Overview
- Banking Circle, which launched the service Monday, did so after an April 15 registration in Luxembourg as a Crypto Asset Service Provider that allowed it to run regulated crypto conversions.
- The service supports USDC from Circle, USDG from Paxos, and EURI from Banking Circle for two‑way conversion between bank money and stablecoins.
- Stablecoins are digital tokens designed to track a currency like the dollar or euro, which lets firms move value on blockchains without the price swings seen in cryptocurrencies such as bitcoin.
- The bank says it serves more than 750 payment companies and financial institutions and processes over €1.5 trillion a year, and its digital assets chief said stablecoins should cut costs and speed up settlement.
- Rivals are building similar rails under Europe’s MiCA rules, with SG‑FORGE’s EURCV already live, the Qivalis bank consortium targeting a euro token in the second half of 2026, and crypto players like Circle’s payments network and a Coinbase–Nium tie‑up using USDC for cross‑border transfers.