Clearstream launches D7 DLT to tokenise securities issuance
04 November 2025 Germany
Image: ali/stock.adobe.com
Clearstream has launched D7 DLT, a new platform enabling the issuance and management of tokenised securities based on distributed ledger technology (DLT).
Developed by Deutsche Börse Group and powered by Google Cloud, the platform allows issuers to create and manage securities natively on DLT while maintaining full compliance with the Central Securities Depositories Regulation (CSDR).
The launch follows a series of successful live pilot use cases conducted during the European Central Bank (ECB) Trials and Experiments in 2024, where Clearstream demonstrated D7 DLT’s capacity to handle complex use cases across commercial paper, intraday repo transactions, and central bank digital currency (CBDC) settlement.
Initially, D7 DLT will be rolled out to issuer clients of Clearstream Banking, which the firm says will enhance its eurobond offering.
The first expected issuances will include commercial paper and medium-term notes, both benefiting from faster intraday funding capabilities.
Jens Hachmeister, head of issuer services and new digital markets at Clearstream, says: “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 tokenised issuance.”
Matt Renner, president of global revenue at Google Cloud, adds: “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.”
D7 DLT is designed to integrate seamlessly with existing market infrastructure and will connect with trading venues such as Deutsche Börse Group’s 360X multilateral trading facility, enabling native trading of DLT-issued securities.
Clearstream says the platform marks a key milestone in the ongoing digital transformation of global capital markets, combining the innovation of tokenisation with the regulatory robustness of traditional market structures.
Developed by Deutsche Börse Group and powered by Google Cloud, the platform allows issuers to create and manage securities natively on DLT while maintaining full compliance with the Central Securities Depositories Regulation (CSDR).
The launch follows a series of successful live pilot use cases conducted during the European Central Bank (ECB) Trials and Experiments in 2024, where Clearstream demonstrated D7 DLT’s capacity to handle complex use cases across commercial paper, intraday repo transactions, and central bank digital currency (CBDC) settlement.
Initially, D7 DLT will be rolled out to issuer clients of Clearstream Banking, which the firm says will enhance its eurobond offering.
The first expected issuances will include commercial paper and medium-term notes, both benefiting from faster intraday funding capabilities.
Jens Hachmeister, head of issuer services and new digital markets at Clearstream, says: “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 tokenised issuance.”
Matt Renner, president of global revenue at Google Cloud, adds: “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.”
D7 DLT is designed to integrate seamlessly with existing market infrastructure and will connect with trading venues such as Deutsche Börse Group’s 360X multilateral trading facility, enabling native trading of DLT-issued securities.
Clearstream says the platform marks a key milestone in the ongoing digital transformation of global capital markets, combining the innovation of tokenisation with the regulatory robustness of traditional market structures.
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