Clearstream has unveiled its new tokenised securities platform, D7 DLT, following issuance trials of commercial paper and intraday repo transactions in 2024. 

In a media release on its website, the settlement services provider says it will roll out the platform to issuer clients internationally for the issuance and management of securities based on DLT, compliant with the EU Central Securities Depository Regulation. Users will have a choice between digital and tokenised issuances.

The first expected issuances are commercial papers and medium-term notes, whereby Clearstream aims to help treasurers generate funding on an intraday basis through speed of issuance. 

Customers will be able to issue tokenised securities directly onto the DLT, with an immutable and transparent record of ownership. The platform will interoperate with traditional finance infrastructure and integrate with trading venues such as Deutsche Börse Group’s multi-lateral trading facility (MTF) which can service securities natively issued on DLT. D7 DLT is not yet interoperable with other DLT platforms.

Clearstream’s head of Issuer Services & New Digital Markets, Jens Hachmeister, said in a media release from the Deutsche Börse Group parent: “D7 is reinventing how securities are issued, managed, and traded, benefiting all market participants, providing the flexibility to choose between digital and tokenised issuance.”

Google Cloud provides the infrastructure, technical expertise, and cloud capacity. “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,” said Matt Renner, president, Global Revenue, at Google Cloud.

During the European Central Bank’s DLT trials in 2024, which aimed at exploring the potential of digital payments targeting a wholesale CBDC, Clearstream executed several live issuances with various partners, encompassing several use cases and diverse asset classes such as commercial paper and intraday repo transactions.

The ECB plans to introduce a digital euro for DLT settlement in 2029 in key projects involving Europe’s largest central securities depositories. These include Pontes, which will link interoperable DLT and the ECB’s TARGET services to settle transactions using wholesale central bank money. 

The ECB’s DLT trial extension will see Clearstream supporting the issuance of Eurobond instruments on D7 DLT starting Q4 2025.