Deutsche Börse will integrate SG‑FORGE MiCA stablecoins —EUR CoinVertible (EURCV) and USD CoinVertible (USDCV)— into its core infrastructure from 18 November 2025, an initiative aimed at using these assets as a means of settlement and collateral in post‑trade flows. The decision includes testing at Clearstream and exploration of treasury functions, leveraging on‑chain payments on public blockchains such as Ethereum and Solana to facilitate the tokenization of securities.
Implementation will cover the incorporation of EURCV and USDCV into settlement and collateral management processes, with an initial phase focused on operational testing in market environments and study of uses in treasury. The operational rollout is scheduled for 18 November 2025.
EURCV was launched in April 2023 and obtained MiCA compliance on 1 July 2024; USDCV was introduced in June 2025 and was declared compliant with the MiCA regime on 25 June 2025. MiCA is the European regulation on crypto‑assets that requires, among other requirements, the existence of 1:1 reserves in liquid assets for stablecoin issuers, with transparency controls and authorization.
The decision integrates assets deployed on public chains —with Ethereum and Solana networks mentioned— directly into Deutsche Börse’s settlement and post‑trade services and its central counterparty. According to the firm’s statement, the initiative intends to test atomic on‑chain settlements; technical definition: atomic settlement is the indivisible execution of two simultaneous operations to eliminate the risk of partial delivery/receipt. Deutsche Börse also maintains a parallel alliance to facilitate the entry of other regulated stablecoins, including a prior cooperation with Circle to integrate USDC and EURC into its European infrastructure.
Operational implications for traders and managers
The integration opens the possibility of reducing counterparty risk and locking less capital in settlement processes, by enabling faster and more automated settlements. For managers and treasuries, the new flow requires reviewing custody arrangements, liquidity models and margining procedures to consider tokenized assets as collateral.
Institutional adoption depends both on regulatory compliance and on operational integration into existing market systems; SG‑FORGE, despite being a subsidiary of a larger bank, had recorded limited adoption prior to this incorporation.
The initiative marks a verifiable step in the convergence between traditional markets and regulated digital assets, with the initial test scheduled for 18 November 2025. Traders and managers should consider the impact on liquidity, collateral systems and custody and prepare for audits and revised operational processes in the implementation timetable.
