Circle has announced it will be partnering with Deutsche Börse to bring better stablecoin transfers across the EU, according to the company’s press release.
The second largest stablecoin issuer is set to work with one of Europe’s biggest financial players to distribute $USDC and €EURC stablecoins to its client base, initially to be offered via the 360T 3DX exchange and Clearstream custody with Crypto Finance.
Among the European actors, they are well positioned to further the adoption of stablecoins for institutional investors.
Reacting to the collaboration, Co-founder and CEO Jeremy Allaire expressed:
Together with Deutsche Börse Group, 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.
Adding to this, Executive Board Member of Deutsche Börse Stephanie Eckermann stated:
Through this collaboration, we are taking a decisive step toward integrating stablecoins into regulated, reliable and trusted infrastructure.
Deutsche Börse Group had earlier released a progress report, in which their net revenue in Q2 increased by 4% to $1.5B.
Activities that continue to see success include clearing, IPO management, trading and market data analytics. For Circle this is a great vehicle to increase distribution.
$USDC currently sits at a $75B market cap and the Euro stablecoin alternative at $252M, with Ethereum holding the majority supply in both cases.
