Banking Circle’s stablecoin settlement launch follows its CASP approval, entering a crowded market with SocGen, Sygnum and a 12-bank euro stablecoin consortium.
Luxembourg-based Banking Circle has launched stablecoin settlement services after receiving a Crypto Asset Service Provider (CASP) license from Luxembourg’s financial regulator on April 15, expanding into regulated fiat-to-stablecoin and stablecoin-to-fiat settlement for institutional clients.
The rollout includes support for Circle’s USDC, Paxos’ USDG and Banking Circle’s own euro stablecoin EURI, expanding the bank’s digital asset settlement capabilities beyond its initial EURI launch in August 2024.
In a Monday announcement, the bank said it serves more than 750 payment companies, financial institutions and marketplaces that move and convert over 1.5 trillion euros (roughly $1.7 trillion) annually across its infrastructure. Chief digital asset officer Kirit Bhatia said in the release that stablecoins are “a natural extension” of the bank’s infrastructure and central to reducing costs and improving efficiencies.
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