DeutscheBörseand Circle：迎接Stablecoin整合的新时代

德意志·伯斯（DeutscheBörse）和圈子（Circle）正在合作将USDC和Eurc整合到欧洲市场，这可能会彻底改变传统金融。

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

DeutscheBörseand Circle：迎接Stablecoin整合的新时代

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）正在联合起来将USDC和Eurc整合到欧洲的金融基础设施中。这一举动可以通过将Stablecoins带入主流来彻底改变传统金融。

Stablecoins Enter the European Stage

稳定币进入欧洲舞台

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已签署了一份谅解备忘录（MOU），以探索将Circle的欧洲和美元计价的Stablecoins整合到欧洲市场运营商的基础设施中。该合作伙伴关系于9月30日宣布，旨在使基于令牌的付款和和解在既定的场地和交易后服务中更容易获得。目标？为了降低定居风险，降低成本和简化银行，资产经理和其他在欧洲资本市场运营的机构的工作流程。

What the Partnership Entails

伙伴关系需要什么

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.

这项倡议的核心是在德意志·伯斯（DeutscheBörse）的生态系统中潜在采用USDC和EUR。该计划包括在集团运营的交易平台上上市和促进对这些资产的访问，使Stablecoins与传统市场流动性更加接近。交易访问将从360T及其数字场地3DX开始，从而使机构可以与现有的FX和数字资产工作流程与令牌化的欧元和美元铁路互动。这种方法旨在适合该小组既定的风险和合规过程。

Navigating Regulatory Waters with MiCA

用云母导航监管水

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.

这项合作是在欧盟市场中的Crypto-Assets法规（MICA）中构建的，为加密资产和相关服务提供了全面的规则手册。明确的监管基线是更广泛采用机构的先决条件，特别是对于与和解相关的用例。 Circle已将其稳定的人定位为满足欧洲的要求，并在MICA下强调了其作为早期和著名注册人的地位，旨在在使用Eurc和USDC的过程中，在触摸交易，清算和交易后使用EURC和USDC时，为市场参与者提供了更大的法律确定性。

Bridging Traditional and Digital Finance

桥接传统和数字金融

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.

来自两个组织的高管将该计划描述为朝着平行适应数字和传统资产的统一生态系统的一步。重点是实际收益，例如较低的运营摩擦，更快的资金运动以及贸易后过程中透明度的提高。此举补充了DeutscheBörse的更广泛的数字策略，包括有关令牌化和批发和解模型的工作。

Potential Impact on Market Participants

对市场参与者的潜在影响

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.

对于银行，资产经理和其他机构，愿景是在熟悉的场地和交易后服务中直接使用Eurc和USDC进行资金和和解。这可以使某些流动的实时，基于令牌的定居点，同时保持机构已经依靠的监管监督和控制。

Rothschild & Co Redburn's Perspective on Circle and Coinbase

Rothschild＆Co Redburn对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.

总部位于巴黎的财务公司Rothschild＆Co Redburn以“中性”评级和目标目标为136美元，同时将Coinbase从“中性”升级到“买入”，将目标目标提高到417美元。罗斯柴尔德（Rothschild）将斯塔布尔币（Stablecoin）的收入视为Coinbase增长的核心组成部分，预计USDC市值的增长可以抵消美国政策利率较低的抵抗力。这种观点强调了斯abalecoins在更广泛的金融格局中的重要性。

Looking Ahead

展望未来

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合作是一种值得注意的尝试，将受监管的稳定剂嵌入到欧洲市场的管道中，将交易场所，贸易后服务和机构托管联系起来，旨在旨在降低风险和提高效率的一致监管框架。如果一切都按计划进行，欧洲市场参与者可以采取直接的途径，将使用令牌化的欧元和美元流动性用于日常金融业务，以及他们已经信任的相同清算和监护权品牌。

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!

那么，这全是什么意思？看来德意志·伯斯（DeutscheBörse）和圈子（Circle）试图将金融踢球踢到21世纪。它会起作用吗？只有时间会证明。但是可以肯定的是：这将是一个骑行！