ClearBank secures MiCA approval, targets Circle euro, dollar stablecoins for institutional clients

ClearBank Europe plans to start offering euro- and U.S. dollar-pegged stablecoins after saying it's the first Dutch credit institution cleared 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 customers and more than $13 billion in assets under management, received confirmation from the Dutch Authority for the Financial Markets (AFM) after notifying the regulator of its plans, allowing it to operate as a crypto asset service provider (CASP).

That approval allows ClearBank to begin rolling out digital asset services without applying for a new license. Clients 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 give its institutional clients access to EURC and USDC, which track the euro and U.S. dollar, respectively.

“Becoming a crypto-asset service provider under MiCAR, enables us to bring digital asset capabilities into a regulated clearing environment for the first time, putting us at the forefront of this new era of digital clearing,” said Tristan Kirchner, CEO of ClearBank Europe.

The rollout marks the bank’s first step into digital clearing in Europe, the bank said. ClearBank also said the move forms part of a broader strategy to connect banking infrastructure with digital asset markets, including separate efforts in the U.K. through a partnership with Coinbase (COIN).

In January, ClearBank chose 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 U.K. and Europe. That move followed its previous announcement that it would join the Circle Payment Network, which seeks to allow for near-instant global value transfers using blockchain-based rails.