Track market-moving stories before they get noisy

Circle Interop's next move: Circle Gateway now supports Circle Wrapped Bitcoin (cirBTC) and EURC alongside USDC — giving users more on-demand liquidity while reducing the need to keep assets idle across different networks.

Developers and businesses can hold one unified balance per asset across cirBTC, EURC, and USDC, with crosschain access in under 500 milliseconds (ms) after deposit finalization.1 This allows teams to use BTC-denominated cirBTC, euro-denominated EURC, and dollar-denominated USDC across supported chains without separately deploying funds on these chains.

Keeping funds ready has often meant forecasting demand, pre-positioning assets, and moving balances when those forecasts change. Gateway now brings the unified balance model to cirBTC and EURC, giving teams access to liquidity where demand appears across each asset.

The need for unified Gateway balances outside USDC is practical. An exchange withdrawal, a customer payout, or a trading order in cirBTC or EURC can now seamlessly land on a different chain from the one holding a team’s inventory. Circle Interop features Gateway’s crosschain messaging, enabling applications to initiate and coordinate asset transfers using unified balances.

Unified crosschain balances for cirBTC and EURCGateway now supports a trio of Circle-issued assets: cirBTC, an institutional-grade wrapped BTC, along with fiat-denominated EURC and USDC. Each asset has its own unified balance, giving businesses and developers a consistent way to manage crosschain access while keeping their asset inventories distinct.

This Gateway expansion supports the following chains:

cirBTC: Arc and EthereumEURC: Arc, Avalanche, Base, Ethereum, Solana, and World ChainAfter a deposit finalizes, the balance becomes available for crosschain access on supported chains. Developers can deploy liquidity when and where it is needed instead of maintaining separate balances on each destination chain.

Because Circle issues cirBTC and EURC, Gateway can natively mint each asset on supported destination chains. Teams can access liquidity without depending on a third-party liquidity provider’s inventory or introducing a wrapped token from a separate entity. 

For teams managing multiple assets, this extends a familiar operating model to more of the liquidity their customers already use. For developers, this means less time moving funds and more time building value.

Put cirBTC and EURC liquidity to workFragmented inventory carries an operating cost: teams must monitor separate balances, anticipate which chain will need funds next, and rebalance as activity shifts. Those tasks multiply as a business supports additional assets and networks. Unified balances help teams direct inventory toward active demand and reduce capital held in separate chain-specific pools.

The following three use cases show what this expansion makes possible:

On-demand cirBTC and EURC inventoryFillers, solvers, market makers, exchanges, payment service providers (PSPs), and custodians can hold a unified cirBTC or EURC balance and deploy it where an order, withdrawal, or payout lands. A PSP serving euro-denominated payouts across Base and Solana, for example, can draw on one EURC balance for both destinations, reducing the need to forecast and fund separate inventory pools.

One cirBTC or EURC balance per walletWallet builders can use Gateway APIs and Unified Balance Kit to show users one unified balance per asset. A user’s EURC can be available across its supported chains through that balance, giving the wallet a simpler way to present funds and spending options. The same model applies to cirBTC on Arc and Ethereum, reducing the need for users to navigate separate chain-specific balances.

High-frequency paymentsNanopayments powered by Gateway now supports cirBTC and EURC payments wherever Gateway supports each asset. Developers can build BTC- and euro-denominated pay-per-use services, granular payment flows, and agentic payments from a unified balance.

Gas-free agentic paymentsAn agent purchasing data, compute, or API access needs to make payments as part of its workflow. When every payment requires a separate onchain transaction, gas costs can undermine the economics of small, repeated purchases. Payment infrastructure needs to match the frequency and granularity of the service being bought.

Nanopayments aggregates payments offchain and settles them in onchain batches. This removes per-payment gas charges; onchain batch settlement still incurs gas costs.2 With cirBTC and EURC support, developers can apply that model to additional asset-denominated payment flows through Gateway.

For service providers, this creates room for granular billing: charge for the resource consumed, in the supported asset the application uses. For agentic apps, it brings unified liquidity and high-frequency payments into the same infrastructure.

More assets, same Gateway integrationThe expansion runs on the same Gateway contracts, APIs, and SDKs that support USDC today. Unified Balance Kit supports cirBTC and EURC for balance, deposit, transfer, and withdrawal workflows, giving developers a familiar foundation for adding these assets to their applications.

Gateway has already processed over $10 billion in volume.3 cirBTC and EURC extend that existing infrastructure to additional Circle-issued assets, letting builders use the same Gateway integration as existing USDC users. USDC requests, responses, and behavior remain unchanged as teams gain cirBTC and EURC support.

On Arc, Gateway fees for cirBTC and EURC are waived at launch. Outside Arc, Gateway fee rates are 1 basis point (bp) for cirBTC and EURC and remain unchanged at 0.5 bps for USDC. Combined with unified balances, waived Gateway fees give teams another reason to explore cirBTC and EURC liquidity flows on Arc.

Go further with Gateway and Circle InteropCircle’s CCTP expansion to EURC and cirBTC brought native crosschain transfers to its euro- and BTC-denominated tokens. Gateway now extends unified crosschain balances to cirBTC and EURC, adding another capability to Circle Interop through the infrastructure developers already use.

This move extends Circle Interop’s promise: one integration, more assets, more utility. The result is more choice in how businesses put Circle-issued assets to work: liquidity on demand, simpler wallet balances, and high-frequency payments, nanopayments, and agentic money movement across supported chains. Circle Interop lets builders go further.

Explore Gateway and build with one unified balance per asset.

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1 Time and fee estimates are not guaranteed. Actual results may vary. See Gateway.

2 Circle’s Nanopayments technical overview explains offchain aggregation and onchain batch settlement.

3 As of October 23, 2026, based on internal Circle Gateway data.

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Gateway is software infrastructure provided by Circle Technology Services, LLC ("CTS"). Gateway is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency.  Gateway is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Fee estimates are previews only; actual fees may differ. Deposit times vary by chain and network conditions; deposits may be delayed or fail. Source-chain burns are irreversible. USDC only. Eligibility and geographic restrictions apply. Developers are responsible for their own compliance obligations. CTS may modify or discontinue this feature at any time. Developer Terms https://console.circle.com/legal/developer-terms apply.

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Unified Balance Kit is a software development kit (“SDK”) provided by Circle Technology Services, LLC ("CTS"). CTS is a software provider and does not provide regulated financial or advisory services. Not reviewed or approved by NYDFS or any other regulatory authority. You are solely responsible for services you provide to users, including obtaining any necessary licenses or approvals and otherwise complying with applicable laws in all jurisdictions where your application is made available.

Unified Balance Kit is non-custodial. Funds are held in Gateway smart contracts and are not held or controlled by CTS at any time. Blockchain transactions are irreversible. Fee estimates are previews only; actual fees may differ. Transfer times vary by chain, route, and network conditions and are not guaranteed. Permissionless withdrawals are subject to a 7-day delay. Features may be modified, delayed, or discontinued at any time.  Developer Terms apply.

Circle Nanopayments are offered by Circle Technology Services, LLC (“CTS”). CTS is a software provider and does not provide financial, advisory, or marketplace services. Circle Nanopayments enable developers and users to initiate and receive transactions programmatically, including through automated workflows or artificial intelligence-enabled applications. Transactions may occur without real-time human review and are executed based on user-defined configurations and permissions. Users are solely responsible for their use of these tools, reviewing and validating transaction behavior, and evaluating any associated security, financial, or operational risks. For additional details, please see the Circle Developer Terms of Service available at console.circle.com/legal/developer-terms.

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CCTP is a crosschain messaging infrastructure service provided by Circle Technology Services, LLC ("CTS"). CCTP is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency. CCTP is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Transfers are irreversible; CTS cannot recover assets sent to an incorrect address. CTS does not vet, endorse, or back third-party assets; such assets are subject solely to the applicable third-party terms and risks. Issuers are solely responsible for their services and compliance with applicable laws. Any fee estimates are non-binding previews; actual fees may differ. Assets are subject to a number of risks, including, but not limited to, price volatility and smart-contract, relay, and bridge vulnerabilities. Availability is subject to change. Developer terms apply.

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USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.

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cirBTC is issued by Circle International Bermuda Limited, a Class F Digital Asset Business licensed and regulated by the Bermuda Monetary Authority. Circle Mint and related distribution services are provided by Circle Internet Financial, LLC, NMLS # 1201441.

With the launch of Gateway support for EURC on Solana, Circle has deployed a new pre-mint address to enable Gateway to programmatically mint EURC on Solana. The new address is: A6sLLUWebvoUUnQoCiB45ktetd34iamfD8kwTsBSReAb

The full list of pre-mint addresses is contained within our GitHub repo. For exchanges, websites, and developers that monitor EURC flows on Solana, you can continue to use our public API as normal — no changes are required.

NOTE: DO NOT ATTEMPT TO SEND EURC TO A PRE-MINT ADDRESS AS IT WILL RESULT IN A LOSS OF FUNDS. PRE-MINT ADDRESSES ARE ONLY INTENDED FOR USE BY CIRCLE.

EURC on Solana: Pre-minting detailsOn some non-EVM blockchains like Solana, Circle pre-mints tokens like EURC to create and hold a balance before it goes into circulation. This is made possible by the aforementioned pre-mint address. It holds EURC that is not considered part of the circulating supply until Circle officially authorizes its mint and public release.

How it works:Pre-mint addresses have an existing balance of EURC, or another token, which is not included in the total amount in circulation.With Gateway now supporting EURC on Solana, a user can mint EURC on Solana.The EURC is then sent from the pre-mint address to the user's wallet address, increasing EURC in circulation.This follows the pre-mint of USDC on Solana, allowing Gateway users to seamlessly mint Circle’s dollar- and euro-denominated stablecoins on Solana. 

For any questions or help getting started with Gateway on Solana, view the developer docs and join the conversation in our Discord.

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Gateway is software infrastructure provided by Circle Technology Services, LLC ("CTS"). Gateway is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency.  Gateway is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Fee estimates are previews only; actual fees may differ. Deposit times vary by chain and network conditions; deposits may be delayed or fail. Source-chain burns are irreversible. USDC only. Eligibility and geographic restrictions apply. Developers are responsible for their own compliance obligations. CTS may modify or discontinue this feature at any time. Developer Terms https://console.circle.com/legal/developer-terms apply.

USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.

OKX has launched a unified EUR and $EURC spot order book for eligible European users, with euro-to-$EURC conversion at 1:1. Circle confirmed the service on October 21, 2026, describing a route to trade and manage activity in euro terms.

The change pools liquidity that would otherwise sit in separate fiat and stablecoin markets. Traders choose their settlement asset while using the same supported order book. OKX says customers with euro-funded accounts can trade without routing through dollar-denominated pairs and track profit and loss in their home currency.

Circle’s confirmation followed an OKX product FAQ published on October 11. The FAQ sets out app and web instructions, eligibility conditions and fee disclosures for the spot-trading product. Customers can use it where their jurisdiction and the markets available in their account allow access.

OKX says it adapted the routing engine it previously used to consolidate dollar markets. It compares the new arrangement with separate fiat and stablecoin pairings, where orders sit in different books. Supported EUR and $EURC markets now share a single pool, with settlement in either asset. OKX presents tighter spreads and lower slippage as benefits. The announcement gives no measured before-and-after execution results.

The product FAQ places the feature in the exchange’s spot interface. In the app, users switch to Exchange mode, open Spot and select a euro pair. On the website, they open Trade, then Spot, then a euro pair. The “Trade with” selector at the top of the trading screen lets them choose euros or $EURC as the trading asset.

Eligible users in supported European Economic Area jurisdictions can access the feature. OKX directs customers to search for EUR or $EURC in the app or on the website to see which pairs are available. Availability varies by region and can change over time. The public FAQ gives no fixed list of markets that every European account can trade.

Conversion at par comes with a separate fee disclosure. Standard trading fees may apply according to the customer’s tier and the transaction being completed. OKX says it displays applicable charges before the customer confirms a conversion or trade. The quoted 1:1 conversion rate needs to be read alongside those displayed charges; it does not mean every operation is free.

The FAQ also warns that prices and liquidity can change, and that stablecoins may fail to maintain their intended value. Euro routing removes the need to pass through dollar markets, while the risks described in the FAQ still apply to the assets customers hold and trade.

What sits behind the stablecoin balance Circle identifies the issuer of $EURC as Circle Internet Financial Europe SAS, an electronic money institution authorized by France’s ACPR. Its product page classifies the token as an e-money token under MiCA. Circle says $EURC is fully euro-backed and publishes monthly reserve attestations for holders to inspect.

Circle Mint also converts euros to and from $EURC. Its ordinary service is aimed at qualified businesses and wholesale distributors, and Circle describes the conversion as near-instant. The OKX launch makes $EURC selectable within supported exchange markets, where customers use it under the exchange’s own eligibility and fee rules.

Selling through an exchange and redeeming directly with the issuer have different procedures. Circle’s MiCA redemption policy names OKX among exchanges where holders can buy or sell its coins. Holders denied redemption at an exchange, or those who specifically want to redeem with Circle France, must follow the issuer’s process. That process also applies when a holder wants to redeem directly with Circle a $EURC balance acquired through the new order book.

Direct redemption has its own checks Retail holders apply through a form on Circle France’s website. Circle assesses their eligibility and verifies their identity. Applicants must provide accurate information for know-your-customer and transaction checks, along with an IBAN for an EEA bank account. To receive euros from the issuer, a holder needs both the tokens and a qualifying bank destination.

The retail applicant must sign an electronic form confirming that the bank details are correct and that they are the account beneficiary. For $EURC redemption, the account must accept SEPA payments. Under the policy, the customer remains responsible for any currency-conversion or incoming-deposit charges their bank imposes.

Circle then provides a unique deposit address for the coins being redeemed. Once it receives them, it checks the assets and their previous transactions before paying the holder’s bank account. The policy says this process should take no more than 5 business days unless discrepancies arise. This timetable covers the issuer’s retail redemption process, separate from OKX’s conversion feature and Circle Mint’s description of its business service.

Non-retail holders must open a Circle Mint account for redemption-only service and agree to Circle France’s account terms. Circle’s policy also allows its ordinary redemption arrangements to be amended or suspended when a recovery or redemption plan is implemented.

The policy denies redemption to holders classified as restricted persons. If verification reveals inconsistencies or anti-money-laundering risks, Circle conducts further assessment under applicable law. The ordinary processing timetable depends on the holder and transaction passing those checks, as well as Circle receiving the coins.

Circle also excludes copies and wrappers from its support obligations. It accepts responsibility for its own coins, but not independently created assets that claim to incorporate them or be collateralized by them. Direct redemption requires the issuer-supported asset; holders cannot assume the same terms cover a third-party representation.

OKX leaves the complete supported-pair list to the app and website. Its launch documents publish neither a fixed market count nor a quantified execution improvement.

France Voted 38 To 37 To Tax Crypto Swaps Into Regulated Stablecoins, And The Bill Lands On The Coins Europe Licensed

Circle’s euro stablecoin, EURC, grew its market cap by $4.8 million over the past seven days. In a sector dominated by dollars, that counts as a respectable week.

The gain pushes EURC’s market cap to $497.12 million as of October 19, 2026, with 443.11 million tokens in circulation.

The numbers behind the week
EURC’s supply climbed 8.8% in the month leading up to October 15, 2026, reaching €441 million.

The token crossed €400 million in circulation back in August 2026.

EURC has grown more than 10x since its MiCA launch two years ago, according to the research findings.

Market share is where Circle really stands out. EURC commands roughly 60% of the euro stablecoin market, which is estimated at somewhere between $760 million and $810 million in total.

A small pond, with one big fish
The entire euro stablecoin segment makes up less than 0.3% of global stablecoin supply.

Meanwhile, the USD stablecoin market exceeds $300 billion.

Circle launched EURC in 2022 as a euro counterpart to USDC. Every token is backed 1:1 by euros held in reserve.

The token is issued by Circle Internet Financial Europe SAS. It falls under the direct supervision of France’s Autorité de Contrôle Prudentiel et de Résolution, known as the ACPR.

EURC lives on multiple blockchains, including Ethereum, Solana, and Base.

Why MiCA keeps showing up in the story
The research findings tie EURC’s expanding listings to regulatory clarity under MiCA. The token is available on centralized platforms such as Coinbase and Kraken.

It also shows up across decentralized finance, on protocols including Aave and Uniswap.

Beyond trading, Circle has positioned EURC for payments, foreign exchange, and treasury work. Partnerships with VisaNet and Thunes support those use cases.

The competition is not standing still
Circle is not alone in chasing the regulated euro stablecoin crown. Société Générale’s EURCV is one of the MiCA-compliant alternatives competing for the same users.

Still, EURC’s roughly 60% share suggests Circle’s head start has been hard to erode so far.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

德银拟2027年将加密托管拓展至亚洲，德国服务即将上线

The deployment launched Sept. 16 with four reserve assets. Its Forex market lets borrowers pledge EURC, which is not eligible collateral in Arc’s Main market.

The deployment launched Sept. 16 with four reserve assets. Its Forex market lets borrowers pledge EURC, which is not eligible collateral in Arc’s Main market.

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Circle is bringing its USDC and EURC stablecoins into enterprise payment workflows through a partnership with Tereina, a financial services company backed by German enterprise software giant SAP.

The integration will allow businesses using SAP’s financial software to send and receive USDC and EURC within the applications they already use to manage payments. USDC will be the preferred stablecoin for dollar-denominated transactions, while EURC will be available for euro-denominated payments.

Source: Circle

Tereina provides payment infrastructure that companies can embed into business software, allowing them to make payments without switching to a separate financial platform. Tereina and Circle said they plan to test the stablecoin integration with customers over the coming months, including for global payments and treasury operations.

SAP’s ecosystem generates 84% of global commerce, according to the announcement, giving the integration a potentially broad enterprise reach.

The move comes less than a month after Circle launched the mainnet of Arc, its layer-1 blockchain focused on stablecoin payments and financial markets. Arc uses USDC for transaction fees and supports more than 20 fiat-backed stablecoins, including USDC and EURC.

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usdcSAP-backed payments firm Tereina and Circle have confirmed the Partnership to bring USDC and EURC stablecoin payments into enterprise business systems, starting with SAP Cloud ERP. 

The integration will allow eligible businesses to send and receive stablecoins through applications they already use.

Circle and Tereina Bring Stablecoins to SAPOn Oct. 7, 2026, Circle and Tereina announced a partnership to bring USDC and EURC into enterprise payments through SAP Pay. 

The goal is simple, that businesses can use stablecoins without setting up separate crypto payment systems.

Circle 🤝 Tereina

Circle and Tereina are partnering to bring USDC and EURC into enterprise payment workflows, beginning with SAP Pay, where Arc serves as the preferred blockchain.

For eligible businesses, that means more ways to move and settle value through the applications… pic.twitter.com/L5KUHO8WsP

— Circle (@circle) October 7, 2026 Eligible companies with a Circle Mint account can use USDC for dollar payments and EURC for euro payments. These options will work alongside traditional methods such as bank transfers, cards and checks.

Circle CEO Jeremy Allaire said,

“By connecting Circle’s infrastructure with Tereina’s enterprise payment workflows, we can help businesses realize the benefits of faster, more programmable and more globally accessible money movement.”

The partnership targets the wider SAP ecosystem, which the companies say is linked to 84% of global commerce, including 99 of the world’s 100 largest companies.

SAP Pay Brings Stablecoins Into Existing WorkflowsThe partnership matters because companies will not need to change the way their finance teams work.

When an invoice or purchase order is approved, SAP Pay can process the stablecoin payment and reconcile it in real time. This removes the need to move between different payment platforms and manually handle separate crypto transactions.

Tereina CEO Cedric Bru said,

“This partnership with Circle makes it easy to move into the future without changing how businesses already operate.”

Arc Could Power Faster Stablecoin PaymentsThe partnership can also use Arc Circle’s enterprise blockchain. Arc offers sub-second transaction finality and uses USDC to pay transaction fees.

Looking ahead, Tereina also plans to connect the system with SAP’s Joule AI agents, which could eventually help businesses create, approve, and execute cross-border stablecoin payments automatically.

Story Ends Here

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Circle and Tereina have partnered to integrate USDC and EURC into enterprise payment workflows through SAP Pay. That puts the two stablecoins inside the systems businesses already use to pay suppliers, rather than in a separate crypto app.

What SAP Pay actually does Tereina, a payments firm backed by SAP, launched SAP Pay on October 6, 2026. The product took 2.5 years to build.

Circle and Tereina confirmed their partnership a day later, on October 7, 2026. The deal covers USDC and EURC transactions inside SAP Pay.

SAP Pay lives inside SAP Cloud ERP. Businesses can pay suppliers and other stakeholders from within the ERP using traditional currencies or stablecoins.

The service supports a range of payment rails, including ACH, EFT, wire, check and stablecoin settlement.

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SAP Pay also includes automated reconciliation, fraud detection and multi-rail routing. Multi-rail routing means the system can pick which payment method to use for a given transaction, rather than forcing finance teams to choose manually every time.

The numbers behind the launch Tereina claims SAP Pay can cut payment costs by up to 25%. The firm says it gets there by partnering with existing service providers instead of trying to compete with them head-on.

At launch, SAP Pay is available in the US and the UK. It can transact across 89 global payment corridors.

On the blockchain side, the Arc blockchain is the preferred network for eligible SAP Pay transactions. Arc launched on September 16, 2026, so it went from debut to enterprise deployment in about three weeks.

No other crypto assets were mentioned in the official updates around the deal, keeping the focus squarely on USDC and EURC.

Why SAP moving into payments matters SAP Pay marks SAP’s first move into native payment integration within its Cloud ERP. Historically, the system relied on external payment providers to handle the actual movement of funds.

For Circle, the partnership fits its ongoing push to expand USDC and EURC usage within existing networks. Instead of asking companies to adopt new crypto workflows, it is placing its tokens inside workflows companies already run every day.

What this means for stablecoins and enterprise software Embedding USDC and EURC as one option among ACH, wires and checks lowers the adoption barrier. A finance team does not need to become a crypto team to try a stablecoin settlement.

The inclusion of EURC alongside USDC is also worth noting. With SAP Pay live in both the US and UK and spanning 89 corridors, a euro-denominated option gives companies with European exposure a native alternative to converting everything through dollars.

The 25% cost reduction figure is Tereina’s claim, framed as a potential ceiling rather than a guaranteed result. Real-world savings will likely vary by corridor, payment method and company size.

Arc’s role adds another layer. A blockchain only weeks old being named the preferred network for eligible enterprise transactions is a meaningful early test, and its performance under real corporate volume will shape how much trust it earns.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.

Circle and SAP-backed Tereina are bringing USDC and EURC into enterprise payment workflows, starting with SAP Pay and SAP Cloud ERP for eligible business customers.

Circle and Tereina Add Stablecoins to SAP Workflows Circle and Tereina announced a partnership on October 7 to integrate USDC and EURC into Tereina’s payment infrastructure. The rollout will start with SAP Cloud ERP and SAP Pay

Eligible businesses will be able to send and receive stablecoin payments from applications they already use. USDC will be used for dollar transactions, while EURC will handle euro transactions.

In addition, the system is designed to minimize the need for a separate stablecoin payment system. Instead, finance teams can access blockchain settlement through existing enterprise tools and treasury workflows.

The enterprise software network of SAP supports a large share of global commerce. The partnership offers Circle access to a wide range of business clients that do not need to change their core systems.

Arc Will Support Enterprise Settlement Arc will serve as the preferred blockchain for the payment setup. At the same time, businesses will be able to use blockchain-based settlement without leaving familiar financial systems tied to SAP.

Circle CEO Jeremy Allaire said stablecoins are becoming part of global payment infrastructure. Accordingly, he said the partnership can help bring USDC and EURC into “everyday business operations.”

Tereina CEO Cedric Bru said the goal is to make stablecoin payments a native feature inside enterprise applications. Meanwhile, the companies also plan customer trials, staff training, and cooperation with payments teams.

Circle has been steadily growing its footprint in digital asset markets. As earlier reported by CoinGape, crypto exchange OKX raised funds at a $25 billion valuation. The round attracted investment from Circle, Ripple, Standard Chartered’s investment arm, and Qube Research & Technologies.

Circle Expands Enterprise Stablecoin Reach The partnership also coincides with Circle’s efforts to gain more regulatory access in key markets. As earlier reported by CoinGape, Circle urged changes to MiCA stablecoin rules.

Circle and Tereina are aiming to roll out proof-of-value programs with certain customers in the near future. Additionally,the companies plan to train treasury and payments specialists during the rollout.

Meanwhile, both companies plan to collaborate with ecosystem partners to expand the use of stablecoins in enterprise finance. This work will focus on payment settlement, treasury operations, and cross-border value movement.

For now, the rollout centers on SAP Pay and SAP Cloud ERP. However,the companies have not announced a full deployment timetable beyond the initial customer programs.

For more on enterprise-grade networks like Arc, explore how top-tier stablecoin infrastructure platforms power secure and programmable payment systems.

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South Korean industry participants have called for liquidity safeguards to form part of future won stablecoin rules after several foreign stablecoins recorded sharp price deviations on domestic exchanges.

Summary

JPYC surged to 37.6 won after its Upbit debut before returning near its yen reference. PYUSD reached 1,760 won on Upbit as limited early liquidity distorted its stablecoin pricing temporarily. EURC climbed to 7,860 won on Bithumb, exceeding its previous close by over 400%. Industry participants want liquidity providers, issuance safeguards and price controls considered for won stablecoin rules. South Korea expects its second-stage digital asset legislation to reach a parliamentary review in November. News1 reported on Sept. 27 that market participants want regulators to examine initial circulating supply, issuance and redemption channels, market makers and controls for unusual trading. The proposals come as South Korea develops its second-stage digital asset legislation, which is expected to cover stablecoin issuance and circulation.

Recent trading has shown how limited exchange liquidity can push stablecoins far from the currencies they are designed to track. JPYC, PayPal USD and EURC each experienced abnormal price moves on South Korean won markets during September.

JPYC price spike puts stablecoin liquidity under scrutiny JPY Coin, or JPYC, climbed as high as 37.6 won after Upbit introduced trading on Sept. 17. The yen-linked stablecoin had a reference value close to 8.8 won at the time, placing the exchange price at more than four times that level.

Yonhap reported that JPYC began trading around 12 won before climbing above 37 won as buying demand met limited available supply. Upbit later expanded supported deposit networks beyond Ethereum to include Kaia and Polygon, allowing more JPYC to reach the exchange. The token returned toward the 8-won range the following day.

Before trading started, Upbit had cited a JPYC reference price of 8.81 won. The exchange initially planned to support Ethereum deposits and withdrawals when announcing the listing.

In related coverage, crypto.news reported that Upbit had delayed JPYC trading by three hours on Sept. 17 while keeping the PYUSD schedule unchanged. The listing covered KRW, BTC and USDT markets. JPYC Upbit trading delayed three hours

PayPal USD experienced a smaller but still notable move on the same exchange. Upbit’s data shows PYUSD reached an all-time high of 1,760 won on Sept. 17 before falling toward the 1,360-won area.

News1 attributed the move to constrained supply during the first stage of trading. Unlike JPYC, PYUSD remained much closer to its dollar reference value, but the jump demonstrated how an exchange price can diverge when available sell-side liquidity is thin.

EURC surge adds another example from Bithumb A separate price distortion appeared in Circle’s euro-backed EURC on Bithumb. EURC reached 7,860 won shortly after midnight on Sept. 14, compared with the previous closing price of 1,513 won. The move represented an increase of more than 400%, while overseas prices remained close to the euro’s converted value.

Bithumb’s official records show EURC had entered its won market on Aug. 28, not Sept. 14. The exchange listed the token with a reference price of 1,609 won and supported deposits and withdrawals through Ethereum.

The Sept. 14 move therefore occurred more than two weeks after the listing. Reports linked the spike to concentrated orders and shallow liquidity instead of a change in the euro backing the token. Approximately 60% of that day’s EURC volume was executed within a 15-minute period, according to reporting based on Bithumb trading data.

USDG experienced another abnormal move during the same period, reaching 3,048 won on Bithumb against a previous close near 1,358 won. The repeated episodes have prompted calls from industry participants for stablecoin market rules to address exchange liquidity separately from issuer reserves.

Won stablecoin rules could cover liquidity and redemption Current debate over won-denominated stablecoins has focused heavily on who can issue them, minimum capital requirements and the assets used to back outstanding tokens.

Industry participants cited by News1 want the framework to extend into secondary-market trading. Suggested measures include requiring sufficient initial circulating supply before exchange trading begins and maintaining issuance and redemption channels that can respond when market demand changes.

Some participants have proposed requiring market makers or liquidity providers to maintain continuous buy and sell quotations. Other proposals include displaying deviations from a stablecoin’s reference value and restricting certain market orders when prices move unusually far from the underlying currency.

An industry official quoted by News1 said a won-backed token could still experience sharp volatility if demand rises suddenly while circulating supply remains inadequate. The official called for standards covering issuance, redemption, liquidity provision and responses to unusual market conditions.

Reserve requirements address a different part of the structure. Assets held by an issuer can support redemption at the designated value, while exchange prices are determined by available bids, offers and the ability to move tokens between venues or redeem them with the issuer.

South Korea’s Financial Services Commission has not announced final rules covering those proposed liquidity safeguards. The regulator has repeatedly cautioned that major parts of the second-stage digital asset framework remain under discussion.

South Korea targets November review of digital asset law Work on the legislation is continuing as regulators and lawmakers negotiate rules for stablecoins and other digital assets.

An FSC official said on Sept. 22 that the Digital Asset Framework Act is expected to reach a National Assembly bill review subcommittee in November. Ten digital asset and stablecoin proposals are currently pending, while policymakers continue discussing a consolidated framework.

As crypto.news previously reported, the planned legislation covers digital asset issuance and distribution, including stablecoins, with regulators seeking to advance the second-stage framework during 2026. South Korea targets November review for crypto legislation

One unresolved question concerns the companies allowed to issue won-denominated stablecoins. The Bank of Korea has supported an initial bank-led structure, citing monetary policy, payment-system and financial-stability concerns.

The FSC said earlier this year that reports claiming stablecoin issuer structures had already been finalized were premature. In January, the regulator said discussions with other agencies were continuing and that key provisions had not yet been settled.

Crypto.news reported in July that the central bank continued to favor bank-led consortiums while lawmakers discussed the pending framework. Bank of Korea defends bank-first stablecoin plan

By August, the FSC said work remained underway on a government proposal for the second-stage Digital Asset Act. The regulator again cautioned that specific provisions, including ownership rules affecting crypto exchanges, had not been finalized.

South Korea’s September securities-token roadmap provides another indication that stablecoin policy remains unfinished. The FSC said future on-chain payment infrastructure could eventually connect tokenized securities with stablecoins, but later implementation stages will depend partly on pending stablecoin legislation.

Circle has expanded its Cross-Chain Transfer Protocol beyond USDC on Arc, bringing native EURC and cirBTC transfers into the network while preparing Gateway and Bridge Kit for additional multi-asset workflows.

Summary

Circle expanded CCTP beyond USDC, enabling native transfers for EURC and cirBTC across Arc routes. EURC currently moves through CCTP across Arc, Avalanche, Base, Ethereum, and World Chain routes today. cirBTC CCTP support currently connects Arc and Ethereum, while Gateway integration remains planned for later. Gateway currently unifies USDC balances on Arc and Ethereum, with additional asset support coming later. Arc launched September 16 with USDC gas, institutional validators, and interoperability across twenty-plus blockchain networks. Arc’s Sept. 23 update said Interop on Arc is now live with CCTP, Gateway and Forwarding Service integrated into the Layer 1, giving developers separate tools for native Circle-issued assets, third-party tokens, new multichain assets and unified balances.

The latest deployment does not mean every Circle product already supports all three assets in the same way. CCTP is live for USDC, EURC and cirBTC on specific routes, while Gateway remains limited to USDC at launch. Circle says EURC and cirBTC support for Gateway is planned over time.

Circle expands CCTP beyond USDC on Arc CCTP now handles native crosschain transfers for USDC, EURC and cirBTC, extending a system that was originally built around USDC burn-and-mint transfers.

Circle’s current CCTP product page describes the protocol as infrastructure that lets supported assets move 1:1 between chains. For Circle-issued assets, CCTP burns tokens on the source network and mints native tokens on the destination, avoiding liquidity pools used by some traditional bridge designs.

EURC entered the system earlier this month. Circle said on Sept. 2 that CCTP had expanded from USDC to native EURC transfers, initially between Ethereum and Base. The Arc launch has since extended EURC coverage to Arc, Avalanche, Base, Ethereum and World Chain.

cirBTC now follows a similar route. Interop on Arc lists CCTP support between Arc and Ethereum for Circle Wrapped Bitcoin, creating a native crosschain path for the BTC-backed token across the two networks.

Circle separately brought cirBTC to Arc on Sept. 21. The company says each token is backed 1:1 by native BTC held for cirBTC holders, with reserve information available for onchain verification. The wrapped asset is issued by Circle International Bermuda Limited, which holds a Class F Digital Asset Business license from the Bermuda Monetary Authority.

Circle launched Bitcoin-backed USDC borrowing through cirBTC on Arc and Ethereum, allowing eligible Circle Mint institutions to post cirBTC to third-party lending markets and receive USDC. Morpho was the first supported lending protocol when the service went live.

EURC and cirBTC get different routes at launch The three assets do not share identical network coverage. USDC remains CCTP’s most established asset and can use all compatible routes offered through the current Arc interoperability stack. EURC supports Arc, Avalanche, Base, Ethereum and World Chain, while cirBTC currently supports Arc and Ethereum.

Circle says CCTP Fast Transfer can complete transfers in “sub-10-second” times on supported Arc routes. The company cautions in its terms that transfer times and fee estimates are not guaranteed because results depend on the selected chain, route and network conditions.

Forwarding Service handles another part of the flow. It can relay the destination-chain transaction after CCTP completes the asset movement, removing the need for users to separately hold the destination network’s gas token for supported transactions.

Circle updated CCTP earlier in September with prepaid Fast Transfer fees. CCTP now lets developers quote and collect certain crosschain fees on the source network, allowing an application to show the recipient amount before the transfer executes.

Arc routes receive preferential CCTP pricing, according to the Sept. 23 announcement, although rates depend on the asset and route. Circle has not published one universal Arc transfer fee for USDC, EURC and cirBTC.

Gateway still supports USDC before multi-asset expansion The product creates a unified balance from supported funds held across different networks, allowing applications to treat eligible crosschain liquidity as one available balance. On Arc, Gateway currently supports USDC balances on Arc and Ethereum.

EURC and cirBTC Gateway support is listed as “coming soon.” Circle has not disclosed a launch date for either asset, so CCTP support should not be confused with live Gateway balance support.

Circle’s current legal disclosures likewise describe Gateway as USDC-only. The company says Gateway is non-custodial software infrastructure and does not itself hold, control or transfer customers’ assets. It has not been reviewed or approved by the New York State Department of Financial Services or another regulator, according to the product disclosures.

The company has been building toward multi-asset interoperability for several months. In an April product roadmap, Circle said CCTP had already processed more than $140 billion in cumulative USDC transfers across more than 20 chains and that future versions would extend the same model to assets including EURC and cirBTC.

The Sept. 23 release turns part of that roadmap into production infrastructure, while Gateway’s asset expansion remains unfinished.

Arc lets third-party assets use separate crosschain models Circle’s interop stack is not limited to tokens issued by Circle. Interop on Arc supports third-party assets through wrapping and a Crosschain Token Standard, or CTS. Developers and issuers can use CTS when they require controls such as allowlists, transfer rate limits, pausing, upgrades and governance rules.

The company says it does not retain override authority over CTS or custom third-party token contracts. Issuers remain responsible for their token structures, operating rules and regulatory obligations.

For new assets, CTS provides a standardized contract structure that can be deployed across chains. Circle describes the system as an alternative to maintaining different token contracts and bridge integrations for each network.

CCTP’s updated architecture supports both burn-and-mint and lock-and-mint models. Native supported assets can move through burn-and-mint, while third-party assets can use wrapping infrastructure where appropriate.

Bridge Kit packages these flows into an SDK for application developers. Arc Studio provides a separate development environment where teams can build applications using the same interop stack without manually connecting every service.

Circle launched Arc Studio as an AI-assisted tool for building applications on Arc, with examples ranging from cross-border payments to software billing and machine-to-machine transactions.

Arc interoperability builds on September mainnet launch Arc went live publicly on Sept. 16 with USDC used for transaction fees, deterministic sub-second finality and a permissioned founding validator set.

Circle said more than 100 institutional and ecosystem builders and more than 100 applications were participating at launch. Founding validators include BlackRock, DTCC, Galaxy, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, Visa and Worldpay.

Arc mainnet launched with USDC gas and institutional validators including BlackRock and Visa. Circle said the network began with interoperability across more than 20 blockchain ecosystems through CCTP and Gateway.

Arc’s asset layer has expanded quickly since launch. cirBTC became available on Sept. 21, followed by StableFX on Sept. 22 and the integrated Interop product on Sept. 23. StableFX uses Arc for 24/7 stablecoin-based foreign-exchange settlement with request-for-quote pricing and atomic payment-versus-payment settlement.

Circle says cirBTC can already serve as collateral in Arc lending markets, including supported Aave and Morpho applications. Eligible Circle Mint customers can deposit native BTC, mint cirBTC, provide it to approved third-party lending markets and receive borrowed USDC through Circle’s Digital Asset-Backed Borrowing workflow.

The mainnet roadmap extends beyond interoperability. Circle minted a 10 billion ARC genesis supply before the network launch and is exploring a transition from its current Proof-of-Authority structure toward Proof of Stake in 2027. The company says the genesis mint does not constitute a commitment to publicly launch the ARC token.

Gateway support for EURC and cirBTC remains among the next published interoperability steps. Circle has not provided a launch date, while its Sept. 23 Arc documentation continues to list both assets as “coming soon” for unified balances.

Dutch police have arrested two men accused of using counterfeit EURC tokens to obtain several Rolex watches from sellers on Marktplaats, the Netherlands’ large online marketplace.

Summary

Dutch police arrested two men suspected of using counterfeit EURC tokens to obtain Rolex watches. Several victims reported losing Rolex watches after fake EURC payments appeared genuine in their wallets. Police found firearms and drugs during a search of the 24-year-old suspect’s home in Geleen. The 45-year-old suspect was released from custody but remains under investigation for alleged cryptocurrency fraud. Circle says genuine EURC is fully backed by euro reserves and redeemable one-to-one for euros. Police said investigators arrested a 24-year-old man from Geleen and a 45-year-old man from Leiden on Sept. 9 after tracing reports dating to August 2025. Sellers had agreed to accept EURC as payment and released their watches after seeing tokens arrive, only to discover later that the assets had no value.

Authorities described the counterfeit tokens as “at first glance indistinguishable” from legitimate EURC. The police release does not identify the blockchain involved, provide wallet addresses or transaction hashes, or explain how the fake tokens were created.

🇳🇱 Des escrocs ont réussi à acheter de VRAIES ROLEX… avec de la FAUSSES crypto.

Aux Pays-Bas, deux hommes de 24 et 45 ans sont soupçonnés d’avoir ciblé des vendeurs de Rolex sur Marktplaats.

Le paiement devait être effectué en EURC, le stablecoin euro émis par Circle. Mais… pic.twitter.com/CtZz6lT2yy

— Goku 🗞 (@Crypto__Goku) September 22, 2026 Fake EURC payments targeted Rolex sellers The investigation began after multiple Rolex sellers reported similar encounters in August 2025. Buyers contacted people advertising watches on Marktplaats and arranged to settle the purchases using EURC, according to Oost-Nederland police.

In one case described by investigators, a seller from Almelo listed a Rolex and later met a prospective buyer. The seller watched a cryptocurrency transfer arrive before handing over the watch. When he later tried to convert the received tokens into euros, he learned that they were worthless.

The case later appeared on the Dutch investigative television program Plaats Delict in November 2025. Police said a viewer recognized one suspected participant and supplied a tip. Cryptocurrency specialists then carried out further work that led investigators to a second suspect.

Police have not disclosed how many Rolex watches were obtained, their total value or the number of confirmed victims. The official statement refers to multiple reports and several watches but gives no monetary loss estimate.

That lack of transaction information prevents the alleged payments from being independently matched to public blockchain records from the information authorities have released.

Genuine EURC remains backed by euro reserves EURC itself is a legitimate euro-denominated stablecoin issued by Circle Internet Financial Europe SAS. Circle states each genuine EURC is backed by euro reserves and designed to remain redeemable at one euro.

Circle operates the token under the European Union’s Markets in Crypto-Assets framework. Its MiCA white paper identifies EURC as an e-money token and says reserves consist of euros or euro-denominated assets held in segregated accounts with regulated financial institutions.

As of Sept. 17, Circle reported approximately €411 million of EURC in circulation. The issuer publishes reserve information and monthly attestations designed to let users compare the outstanding token supply with the assets supporting it.

EURC supply passing €400 million in circulation in August, when Circle reported rising usage across exchanges, payments infrastructure and institutional platforms.

Circle currently lists native EURC support across Avalanche, Base, Ethereum, Solana, Stellar and World Chain through Circle Mint infrastructure. Other network integrations have expanded during 2026.

The Dutch police did not say which version or network the suspects allegedly imitated. A token carrying the same ticker or display name as EURC does not establish that Circle issued it, because blockchain networks can permit unrelated developers to create tokens using similar names and symbols.

Police warn that wallet displays can mislead sellers Police warned that counterfeit assets may initially appear convincing to someone unfamiliar with cryptocurrency. A wallet can display a token name and balance without establishing whether the asset came from the legitimate issuer or has a market value.

Authorities advised sellers to use payment methods they understand and trust. Police said pressure from a buyer to accept an unfamiliar method should be treated as a warning sign.

Similar token-impersonation techniques have appeared elsewhere in crypto markets. Crypto.news previously reported on fake stablecoins targeting crypto exchanges on TON, where malicious actors sent counterfeit tokens designed to resemble legitimate USDT deposits.

Another case involved fake tokens impersonating established crypto brands, prompting CoinMarketCap to warn users that tokens carrying its name were not official products.

Those cases involved different methods and are not connected to the Dutch Rolex investigation. They show that a ticker symbol, logo or familiar token name inside a wallet interface does not independently prove an asset’s origin.

Circle’s official documentation provides supported networks and issuer information for EURC. Before accepting a large cryptocurrency payment, verification can include checking the token issuer, blockchain network and official contract information against the issuer’s published records.

One suspect remains detained as investigation continues Following the Sept. 9 arrests, police searched the home of the 24-year-old suspect from Geleen. Officers found firearms and drugs during the search, according to the official statement.

An examining magistrate ordered the Geleen suspect held for 14 days. The 45-year-old man from Leiden has been released from custody but remains a suspect in the cryptocurrency fraud investigation.

No charges, convictions or court findings establishing guilt have been announced in the material reviewed. The police statements describe both men as suspects and the allegations remain under investigation.

Investigators are examining seized data-storage devices and checking whether the men could be connected to other cryptocurrency fraud cases. Police have not announced additional suspects, further arrests or a final number of victims.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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Circle isn’t just issuing stablecoins anymore. It’s running the rails they move on.

The company behind USDC has deployed $649M in USDC and $7M in EURC on Arc, its own Layer 1 blockchain that launched its public mainnet on September 16, 2026. For a company that spent years being the “stablecoin issuer that works with every chain,” building its own chain is a sharp strategic pivot, one that CEO Jeremy Allaire has called potentially the most significant launch in Circle’s history.

What Arc actually does differently Arc’s headline feature is deceptively simple: USDC is the native gas token. Transaction fees on Arc target roughly $0.01, denominated entirely in USDC.

The blockchain delivers sub-second deterministic finality, meaning transactions settle almost instantly with no ambiguity about whether they went through. Traditional blockchains often have probabilistic finality, where a transaction becomes “more confirmed” over time. Arc skips the uncertainty entirely.

Arc also launched with support for 22-plus fiat-linked stablecoins, not just USDC and EURC. The chain integrates Circle’s StableFX product, which enables atomic foreign exchange settlement between different stablecoin pairs.

The validator list reads like a Davos attendee roster Circle announced the founding validator cohort on August 5, 2026, and it includes BlackRock, Visa, and Mastercard. The network launched with over 100 institutional participants spanning banks, asset managers, and DeFi protocols.

On the DeFi side, protocols like Aave and Morpho are already building on Arc, giving the chain immediate functional utility from day one.

The economics behind the chain Circle executed a genesis mint of 10 billion ARC tokens. Prior to launch, a presale raised approximately $222M at a $3B fully diluted valuation. That presale price implies early buyers got ARC tokens at roughly $0.022 each.

The $649M USDC deployment on Arc represents a significant initial liquidity injection. Circle, being the issuer, can simply mint and deploy — the advantage of vertical integration.

The $7M EURC deployment is smaller but symbolically important. EURC, Circle’s euro-denominated stablecoin, has grown more slowly than USDC. Embedding it natively into Arc alongside the StableFX settlement system could accelerate euro-denominated DeFi activity.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Deutsche Bank Targets Europe’s Crypto Market With New Digital Asset Custody Service

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Deutsche Bank said on September 16 that it will launch a digital asset custody service for institutional and corporate clients in Europe, its most direct commitment yet to safeguarding crypto assets for the traditional finance clients it already serves. The German lender announced the planned rollout as a way for clients to hold and transfer selected digital assets without building their own custody infrastructure, with the launch targeted for this year subject to completion of the applicable regulatory process.

What the Custody Service Covers The service will let clients safeguard digital assets and transfer them to third parties, with Deutsche Bank managing wallets and private keys on clients’ behalf. At launch the bank will support a selected range of assets, including Bitcoin and Ether as well as stablecoins and e-money tokens such as USDC and EURC, with the list expandable over time subject to client demand and the bank’s product-approval process. Security is layered around hardware-based key protection, segregation of duties, multi-person approval and separate warm and cold storage environments.

Who the Bank Is Targeting The initial target group is clients of Deutsche Bank’s Corporate Bank and Investment Bank, spanning corporates, asset managers, hedge funds, custodians, brokers and sovereign institutions, with onboarding subject to the bank’s criteria, due-diligence requirements and risk appetite. Gerald Podobnik, Co-Head Corporate Bank at Deutsche Bank, framed the move as complementary to traditional finance rather than a replacement. “Digital assets are not a replacement for the traditional financial system but an important complement to it,” he said. “We see them as new rails that can coexist with existing market infrastructures while benefiting from the trust, security and safeguards that regulated financial institutions provide. Our aim is to offer clients a secure and regulated gateway to this evolving market.”

A Broader Institutional Push The custody rollout extends a wider Deutsche Bank push into digital-asset infrastructure, following its earlier work on fiat-crypto integration for institutional trading. It also places the lender alongside other banks racing into custody — a field where European lenders are already competing as regulators finalize rules for the sector. Because the service remains subject to regulatory approval, the bank cautioned that timing, geographical availability, supported assets and scope may still change.

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Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.

Deutsche Bank has confirmed plans to launch an institutional digital-asset custody service later in 2026 with support for Bitcoin, Ether and selected regulated stablecoins, subject to completion of its regulatory process.

Summary

Deutsche Bank plans to launch crypto custody for institutional and corporate clients later this year. Bitcoin, Ether, USDC, EURC and EURAU are among digital assets planned for initial custody support. The service remains subject to regulatory completion, internal approvals, risk management and client onboarding requirements. Deutsche Bank will manage client wallets and private keys using warm and cold storage environments. Tokenized financial instruments remain on Deutsche Bank’s roadmap as the supported asset range expands gradually. Deutsche Bank said the platform will let institutional and corporate clients safeguard digital assets and transfer them to third parties while the bank manages their wallets and private keys. Initial support is planned for Bitcoin, Ether, USDC, EURC and EURAU, according to details released on Sept. 16.

The service will initially focus on clients in Germany, Gerald Podobnik, co-head of Deutsche Bank’s Corporate Bank, told Bloomberg. The target group includes asset managers, hedge funds, custodians, brokers, sovereign institutions, corporates and companies working with blockchain technology.

Deutsche Bank crypto custody will launch with five assets At launch, Deutsche Bank plans to support a selected group of digital assets instead of opening custody to a large number of tokens. Bitcoin and Ether form the crypto component, while USDC, EURC and EURAU are listed among the stablecoins or e-money tokens expected to be supported.

The asset list remains subject to Deutsche Bank’s product approval, risk management and regulatory processes. The bank said future additions will depend on client demand and its internal requirements, meaning the five named assets should not be treated as a fixed long-term list.

EURAU carries a direct German regulatory connection. AllUnity, a joint venture between DWS, Flow Traders and Galaxy, launched the euro-backed token in July 2025 after receiving an electronic-money institution license from BaFin. AllUnity describes EURAU as fully reserved and compliant with MiCA requirements.

USDC and EURC are Circle-issued dollar and euro stablecoins, while Deutsche Bank’s own recent research has examined stablecoins, tokenized deposits and central-bank digital currencies as separate forms of digital money. In a May paper, the bank said financial institutions could eventually help clients navigate between those forms depending on the transaction involved.

Podobnik described digital assets as part of the financial system Deutsche Bank expects to serve through established banking controls. “Digital assets are not a replacement for the traditional financial system but an important complement to it,” he said.

The bank will hold private keys for institutional clients Deutsche Bank’s custody model places responsibility for wallet and private-key management with the bank, reducing the need for institutional clients to develop their own key-management infrastructure. The service will permit transfers to third parties as well as safekeeping.

Its planned security structure includes hardware-based key protection, secure key generation, segregation of duties and multi-person approval for transactions. Deutsche Bank said separate warm and cold storage environments will form part of the architecture, supported by redundant systems and controlled backup and recovery arrangements.

The bank had already disclosed technical work on the platform before the Sept. 16 announcement. A Deutsche Bank recruitment posting for its Digital Asset Custody platform described infrastructure built for Bitcoin, Ether and regulated stablecoins, with security work covering hardware security modules, cryptographic key management, audit trails and incident response.

On Sept. 9, Deutsche Bank published a separate review of institutional digital-asset custody in which Paul Maley, its global head of Trust and Securities Services, said regulated custodians provide security, governance and post-trade infrastructure needed by financial institutions entering blockchain markets. Deutsche Bank’s digital-asset custody report

The same report identified hardware key protection, key fragmentation, multi-person authorization and offline storage as techniques used by institutional custodians to protect cryptographic assets. Deutsche Bank published the report one week before announcing the planned service.

MiCA process still stands between the plan and launch Deutsche Bank has not given an exact launch date. Its Sept. 16 announcement says the custody platform is expected to start later this year once the applicable regulatory process has been completed, while the bank cautioned that timing, geographic availability and asset coverage may change.

For EU banks, MiCA provides a specific route to crypto services. The European Securities and Markets Authority states that a credit institution can provide crypto-asset services through the notification process established by Article 60, provided it submits the required information to its competent authority. ESMA’s guidance for credit institutions under MiCA

Required information includes the proposed program of operations, internal controls and procedures dealing with asset segregation, custody, anti-money laundering requirements and information and communications technology systems. ESMA notes that the notification must remain consistent with the institution’s existing banking authorization under national law.

Germany’s Bundesbank states that institutions submitting Article 60 MiCA notifications send them to BaFin and the Bundesbank. BaFin has separately cautioned that an institution cannot begin a crypto service when its required notification remains incomplete. Bundesbank’s MiCA information

Deutsche Bank previously applied to BaFin for regulatory permission related to digital-asset custody in 2023. The current announcement does not state that all remaining regulatory steps have been completed, which is why the bank continues to condition launch timing on the applicable process.

Taurus and Bitpanda have been part of the custody buildout Deutsche Bank’s current announcement says the platform will use selected external technology and infrastructure companies for defined technical components but does not name those providers. Earlier disclosures offer more detail about companies involved in the bank’s digital-asset work.

In September 2023, Deutsche Bank signed a global agreement with Swiss infrastructure provider Taurus to use its custody and tokenization technology for cryptocurrencies, digital currencies and tokenized assets. Taurus and Deutsche Bank’s original partnership announcement

Deutsche Bank selected Taurus after a due-diligence process as it prepared to offer institutional digital-asset services. The Swiss company continues to identify Deutsche Bank among financial institutions using its technology.

A later Bloomberg report said Deutsche Bank was working with Bitpanda Technology Solutions to build its planned 2026 custody service while continuing its Taurus relationship. Crypto.news reported the planned 2026 launch in July 2025.

Bitpanda has since renamed its institutional operation Bitpanda Enterprise. Its current custody infrastructure supports Bitcoin, Ethereum and major stablecoins and uses hardware security modules, policy-based approvals and audit logs for institutional clients. Deutsche Bank did not identify Bitpanda by name in the Sept. 16 service announcement.

Deutsche Bank already works with Bitpanda in another part of the digital-asset market. Since 2024, the bank has provided German IBAN and real-time payment infrastructure for Bitpanda customers, while serving the company in Austria and Spain for cross-currency banking services. Deutsche Bank and Bitpanda’s existing partnership

Tokenized financial instruments remain on the roadmap Deutsche Bank says the custody platform may later extend beyond cryptocurrencies and stablecoins to tokenized financial instruments, subject to demand, regulation and its internal approval framework. No date has been announced for adding those instruments.

The bank has spent several years testing tokenization infrastructure. In 2024, it joined the Monetary Authority of Singapore’s Project Guardian to test an interoperable blockchain platform for tokenized and digital funds. The project included work on servicing digital funds and developing standards for regulated tokenized markets. Deutsche Bank’s Project Guardian work

A June 2024 Deutsche Bank initiative examined interoperability between tokenized assets on public and private blockchains and existing financial infrastructure. The bank said its experiments covered blockchain and tokenization from an asset-servicing perspective.

In its Sept. 9 custody report, Deutsche Bank cited tokenized equities, government bonds, corporate credit and real estate as examples of traditional financial assets that can be represented on blockchains. The bank’s current custody roadmap places such instruments after the initial cryptocurrency and stablecoin offering.

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Nubank’s holding company Nu has entered the United States, extending Latin America’s largest digital bank beyond its home region for the first time. In a September 10 announcement, the company unveiled a US banking suite alongside Nu Global, a multi-currency account that converts customer deposits into USDC and EURC stablecoins.

The launch pairs conventional banking with on-chain dollar and euro exposure, the latest sign that established fintechs are using stablecoins to compete on cross-border money movement. Nu said the new products will begin rolling out immediately, with sign-ups open now at nu.com.

Nu Global converts deposits into USDC and EURC Nu Global is a multi-currency digital account that converts deposits into USDC, a stablecoin pegged to the US dollar, or EURC, its euro counterpart. Balances earn a daily yield of 3.50% APY on USDC and 2.20% APY on EURC, according to the announcement.

The account ships with a virtual Mastercard card and lets customers send and receive money across more than 35 countries, beginning with Europe and Latin America. Users can also hold and trade a curated set of digital assets, including Bitcoin and Ethereum, directly in the app.

A US banking suite and a pending bank charter The US entry includes the Nu Account, which pays 3.50% APY on every dollar with interest credited daily and deposits held at partner FDIC-insured Lead Bank. It also offers a metal debit card and a Nu Credit Card issued through Mastercard with no annual fee and unlimited 1.5% cashback.

Nu applied for a national bank charter with the Office of the Comptroller of the Currency last fall and received conditional approval in January 2026. Running through a partner-bank model lets the company start serving customers while it works toward a full charter, the company said.

What the expansion signals Nu serves more than 140 million customers across Brazil, Mexico, and Colombia. Founder David Vélez called the move “the next chapter of something we started thirteen years ago,” arguing that consumer-obsessed digital banking is the future of retail banking globally.

The company is entering a market where, citing BCG data, US consumers pay roughly $82 billion in bank fees each year. Its stablecoin-backed account follows a broader wave of banks integrating crypto in Latin America — a shift visible in Circle’s partnership with Brazilian banks to expand USDC access.

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Farhan Karim is a technology writer and content strategist with 15+ years of experience writing thousands of articles, blogs, whitepapers, and ebooks on Blockchain, Cryptocurrency, and other tech niches. His expertise in content strategy, SEO, and a keen eye on the ever-evolving tech space have led him to work with companies like Pepsi, Huawei, Arab News, and now Blockchain Reporter.

Nu Global Taps USDC and EURC to Power Cross-Border Payments

The ECB just raised interest rates. For anyone holding a euro stablecoin, the return remains exactly the same: zero.

On Thursday, the European Central Bank raised all three key rates by 25 basis points. From September 16, its deposit facility rate — what banks can earn by parking money overnight with the Eurosystem — rises to 2.50%.

The reason is inflation. The ECB now expects headline inflation of 3.0% this year, 2.5% in 2027 and 2.1% in 2028, with the Middle East conflict keeping pressure on energy prices.

“Inflation is set to remain well above target for an extended period,” the ECB said.

BeInCrypto reported in July that economists expected the September increase.

MiCA Creates a Strange SplitUnder MiCA, euro stablecoins such as Circle’s EURC are e-money tokens. Article 50 says issuers and crypto platforms cannot pay holders interest. The rule even covers benefits or discounts tied to how long someone holds the token.

“Any remuneration or any other benefit related to the length of time” a token is held can count as interest, MiCA says.

Meanwhile, issuers must safeguard the money backing those tokens. At least 30% must remain in bank deposits. The rest can sit in secure, highly liquid, low-risk assets.

Those reserves can generate income. The holder cannot receive interest simply for keeping the token.

Circle has operated EURC under a French e-money licence since July 2024. Its market value is now roughly $466 million.

The gap is not new. When MiCA’s stablecoin rules took effect in June 2024, the ECB deposit rate was 3.75%. Europe’s licensed crypto market has operated under the interest ban ever since.

Thursday’s move takes the gap between the ECB deposit rate and the permitted holder yield back to 250 basis points.

ECB Deposit Rate vs Euro Stablecoin YieldsThe ECB says it is “not pre-committing to a particular rate path.” Euro stablecoin holders have less uncertainty. Whatever happens next, the token itself still pays zero.

Euro-denominated stablecoins reached a total supply of $848.1 million as of September 7, according to Token Terminal. This marks an increase of 22.6% since January 1, when the supply was $691.7 million. In absolute figures, euro stablecoins added approximately $156 million this year.

Dollar supply remains dominantOver the same period, stablecoins pegged to the US dollar saw a similar net addition of $159 million, rising from $298.54 billion to $298.699 billion. Despite the nearly identical net new supply, the scale of the two markets is sharply different. Dollar-pegged stablecoins are roughly 350 times larger than their euro equivalents.

Currently, US dollar stablecoins account for 99.5% of the global market share, while euro stablecoins hold 0.3%, placing them a distant second in the stablecoin market.

Stablecoin typeMarket shareSupply (as of Sep 7)YTD supply growthDollar-based99.5%$298.7 billion+ $159 millionEuro-based0.3%$848.1 million+ $156 millionMarket concentration among euro stablecoinsThe euro stablecoin sector is highly concentrated among a few issuers. EURC holds a 62.6% market share, while EURCV controls 19.6%. Together, these two tokens represent more than 82% of the total euro stablecoin supply. EURI and EURe account for 4.5% and 3.9%, respectively, and the remaining 22 assets combined contribute just under 6%.

EURCV’s position is particularly noteworthy. This stablecoin is issued by SG-Forge, a digital assets subsidiary of Société Générale—a major European bank. SG-Forge operates as an electronic money institution authorized by the French financial regulator ACPR, under the Markets in Crypto-Assets (MiCA) regulation. As a result, a licensed European bank subsidiary now issues roughly one fifth of the entire euro stablecoin market. By contrast, the US dollar stablecoin sector continues to be dominated by Tether and Circle, with no direct bank-backed competition of this scale.

Mini dictionary: MiCA, or Markets in Crypto-Assets Regulation, is a comprehensive regulatory framework developed by the European Union to oversee the issuance and operation of crypto-assets, including stablecoins, across EU member states.

EURC and EURCV control a combined 82% of the euro stablecoin market, showing a high level of issuer concentration compared to the more fragmented landscape of other stablecoin sectors.

Ethereum leads euro stablecoin networksGrowth within the euro stablecoin sector is largely taking place on Ethereum. Since the beginning of the year, euro stablecoin supply on Ethereum grew from $463.4 million to $588.7 million, adding $125 million and now commanding 69.4% of the market. Solana follows with a 14.7% market share, increasing from $94.9 million to $124.9 million over the same period. Combined, these two networks absorbed most of the euro stablecoin sector’s annual growth.

ChainStart of Year SupplyCurrent SupplyGrowthMarket ShareEthereum$463.4 million$588.7 million+$125 million69.4%Solana$94.9 million$124.9 million+$30 million14.7%Base$73.9 million$58.7 million– $15.2 millionN/AGnosisN/A$22.3 million+ a few millionN/ABNB Chain$4.1 million$10.4 million+$6.3 millionN/ABase registered a decline in supply, falling from $73.9 million to $58.7 million. Meanwhile, Gnosis increased its euro stablecoin supply to $22.3 million, and BNB Chain grew from $4.1 million to $10.4 million.

Supply outpaces demandLegal clarity from MiCA has allowed European banks and licensed electronic money institutions to issue euro stablecoins. However, overall user demand for these tokens remains limited. Offshore demand for dollar-backed stablecoins still far exceeds the appetite for euro-denominated alternatives. In Europe, where users already hold euros directly, demand for euro stablecoins in decentralized finance (DeFi) lending pools and as collateral remains low.

Due to this dynamic, current growth in euro stablecoin supply is being driven mainly by issuers, rather than underlying user demand.

New compliant issuance is landing where institutional liquidity already sits, but user adoption continues to lag behind supply.