German stock market Deutsche Börse is partnering with the USDC Stablecoin Issuer Circle to collaborate with the adoption of Stablecoin in Europe.
According to a joint announcement on Tuesday, the Deutsche Börse Group and Circle Internet Group have signed a memorandum of understanding to integrate Circle’s Stablecoins within Deutsche Börse’s financial market infrastructure.
The collaboration targets the Euro Stablecoin of the circle, as well as USDC (USDC) of its Dollar family, and its Dollar family, and is the first to focus through the listing and trading of 360T Digital Exchange 3DX and Crypto Finance, part of part of Deutsche Börse.
The announcement comes amid reports that European authorities are considering banning multi-user stubcoins and are raising questions about the potential impact on companies such as Circle and Paxos.
MICA-enabled collaborations
According to the announcement, the collaboration between Circle and Deutsche Börse was made possible by the European Union’s market in the Crypto-Assets Regulation (MICA) framework, which was fully committed to the second half of 2024.
The Circle has become the first global Stablecoin publisher to comply with Mica Rules, announced by co-founder and CEO Jeremy Allerle in July 2024.
“We plan to promote the use of regulated stubcoins across European market infrastructure. We reduce settlement risk, improve efficiency for banks, asset managers and the wider market,” Allaire said in the announcement, adding:
“Clear rules adhere to Europe and together with regulated stubcoin, EURC and USDC, unlock new products and streamline workflows across transactions, settlements and custody.”
In addition to Deutsche Börse’s 3DX trading, the partnership aims to enable custody through Deutsche Börse’s post-trading business Clearstream, leveraging German entity Crypto Finance as a subcustodian.
Multi-Isance Stubcoin None: What is it?
The Circle’s partnership with Deutsche Bales appeared in a Bloomberg report on European authorities considering banning multi-user stability issued in Europe and abroad under a single brand.
Citing sources familiar with the issue, the report suggested that the European Systemic Risk Committee (ESRB), an agency linked to the European Central Bank (ECB), passed a recommendation last week banning multiple issuance stubcoins.
Related: ing, unicredit joins banks developing euro stub coins under MICA
“The ESRB guidance approved by a strong committee of central bank governors and EU officials is not legally binding,” the report said, adding that it will put pressure on the authorities to implement restrictions.
Although European authorities have not issued a formal statement on the ban on multiple issues, last week an Italian official argued that Stablecoin Multi-Pissuance poses multiple risks to the EU, including legal, operational and liquidity issues.
Tether’s reasons to refuse to obey
The circle was compliant with Tether, the publisher of USDT (USDT), the world’s largest market capitalization, but explicitly refused to comply with the framework, citing local reserve requirements.
Local businesses have been rushing to adopt stubcoins as local businesses recognized MICA as of May 2025 that they were limited in adopting compliant stable coins in Europe.
On Tuesday, Société General Forge, the crypto division of France’s Société General Forge announced the rollout of USD coining potential (USDCV) and EUR coining swivel (EURCV) stubcoins on decentralized financial protocols, Morpho and Uniswap.
magazine: How do major religions in the world see Bitcoin and cryptocurrency?