Circle, a stablecoin issuer, has collaborated with Deutsche Börse, an international exchange organization, to facilitate stablecoin adoption in Europe. Circle confirmed the development in a joint announcement with Deutsche Börse on Tuesday.
It’s worth noting that this first-ever collaboration between the leading European market infrastructure provider and Circle marks significant milestones for regulated digital finance in Europe. The duo also plans to deploy Circle’s EURC and USDC through Deutsche Börse Group infrastructure to deliver solutions for Market participants.
Similarly, Circle and Deutsche Börse also entered into a Memorandum of Understanding (MoU) to collaborate on the use of Circle’s EURC and USDC stablecoins within Deutsche Börse’s financial market infrastructure. This agreement aims to deliver new solutions for market participants by connecting token-based payment networks with traditional financial markets infrastructure. In addition, this will also play an important role in advancing the regulated adoption of stablecoins across European markets.
More details on Circle and Deutsche partnership
The Deutsche Börse collaboration with Circle is enabled by the EU’s Market in Crypto Assets Regulations (MiCAR), which happened to be the first comprehensive framework for crypto assets. Similarly, Circle became the first major global issuer to comply with MiCAR standards.
Through their collaboration, both parties aim to focus on listing and trading stablecoins on 360T’s digital exchange, 3DX, and through Crypto Finance, an institutional crypto provider that’s part of Deutsche Börse Group. Additionally, the partnership will facilitate institutional-grade digital asset custody via Deutsche Börse Group’s post-trade arm, Clearstream, leveraging Crypto Finance’s German entity as a sub-custodian.
Jeremy Allaire, the Co-founder, Chairman, and Chief Executive Officer at Circle has shared his insight on the partnership. According to him, working with Deutsche Börse will help advance the use of regulated stablecoins across Europe’s market infrastructure. Allaire revealed that this will reduce settlement costs, lower costs, and improve efficiency for banks, asset managers, and the wider market. He added that aligning their regulated stablecoins, EURC and USDC with trusted venues will unlock new products and streamline workflows across trading, settlement, and custody.
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