The Stuttgart Stock Exchange Group is the sixth largest exchange operator in Europe, and the group has launched a blockchain-based settlement platform aimed at handling cross-border transactions of tokenized assets in the region.
According to an announcement on Thursday, the platform is targeted at banks, brokers, trading venues, and tokenization platforms. The system supports both public and private blockchains and can settle using central bank currencies or on-chain cash.
The platform, named Seturion, has already been tested by local banks in a blockchain trial conducted with the European Central Bank (ECB).
The group stated that its own exchange will be the first to connect, and this solution has already gone live at the Stuttgart Stock Exchange's regulated distributed ledger technology (DLT) trading venue, BX Digital, in Switzerland. Other market participants will need to obtain regulatory approval.
Across Europe, banks, fund management companies, and fintech startups are ramping up their tokenization experiments, which involve issuing traditional financial instruments such as bonds, stocks, and real estate products on the blockchain.
This effort is being conducted under the EU DLT pilot regime, which came into effect in March 2023, allowing regulated participants to experiment with blockchain infrastructure in capital markets.
In Switzerland, the startup Taurus, backed by Deutsche Bank, launched a Solana-based custody and issuance platform in February, enabling banks to manage tokenized stocks, debt, structured products, and funds.
In June, Robinhood launched a tokenization-focused layer two network on Arbitrum for its European customers, allowing near-round-the-clock trading of U.S. stock and ETF tokens.
On Tuesday, Switzerland's Backed Finance expanded its xStocks platform to Ethereum, adding tokenized versions of approximately 60 U.S. stocks, including Nvidia, Tesla, Amazon, and Meta.
While tokenization is gaining momentum in Europe, it reflects a broader global trend.
In the U.S., BlackRock's BUIDL tokenized money market fund is set to launch in March 2024 in partnership with Securitize, later expanding to the Solana blockchain. The fund pays investors daily accrued dividends monthly through its Securitize platform.
New York-based SkyBridge Capital recently announced plans to tokenize $300 million in assets on Avalanche, nearly doubling the real-world asset base of the network.
Related: Hong Kong Fosun's $328 million stock tokenization, a comprehensive look at the future financial landscape of RWA!
Original article: “Stuttgart Stock Exchange Launches Pan-European Tokenized Assets Platform Seturion”
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