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Deutsche Börse, Circle Sign MoU to Pilot USDC and EURC in Europe’s Market Infrastructure

MiCA compliance enables a trial to test whether regulated stablecoins can reduce settlement risk for European institutions.

Citizens starts circle coverage with market perform rating on stablecoin growth, valuation
Deutsche börse teams with circle as stablecoins push into core euro markets
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Overview

  • The memorandum of understanding sets out initial listing and trading on 360T’s digital exchange 3DX with institutional access through Crypto Finance.
  • Clearstream will provide custody for the stablecoins, with Crypto Finance’s German entity serving as sub‑custodian.
  • The agreement is an exploratory step that aims to enable tokenized euro and dollar settlement for banks and asset managers within a regulated environment.
  • Circle was the first major global stablecoin issuer to meet MiCA requirements, positioning USDC and EURC for potential use across trading, brokerage, and post‑trade services.
  • Regulatory and competitive factors remain in play, including ECB/ESRB discussions on multi‑issuance models and parallel euro‑stablecoin efforts such as a nine‑bank consortium targeting 2026 and Germany’s EURAU.