing legal clarity, this collaboration could reshape how digital assets are traded, settled, and held — paving the way for stablecoins to become a standard tool in European financial markets.