German exchange locks in third euro stablecoin amid broader EU adoption

Market infrastructure provider Deutsche Börse plans to integrate the EURAU euro-pegged stablecoin issued by AllUnity, expanding the exchange group’s digital-asset strategy following earlier work with Circle’s Euro Coin (EURC) and Societe Generale-Forge’s EUR CoinVertible (EURCV).

According to a Nov. 26 announcement shared with Cointelegraph, Deutsche Börse plans to integrate EURAU into its financial market infrastructure, starting with institutional custody through its central securities depository arm, Clearstream. The announcement also promises a future “integration of the euro stablecoin across the entire service portfolio.”

This would integrate the stablecoin into a sizable and growing market. According to World Federation of Exchanges data, Deutsche exchange’s domestic equity market capitalization is about $2.23 trillion with 474 listed companies.

Die beiden Unternehmen haben ein Memorandum of Understanding unterzeichnet, haben jedoch noch kein konkretes Datum bekannt gegeben, wann die neuen Funktionen verfügbar sein werden. Der CEO von AllUnity, Alexander Höptner, erklärte, dass die Partnerschaft “Onchain-Grenzüberschreitende Zahlungen und digitale Vermögenswerte für institutionelle Marktteilnehmer zugänglich macht.”

Deutsche Börse Group executive board member Stephanie Eckermann said the “goal is to build a seamless bridge between the established financial world and the future of digital assets.” She added that this partnership is an important part of this effort and that embedding institutional-grade stablecoins allows clients “to confidently explore new possibilities in digital finance.”

German exchange headquarters. Source: WikimediaGerman exchange and AllUnity had not responded to Cointelegraph’s inquiry by publication.

Related: Stablecoin panic could upend ECB policy, Dutch central bank governor warns

Deutsche exchange expands euro stablecoin strategy

Deutsche Börse’s EURAU integration follows its partnership with major stablecoin issuer Circle to adopt its EURC token back in late September. Earlier this month, the company also announced that it had partnered with Societe Generale-Forge to integrate its EURCV stablecoin.

With this latest deal, Deutsche Börse appears to be playing the stablecoin game on all fronts, having added EURAU, an offering issued by a German BaFin-licensed e-money institution. This adds to EURCV, a bank-tied stablecoin since Societe Generale-Forge is the blockchain arm of major French multinational bank Societe Generale and EURC coming from a US tech-sector issuer.

Related: Aave to offer zero-fee stablecoin ramps in Europe after MiCA approval

EU stablecoin adoption is taking shape with MiCA

While not leading to as many headlines as the United States, the European Union is also making progress in stablecoin adoption following the full introduction of the Markets in Crypto-Assets Regulation (MiCA) framework at the end of 2024. The announcement notes that the partnership “aligns with MiCA” and “represents a tangible step toward digitizing European markets and enhancing settlement and liquidity processes.”

“Europa übernimmt eine globale Führungsrolle in der regulierten digitalen Finanzwirtschaft”, sagte Höptner.

Dennoch, während die Geschwindigkeit zunimmt, ist die Akzeptanz von stablecoins in Europa weiterhin gering. Anfang dieses Monats sagten Finanzstabilitätsexperten der Europäischen Zentralbank (ECB), dass die mit stablecoins verbundenen Risiken im Euro-Raum aufgrund der geringen Akzeptanz und präventiven Regulierung begrenzt sind.

Some analyses point to euro stablecoins as a response to the concerns that US dollar-backed stablecoins could threaten the European Union’s monetary independence. “Europe should not be dependent on US dollar-denominated stablecoins, which are currently dominating markets,” Pierre Gramegna, the managing director of the European Stability Mechanism, said earlier this month.

Die Branche verzeichnet auch ein zunehmendes Engagement lokaler traditioneller Finanzakteure. Mitte Oktober brachte die franco-deutsche Bankengruppe ODDO BHF einen stablecoin auf den Markt, der unter dem MiCA-Rahmenwerk an den Euro gekoppelt ist.

In late September, a group of major European banks joined forces to launch a euro-pegged stablecoin under MiCA. The list of nine banks includes Dutch lender ING and Italy’s UniCredit.

Magazine: Crypto wollte die Banken stürzen, jetzt werden sie in den Kämpfen um stablecoin zu ihnen.

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