Deutsche Börse Group is partnering with Circle to deploy the stablecoin issuer’s EURC and USDC products across its financial market infrastructure. The collaboration will enable trading, settlement and custody of the MiCAR compliant stablecoins for institutional clients.
The Circle partnership will initially focus on listing and trading stablecoins on 3DX, the digital exchange operated by Deutsche Börse’s FX unit 360T, and through Crypto Finance, its institutional crypto provider. Clearstream will leverage Crypto Finance’s German entity as a sub custodian for digital asset custody. However, the big prize would be to get involved with Clearstream, the post trade business involved in tens of trillion in assets.
While today’s agreement does not mention Clearstream involvement beyond stablecoin custody, in a recent Ledger Insights interview, Jens Hachmeister from Clearstream discussed the group’s stablecoin strategy, noting their potential role as settlement assets for tokenized securities until wholesale central bank digital currencies emerge, and potentially beyond. He also touched on several other considerations around stablecoin adoption.
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