TL;DR:
- Banking Circle obtained a CASP license from Luxembourg on April 15 and launched stablecoin settlement services for institutional clients.
- The offering includes support for Circle’s USDC, Paxos’ USDG and its own euro stablecoin EURI, with instant settlement and regulatory traceability.
- Europe’s regulated stablecoin market is growing, with companies like SocGen, Sygnum and a 12-bank consortium preparing Qivalis for 2026.
Banking Circle, the Luxembourg-based bank specializing in payment infrastructure for financial institutions, launched its stablecoin settlement services after obtaining a Crypto-Asset Service Provider (CASP) license issued by the Commission de Surveillance du Secteur Financier (CSSF). The institution will allow fiat-to-stablecoin and stablecoin-to-fiat conversion operations to be executed from the bank’s core platform.
The service supports USDC from Circle, USDG from Paxos and EURI, the bank’s own euro stablecoin launched in August 2024 and designed in compliance with the European Union’s MiCA framework. According to the official announcement, Banking Circle serves more than 750 payment companies, financial institutions and marketplaces that move and convert trillions of euros per year through its infrastructure. Kirit Bhatia, the bank’s head of digital assets, stated at the launch that stablecoins are “a natural extension” of the bank’s proposition, aimed at reducing costs and improving operational efficiency.
Banking Circle: Saturation in the Regulated Stablecoin Market?
Banking Circle is entering a European market that is accumulating competitors rapidly. Société Générale launched its euro stablecoin EURCV in April 2023 through its SG-FORGE unit, which on April 15, 2025 integrated its dollar stablecoin USDCV into MetaMask, reaching millions of users. Swiss bank Sygnum incorporated EURCV into its B2B platform in January 2025 for institutional clients and partner banks.
In September 2025, a European banking consortium including ING, UniCredit and CaixaBank announced Qivalis, a MiCA-compliant euro stablecoin set to launch in the second half of 2026. The consortium grew to 12 banks, adding BBVA, BNP Paribas and DZ Bank, and selected Fireblocks for custody and tokenization of the infrastructure.
As for companies native to the crypto industry, Circle introduced its Circle Payments Network in April 2025 as a managed settlement service for banks and payment providers. That same month, Coinbase announced a partnership with payments platform Nium that allows companies to fund international transfers with USDC and settle in stablecoins or fiat in more than 190 countries.
