Deutsche Börse completed the integration of a third euro-denominated stablecoin, reinforcing its digital assets strategy within European market infrastructure. The expansion, which incorporates AllUnity’s EURAU, comes amid several recent partnerships and the European Union’s regulatory push, and aims to facilitate real-time settlement and collateral management for institutions.
Deutsche Börse has added three partners that bring stablecoins and technology to its infrastructure. In September 2025 it began a collaboration with Circle to integrate USDC and EURC into its market infrastructure, according to the company’s own statements and press notes. In November 2025 it formalized the incorporation of CoinVertible (EURCV and USDCV) from Société Générale‑FORGE for its settlement business.
Later, at the end of November 2025 it announced the integration of EURAU, a euro-backed stablecoin issued by AllUnity, which obtained an electronic money institution (EMI) license from BaFin in July 2025 and will be integrated into the institutional custody system Clearstream, according to MarketsMedia and official communications.
The assets mentioned have different sizes and scope: USDC reports a cited market capitalization of $73,44 mil M and EURC $257,99 M, which underscores the scale difference between issuers. Deutsche Börse’s strategy seeks to improve post-trade efficiency, reduce settlement latency and optimize the use of collateral in tokenized securities.
Deutsche Börse: alliances and chronology
MiCA —the EU crypto-asset markets regulation— has been cited as the driver enabling this institutional adoption; its provisions on stablecoins (entries into force and timeframes cited since June 2024 with full implementation expected by the end of December) require backing in liquid assets, periodic audits and the right of redemption at par.
Despite regulatory clarity, supervisors remain cautious. The European Central Bank and the European Systemic Risk Board have warned about potential systemic risks, such as forced sales of reserves that would affect sovereign debt markets and the possibility of bank disintermediation if retail deposits migrate to stablecoins; the warnings include market growth data between $280–300 mil M and a reported volume increase of 48%.
The incorporation of EURAU as a third euro stablecoin within Deutsche Börse’s infrastructure reinforces an institutional shift toward regulated and tokenized assets, with clear operational benefits and macrofinancial risks underscored by supervisors.
