Banking Circle enters European stablecoin market

Luxembourg-based bank Banking Circle has entered the stablecoin payments market after obtaining a Virtual Asset Service Provider (CASP) license, Cointelegraph reported. The bank will support Circle's (CRCL) USDC, Paxos's USDG, and its own euro-denominated stablecoin, EURI. The move comes as both traditional financial institutions, such as Societe Generale and a consortium of 12 banks, and crypto firms like Circle and Coinbase (COIN) are expanding their payment infrastructure in Europe to comply with the EU's Markets in Crypto-Assets (MiCA) regulation, the outlet noted.