What ClearBank's Circle Deal Means for European Payments

ClearBank has signed a framework agreement with Circle Internet Group to integrate MiCA-compliant stablecoins into its banking infrastructure, marking a shift in how European institutions approach cross-border payments.

The collaboration will provide European financial institutions and fintech firms with access to USDC and EURC through Circle Mint in Europe. These stablecoins maintain a one-to-one peg with the US dollar and euro respectively and received regulatory approval under the European Union’s Markets in Crypto-Assets framework in July 2024.

ClearBank plans to become one of the first European banks to join Circle Payments Network, a settlement infrastructure that connects financial institutions globally through blockchain technology. The network enables institutions to settle transactions using stablecoins on public blockchains, operating around the clock without traditional banking hour constraints.

ClearBank Europe builds continental infrastructure

The London and Amsterdam-based clearing bank secured its Credit Institution Licence from the European Central Bank in August 2024. Since opening its European operations, ClearBank has connected to the Eurosystem’s T2 payment rail and onboarded institutions including OpenPayd, Pay Perform and Transact Payments.

Mark Fairless, Chief Executive Officer at ClearBank, says: “Joining Circle Payments Network will be a significant milestone in ClearBank’s evolution as a cross-border payments innovator. Circle is redefining how money moves globally and this collaboration will bring together our strengths in regulated banking infrastructure with their leadership in digital currency technology.”

The bank plans to invest over €70 million in its European operations over five years, with more than 60 employees to be hired across its Amsterdam headquarters and regional offices.

Circle achieves MiCA compliance for European market

Circle became the first global stablecoin issuer to achieve compliance with MiCA regulations by obtaining an Electronic Money Institution licence from France’s Autorité de Contrôle Prudentiel et de Résolution. Of the top 10 stablecoins by market capitalisation, only USDC is in compliance with the new EU rules, whilst EURC, though smaller in market capitalisation, also meets MiCA requirements.

Circle Mint France provides near-instant access to mint and redeem USDC and EURC throughout European markets. The service connects to banking infrastructure that enables institutions to convert between fiat currencies and stablecoins with regulatory oversight.

Sanja Kon, VP, Partnerships & Business Development, EMEA at Circle, says: “We’re delighted that ClearBank is planning to join Circle Payments Network. In addition, our collaboration will expand access to USDC and EURC, enabling faster settlement, greater transparency, and new financial services built on open, programmable money.”

Circle Payments Network addresses settlement bottlenecks

Circle Payments Network launched its mainnet in May 2025 after development with design partners including BCB Group, BVNK, Nuvei, OpenPayd and RD Technologies. The network addresses cross-border payment challenges that can still take longer than one business day to settle, costing more than 6% according to the World Bank.

Financial institutions participating in CPN operate as either Originating Financial Institutions or Beneficiary Financial Institutions. The network supports Ethereum, Polygon, Solana and EVM-compatible chains, allowing each participating institution to select blockchains based on internal risk and compliance requirements.

ClearBank’s cloud-native API platform enables financial institutions to access banking infrastructure for real-time clearing and embedded banking services. The partnership with Circle positions the bank to offer treasury solutions and tokenised asset settlement capabilities as blockchain-based finance infrastructure develops.

Mark Fairless says: “Together, we’re building the bridge between today's financial system and the next generation of money movement.”