ClearBank Europe plans to start offering stablecoins pegged to the euro and the US dollar after saying it is the first Dutch credit institution authorized to provide crypto services under the European Union’s Markets in Crypto Assets (MiCA) regulation.
The bank, which has more than 270 institutional clients, 1.7 million individual clients and more than $13 billion in assets under management, received confirmation from the Dutch Authority for Financial Markets (AFM) after notifying the regulator of its plans, which would allow it to operate as a crypto asset service provider (CASP).
That approval allows ClearBank to begin implementing digital asset services without applying for a new license. Customers will be able to convert between fiat currencies and stablecoins within a regulated banking environment. The setup links traditional clearing systems with blockchain networks, which can reduce settlement times and improve cross-border transfers.
ClearBank will connect to Circle Internet’s (CRCL) Mint platform to provide its institutional clients with access to EURC and USDC, which track the euro and the US dollar, respectively.
“Becoming a cryptoasset service provider under MiCAR allows us to bring digital asset capabilities to a regulated clearing environment for the first time, placing us at the forefront of this new era of digital clearing,” said Tristan Kirchner, CEO of ClearBank Europe.
The launch marks the bank’s first step towards digital clearing in Europe, the bank said. ClearBank also said the move is part of a broader strategy to connect banking infrastructure to digital asset markets, including separate efforts in the U.K. through a partnership with Coinbase (COIN).
In January, ClearBank tapped digital asset infrastructure provider Taurus to support its push into stablecoin-related services, as the clearing bank prepared to expand its payments and digital asset offerings for clients across the UK and Europe. This move followed its previous announcement that it would join the Circle Payment Network, which seeks to enable near-instant global value transfers using blockchain-based rails.
