Banking Circle, a regulated bank, has launched a stablecoin settlement service allowing clients to switch between fiat currency and stablecoins via its banking infrastructure. The stablecoins supported are its own EURI stablecoin and dollar coins from Circle (USDC) and Paxos (USDG). It follows the receipt of a Crypto-Asset Service Provider (CASP) license earlier this month from Luxembourg regulator CSSF.
“We have spent years building the financial infrastructure that enables more than 750 payment companies, financial institutions, and marketplaces to efficiently move and convert over €1.5 trillion annually across the globe,” said Kirit Bhatia, Chief Digital Asset Officer at Banking Circle. “Stablecoins are a natural extension of that infrastructure and central to our mission of eliminating unnecessary cost and complexity through technology.”
Banking Circle launched its MiCAR compliant stablecoin Eurite (EURI) in August 2024 and it is currently the third largest1 Euro stablecoin with a market capitalization of almost €51 million ($60m). At the time it claimed to be the first European bank issuer, which was technically correct given that SocGen FORGE is a bank subsidiary, not itself a bank. Theoretically, if its clients choose to execute on chain FX and switch into Euros, Banking Circle providing a convenient off ramp could boost adoption of the Eurite stablecoin.
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