Clearstream Launches Tokenized Securities Platform D7 DLT

Post-trade services provider Clearstream, part of Deutsche Börse Group, has launched D7 DLT, a new platform for the issuance and management of tokenized securities based on distributed-ledger technology (DLT).

Developed in partnership with Google Cloud, the platform is fully compliant with the Central Securities Depository Regulation (CSDR) and marks a significant step forward in Clearstream’s digital asset strategy.

The new D7 DLT platform complements Clearstream’s existing D7 digital issuance system, giving clients the flexibility to choose between digital and tokenized issuance. It is designed to help issuers transition at their own pace, using their preferred technology and infrastructure.

Initially, D7 DLT will be rolled out internationally and made available to issuer clients of Clearstream Banking S.A., enhancing its Eurobond offering. The first expected issuances include commercial papers (CPs) and medium-term notes (MTNs), both benefiting from faster issuance cycles that enable intraday funding.

“This is a landmark achievement for Clearstream and the wider financial community. D7 is reinventing how securities are issued, managed, and traded, benefiting all market participants, providing the flexibility to choose between digital and tokenized issuance. The platform offers a unique combination of innovation and practicality, addressing current client needs while paving the way for the future of finance, advancing capital markets in Europe and globally.”

Jens Hachmeister, Head of Issuer Services & New Digital Markets, Clearstream

“Our collaboration with Clearstream on the D7 DLT platform is a powerful example of innovation in digital finance. By combining our secure and scalable infrastructure with Clearstream’s expertise in distributed ledger technology, we’re helping to redefine how securities are issued and managed. This platform is not just about meeting today’s needs; it’s also about building a more efficient, transparent, and secure future for capital markets globally.”

Matt Renner, President, Global Revenue, Google Cloud

The launch builds on successful live pilot use cases during the European Central Bank (ECB) Trials and Experiments in 2024, when Clearstream executed several live issuances with multiple partners. These included complex transactions across asset classes such as commercial paper and intraday repo, demonstrating the platform’s ability to manage both securities and central bank digital currency (CBDC).

Key Benefits of D7 DLT:

Streamlined issuance and lifecycle management: Direct issuance of tokenized securities on DLT, reducing complexity in traditional workflows.

Enhanced transparency and security: Immutable recordkeeping improves integrity and efficiency in post-trade processing.

Accessibility and interoperability: Integration with existing infrastructure and trading venues, including Deutsche Börse Group’s 360X MTF, supports broader market participation.

Clearstream operates the German and Luxembourg central securities depositories as well as an international CSD for the Eurobond market, with €20 trillion in assets under custody. The company also delivers fund servicing, distribution, digital, and data solutions across more than 55 fund markets.

Found this interesting? Become a member of LiquidityFinder and get daily industry news direct to your inbox — join here.