Luxembourg-based Banking Circle has launched new stablecoin settlement services after securing a Crypto Asset Service Provider (CASP) license from Luxembourg regulators on April 15. The approval allows the institution to expand regulated fiat-to-stablecoin and stablecoin-to-fiat settlement services for institutional clients under the European Union’s MiCA framework.
The new offering supports transactions involving Circle’s USDC, Paxos USDG, and Banking Circle’s own euro stablecoin EURI, extending its digital asset infrastructure beyond its original 2024 EURI launch.
The bank currently serves over 750 payment companies, financial institutions, and marketplaces, processing more than €1.5 trillion ($1.7 trillion) annually, highlighting its scale in global payments infrastructure.
Growing Competition in Europe’s Regulated Stablecoin Market
Banking Circle’s entry adds to increasing competition among regulated stablecoin issuers and financial institutions in Europe. French banking group Societe Generale–Forge has launched euro and dollar stablecoins such as EURCV and USDCV, while Swiss bank Sygnum has expanded institutional access to EURCV.
A broader consortium including ING, UniCredit, CaixaBank, BBVA, BNP Paribas, and DZ Bank is also developing a MiCA-compliant euro stablecoin under the project Qivalis, supported by infrastructure provider Fireblocks.
Meanwhile, crypto firms like Circle and Coinbase are expanding settlement networks and cross-border payment solutions using stablecoins, intensifying competition across Europe’s regulated digital asset payment ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.