The TLDR 👇
Europe’s largest asset manager launched its first tokenized share class for a euro money market fund, with the initial transaction on Ethereum on November 4. CACEIS provided the tokenization infrastructure, investor wallets, and digital order system. The fund holds short-term, high-quality euro-denominated debt. BIS data shows tokenized money market funds have climbed to $9 billion by end of October, up from $770 million at end of 2023.
Europe’s €2.3T AUM heavyweight is now onchain, validating Ethereum as institutional rails for traditional asset managers.
Tether ended EURT redemptions on November 27, marking the final chapter of its euro stablecoin. MiCA demands stablecoin issuers hold most reserves inside EU banking. Tether views forcing stablecoins to rely on unsecured bank deposits as the real systemic risk. Rather than retreat entirely, Tether is backing Quantoz Payments, a Dutch fintech preparing MiCA-compliant stablecoins (EURQ and USDQ) built using Tether’s Hadron technology.
Strategic pivot, not surrender. Tether gets Euro exposure; Quantoz handles compliance.
Visa partnered with Aquanow to settle transactions using approved stablecoins such as USDC across Central/Eastern Europe, Middle East and Africa. The move came amid strong demand from banks and payment companies for faster, cheaper cross-border payments and enables 24/7 settlement.
Visa is actively replacing legacy rails with stablecoin infrastructure. When the world’s largest payment network says it wants to “modernize the backend rails of payments,” enterprise adoption isn’t coming, it’s here.
The European Central Bank is laying groundwork for a digital retail euro by 2029, designed as much to shield the bloc from US-dominated payments infrastructure as to modernise it. The central bank wants to cut reliance on foreign card networks, stablecoins, and Big Tech.
This isn’t just about payments modernization, it’s about monetary sovereignty. The ECB is explicitly framing the digital euro as a counter to Visa/Mastercard dominance and the rise of USD-backed stablecoins. Combined with MiCA-compliant euro stablecoins proliferating across Deutsche Börse and major banks, Europe is building parallel infrastructure to reduce dependence on American rails.
Bolivia announced it will officially integrate cryptocurrencies and stablecoins into its formal financial system. Banks will now custody crypto and offer digital currency-based savings accounts, credit cards, and loans.
Economy Minister Espinoza: “You can’t control crypto globally, so you have to recognize it and use it to your advantage.”
Driven by inflation above 22% and acute dollar shortages, crypto transaction volumes surged 630% since lifting its decade-long ban.
A sovereign nation adopting crypto as banking infrastructure, not speculation, is the use case we’ve been building toward.
Deutsche Börse signed an MoU with AllUnity (DWS, Flow Traders, Galaxy JV) to integrate the EURAU euro-backed stablecoin into its infrastructure via Clearstream custody. This follows integrations with Circle’s EURC and Societe Generale-Forge’s EURCV, making Deutsche Börse a multi-stablecoin platform. Future integration will span Deutsche Börse’s entire service portfolio.
Europe’s major exchange infrastructure is building multi-stablecoin rails under MiCA. Three issuers (US tech, French bank, German e-money institution) = diversified, compliant euro liquidity. The plumbing for institutional euro DeFi is being laid.
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