Banking Circle Launches MiCA Regulated Stablecoin Settlement After Luxembourg CASP License

Banking Circle, a Luxembourg-based bank, has launched regulated stablecoin settlement services after securing a Crypto Asset Service Provider (CASP) license from Luxembourg’s financial regulator on April 15.

“Banking Circle launches stablecoin settlement services”

Cointelegraph

In a Monday announcement, the bank said the expansion enables regulated conversion between fiat and stablecoins for institutional clients, with support for USDC, USDG, and its own euro-pegged token EURI.

Cointelegraph

The rollout follows Banking Circle’s earlier launch of EURI in August 2024, which the bank described as a bank-issued MiCA-compliant euro stablecoin.

Banking Circle said it serves more than 750 payment companies, financial institutions and marketplaces, and that its infrastructure processes over €1.5 trillion (roughly $1.7 trillion) in annual transaction volume.

Chief digital asset officer Kirit Bhatia said in the release that stablecoins are “a natural extension” of the bank’s existing systems.

The bank’s move places it directly into what multiple outlets describe as a crowded euro stablecoin market as European banks and crypto firms build compliant digital asset payment infrastructure under MiCA.

Banking Circle’s institutional settlement services are framed as fiat-to-stablecoin and stablecoin-to-fiat settlement, expanding beyond its initial EURI launch in August 2024.

The Luxembourg-based bank said its support currently includes USDC issued by Circle, USDG from Paxos, and the bank’s own euro-pegged token EURI.

crypto.news

One outlet described the expansion as enabling “regulated conversion between fiat and stablecoins for institutional clients,” tying the service to the bank’s April 15 CASP registration.

Another outlet said the rollout includes support for Circle's $USDC, Paxos' USDG and Banking Circle's own euro stablecoin $EURI, explicitly positioning the new settlement capabilities as an extension of the bank’s earlier digital asset work.

Banking Circle also quantified its scale, saying it serves “more than 750 payment firms, financial institutions, and marketplaces” and processes “over €1.5 trillion, or about $1.7 trillion, in annual transaction volume.”

Kirit Bhatia’s comments were consistent across coverage, with one outlet quoting him that stablecoins are “a natural extension” of the bank’s infrastructure and “central to reducing costs and improving efficiencies.”

Banking Circle’s entry is presented as part of a broader push by European banks and crypto firms to issue and settle regulated stablecoins under MiCA.

“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”

Cryptonews.net

Cointelegraph’s coverage describes the “euro stablecoin market” as “becoming increasingly crowded,” and it points to French bank Société Générale’s SG-FORGE launching its euro stablecoin EURCV in April 2023 on Ethereum.

That same account says SG-FORGE later expanded to additional blockchain networks and, on April 15, integrated its MiCA-compliant dollar stablecoin USDCV into MetaMask.

Swiss bank Sygnum is described as adding EURCV to its B2B platform in January 2025 to serve institutional clients and partner banks.

In September 2025, a consortium of European banks including ING, UniCredit and CaixaBank announced Qivalis, a MiCA-compliant euro stablecoin expected to launch in the second half of 2026, and that consortium expanded to 12 banks including BBVA, BNP Paribas and DZ Bank.

The alternative reports also connect the competitive landscape to infrastructure providers, saying the consortium partnered with Fireblocks to provide custody and tokenization infrastructure ahead of launch.

Beyond bank-issued tokens, the sources describe crypto-native infrastructure companies competing to provide settlement services and cross-border transfer capabilities.

Cointelegraph says Circle, the issuer of USDC, announced its Circle Payments Network in April 2025 as a managed settlement service for banks and payment service providers.

Cointelegraph

It also says Coinbase’s April 21 partnership with global payments platform Nium enables businesses to fund cross-border transfers with USDC and settle in either USDC or fiat across a network spanning more than 190 countries.

The crypto.news and Cryptonews.net reports repeat the same competitive framing, tying Banking Circle’s CASP-enabled settlement expansion to a wider ecosystem where regulated stablecoins are increasingly used as payment rails.

In that context, the sources connect MiCA compliance to the ability to scale across clients, noting that Banking Circle’s earlier EURI launch positioned it among the first banks to issue a euro stablecoin aligned with the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.

Across the coverage, the common thread is that stablecoins are being integrated into regulated financial workflows, from wallet access to settlement networks and custody/tokenization infrastructure.

The sources frame Banking Circle’s CASP approval as a step that enables the bank to scale regulated stablecoin settlement services for institutional clients, while the wider market continues to expand through multiple launches and partnerships.

“Banking Circle has rolled out institutional stablecoin settlement services after securing regulatory approval in Luxembourg”

crypto.news

In the crypto.news report, the bank’s expansion is described as following its April 15 registration as a Crypto Asset Service Provider with Luxembourg’s financial regulator, enabling regulated conversion between fiat and stablecoins for institutional clients.

crypto.news

The Cryptonews.net report similarly says the rollout includes support for USDC, USDG and EURI and that the move comes as Europe’s market for regulated stablecoin issuance and settlement continues to grow under MiCA.

Cointelegraph’s account places Banking Circle’s move alongside other timeline milestones, including SG-FORGE’s April 2023 EURCV launch, Sygnum’s January 2025 addition of EURCV to its B2B platform, and the September 2025 announcement of Qivalis expected in the second half of 2026.

It also notes that the Qivalis consortium expanded to 12 banks and partnered with Fireblocks to provide custody and tokenization infrastructure ahead of launch.

Within that trajectory, Banking Circle’s stated scale—serving more than 750 payment companies, financial institutions and marketplaces and processing over €1.5 trillion annually—positions it as an early participant in the next phase of MiCA-aligned settlement services.