Luxembourg-based Banking Circle has rolled out stablecoin settlement services after securing a Crypto Asset Service Provider (CASP) license from the country’s financial regulator on April 15, expanding into regulated fiat-to-stablecoin and stablecoin-to-fiat transactions for institutional clients.
The offering supports Circle’s USDC, Paxos’ USDG and Banking Circle’s own euro-denominated stablecoin EURI, broadening its digital asset settlement capabilities beyond the initial EURI launch in August 2024.
In a statement Monday, the bank said it serves more than 750 payment firms, financial institutions and marketplaces, processing over 1.5 trillion euros (around $1.7 trillion) annually. Chief digital asset officer Kirit Bhatia said stablecoins are a “natural extension” of its infrastructure, helping reduce costs and improve efficiency.
The move comes as Europe’s regulated stablecoin market continues to expand, with banks, fintechs and crypto-native firms competing to build compliant payment infrastructure under the EU’s Markets in Crypto Assets (MiCA) framework.
Banking Circle steps up euro stablecoin push
Banking Circle first entered the space in August 2024 with the launch of EURI, a bank-issued, MiCA-compliant euro stablecoin, giving it an early foothold ahead of obtaining its CASP license.
The euro-denominated stablecoin market is growing increasingly competitive. French banking group Société Générale, through its crypto arm SG-FORGE, launched its euro stablecoin EURCV on Ethereum in April 2023 and later expanded it across multiple blockchain networks as part of a broader multichain strategy.
On April 15, SG-FORGE also integrated its MiCA-compliant dollar stablecoin, USDCV, into MetaMask, giving the wallet’s large user base access to a regulated dollar token issued by a major European bank.
Meanwhile, Swiss bank Sygnum added EURCV to its B2B platform in January 2025 to support institutional clients and partner banks. In September 2025, a consortium of European lenders — including ING, UniCredit and CaixaBank — unveiled plans for Qivalis, a MiCA-compliant euro stablecoin slated for launch in the second half of 2026.
The consortium has since expanded to 12 banks, among them BBVA, BNP Paribas and DZ Bank, and has partnered with Fireblocks to provide custody and tokenization infrastructure ahead of the token’s debut.
Crypto-native firms are also vying for a share of the market. Circle, issuer of USDC, introduced its Circle Payments Network in April 2025 as a managed settlement solution for banks and payment providers. Separately, Coinbase partnered with global payments platform Nium on April 21 to enable businesses to fund cross-border transfers using USDC and settle in either stablecoins or fiat across a network covering more than 190 countries.
