Deutsche Börse Group is taking a closer look at how token-based cash could fit into its post-trade infrastructure. In a release, the company announced a new partnership with Societe Generale and its digital-asset subsidiary SG-Forge to assess the role of the bank’s CoinVertible stablecoins, in both EUR and USD versions, across securities settlement and related processes.
The first step targets Clearstream, where the partners will examine whether CoinVertible can function as a settlement asset for securities transactions, collateral management, and treasury operations. The stablecoin is issued under the EU’s Markets in Crypto-Assets Regulation (MiCA), making it one of the few options currently available in a regulated framework. The plan also includes listing CoinVertible on Deutsche Börse’s digital trading venues to improve tradability and liquidity.
Collaboration
Beyond the initial tests, the groups will evaluate if stablecoins could be used more widely across Deutsche Börse’s services. This includes looking at how tokenised cash might support issuance, settlement, and custody workflows as the industry experiments with distributed-ledger-based market models.
The collaboration runs in parallel with wholesale central bank digital currency (wCBDC) pilots in which both organisations are already involved. Those initiatives aim to modernise how capital-market instruments are issued and settled using central-bank money on DLT. By adding a commercially issued, MiCA-regulated stablecoin to the mix, the partners are effectively widening the palette of digital-cash options being tested for future market use.
