DeutscheBörseand Circle：迎接Stablecoin整合的新時代

德意志·伯斯（DeutscheBörse）和圈子（Circle）正在合作將USDC和Eurc整合到歐洲市場，這可能會徹底改變傳統金融。

Deutsche Börse and Circle: Ushering in a New Era of Stablecoin Integration

DeutscheBörseand Circle：迎接Stablecoin整合的新時代

Deutsche Börse and Circle are joining forces to integrate USDC and EURC into Europe's financial infrastructure. This move could revolutionize traditional finance by bringing stablecoins into the mainstream.

德意志·伯斯（DeutscheBörse）和圈子（Circle）正在聯合起來將USDC和Eurc整合到歐洲的金融基礎設施中。這一舉動可以通過將Stablecoins帶入主流來徹底改變傳統金融。

Stablecoins Enter the European Stage

穩定幣進入歐洲舞台

Deutsche Börse Group and Circle have signed a Memorandum of Understanding (MoU) to explore integrating Circle’s euro- and dollar-denominated stablecoins into the European market operator’s infrastructure. Announced on September 30, this partnership aims to make token-based payments and settlements more accessible within established venues and post-trade services. The goal? To reduce settlement risk, cut costs, and streamline workflows for banks, asset managers, and other institutions operating in Europe’s capital markets.

德意志BörseGroup和Circle已簽署了一份諒解備忘錄（MOU），以探索將Circle的歐洲和美元計價的Stablecoins整合到歐洲市場運營商的基礎設施中。該合作夥伴關係於9月30日宣布，旨在使基於令牌的付款和和解在既定的場地和交易後服務中更容易獲得。目標？為了降低定居風險，降低成本和簡化銀行，資產經理和其他在歐洲資本市場運營的機構的工作流程。

What the Partnership Entails

夥伴關係需要什麼

At the heart of this initiative is the potential adoption of USDC and EURC within Deutsche Börse’s ecosystem. The plan includes listing and facilitating access to these assets on trading platforms operated by the Group, bringing stablecoins into closer proximity with traditional market liquidity. Trading access will begin with 360T and its digital venue 3DX, allowing institutions to interact with tokenized euro and dollar rails alongside existing FX and digital asset workflows. This approach is designed to fit within the Group’s established risk and compliance processes.

這項倡議的核心是在德意志·伯斯（DeutscheBörse）的生態系統中潛在採用USDC和EUR。該計劃包括在集團運營的交易平台上上市和促進對這些資產的訪問，使Stablecoins與傳統市場流動性更加接近。交易訪問將從360T及其數字場地3DX開始，從而使機構可以與現有的FX和數字資產工作流程與令牌化的歐元和美元鐵路互動。這種方法旨在適合該小組既定的風險和合規過程。

Navigating Regulatory Waters with MiCA

用雲母導航監管水

This collaboration is framed within the European Union’s Markets in Crypto-Assets regulation (MiCA), providing a comprehensive rulebook for crypto-assets and related services. A clear regulatory baseline is a prerequisite for wider institutional adoption, particularly for settlement-related use cases. Circle has positioned its stablecoins to meet European requirements, highlighting its status as an early and prominent registrant under MiCA, intended to give market participants greater legal certainty when using EURC and USDC in processes that touch trading, clearing, and post-trade.

這項合作是在歐盟市場中的Crypto-Assets法規（MICA）中構建的，為加密資產和相關服務提供了全面的規則手冊。明確的監管基線是更廣泛採用機構的先決條件，特別是對於與和解相關的用例。 Circle已將其穩定的人定位為滿足歐洲的要求，並在MICA下強調了其作為早期和著名註冊人的地位，旨在在使用Eurc和USDC的過程中，在觸摸交易，清算和交易後使用EURC和USDC時，為市場參與者提供了更大的法律確定性。

Bridging Traditional and Digital Finance

橋接傳統和數字金融

Executives from both organizations describe the initiative as a step toward a unified ecosystem that accommodates digital and traditional assets in parallel. The focus is on practical benefits such as lower operational friction, faster funds movement, and improved transparency in post-trade processes. This move complements Deutsche Börse’s wider digital strategy, including work on tokenization and wholesale settlement models.

來自兩個組織的高管將該計劃描述為朝著平行適應數字和傳統資產的統一生態系統的一步。重點是實際收益，例如較低的運營摩擦，更快的資金運動以及貿易後過程中透明度的提高。此舉補充了DeutscheBörse的更廣泛的數字策略，包括有關令牌化和批發和解模型的工作。

Potential Impact on Market Participants

對市場參與者的潛在影響

For banks, asset managers, and other institutions, the vision is to use EURC and USDC for funding and settlement directly within familiar venues and post-trade services. That could enable real-time, token-based settlement for certain flows, while maintaining regulatory oversight and controls that institutions already rely on.

對於銀行，資產經理和其他機構，願景是在熟悉的場地和交易後服務中直接使用Eurc和USDC進行資金和和解。這可以使某些流動的實時，基於令牌的定居點，同時保持機構已經依靠的監管監督和控制。

Rothschild & Co Redburn's Perspective on Circle and Coinbase

Rothschild＆Co Redburn對Circle和Coinbase的看法

Rothschild & Co Redburn, a Paris-based finance firm, initiated coverage of Circle with a "neutral" rating and a price target of $136, while also upgrading Coinbase from "neutral" to "buy," raising the price target to $417. Rothschild cited stablecoin revenue as a core component of Coinbase's growth, expecting growth in USDC market cap to offset resistance from lower US policy rates. This perspective underscores the growing significance of stablecoins in the broader financial landscape.

總部位於巴黎的財務公司Rothschild＆Co Redburn以“中性”評級和目標目標為136美元，同時將Coinbase從“中性”升級到“買入”，將目標目標提高到417美元。羅斯柴爾德（Rothschild）將斯塔布爾幣（Stablecoin）的收入視為Coinbase增長的核心組成部分，預計USDC市值的增長可以抵消美國政策利率較低的抵抗力。這種觀點強調了斯abalecoins在更廣泛的金融格局中的重要性。

Looking Ahead

展望未來

The Deutsche Börse–Circle collaboration represents a notable attempt to embed regulated stablecoins into the pipes of European markets, linking trading venues, post-trade services, and institutional custody under a consistent regulatory framework aimed at lowering risk and boosting efficiency. If all goes according to plan, European market participants could gain a straightforward path to use tokenized euro and dollar liquidity for everyday financial operations, alongside the same clearing and custody brands they already trust.

DeutscheBörse-Circle合作是一種值得注意的嘗試，將受監管的穩定劑嵌入到歐洲市場的管道中，將交易場所，貿易後服務和機構託管聯繫起來，旨在旨在降低風險和提高效率的一致監管框架。如果一切都按計劃進行，歐洲市場參與者可以採取直接的途徑，將使用令牌化的歐元和美元流動性用於日常金融業務，以及他們已經信任的相同清算和監護權品牌。

So, what does this all mean? It looks like Deutsche Börse and Circle are trying to drag finance kicking and screaming into the 21st century. Will it work? Only time will tell. But one thing’s for sure: it’s gonna be one heck of a ride!

那麼，這全是什麼意思？看來德意志·伯斯（DeutscheBörse）和圈子（Circle）試圖將金融踢球踢到21世紀。它會起作用嗎？只有時間會證明。但是可以肯定的是：這將是一個騎行！