News, data and analysis on tokenized assets, market design and digital economic systems.
Licensed by BaFin to run a crypto securities register under Germany's Electronic Securities Act, this Frankfurt platform stands where a central securities depository otherwise would; KfW placed a €100m digital bond through it in July 2024.
Frankfurt-based infrastructure provider for token-based securities, licensed by BaFin in June 2024 to operate a crypto securities register under Germany's Electronic Securities Act and in December 2024 to provide crypto custody. Because German law permits a registrar in place of a central securities depository for securities issued on distributed ledgers, it occupies the position a depository would otherwise hold. Issuers using the platform include KfW, which placed a €100m digital bond in July 2024, NRW.BANK, Metzler and Helaba's WIBank.
Developments in which Cashlink Technologies GmbH is a named party, newest first.
Pontes went live on 21 September, linking market ledger platforms to TARGET Services so that the cash leg of a tokenized trade settles in central bank money. Thirteen market participants, four ledger operators and the Bundesbank have onboarded.
Nasdaq, Boerse Stuttgart, Securitize, Axiology, Cashlink and twenty-two others wrote to the Council and the Parliament's economic committee asking for the ceiling on instruments admitted to DLT market infrastructure to be removed, or set at EUR…
The Eurosystem published the 61 members of the Appia contact group, the forum that will advise it on settling tokenized assets in central bank money.
Pontes links market DLT platforms to TARGET Services so the cash leg of a wholesale tokenized trade settles in central bank money, with finality achieved in T2 and delivery versus payment run through the Hash-Link protocol. Thirteen market participants, four ledger operators and the Bundesbank onboarded at launch. Full implementation is expected by 2028.
Nasdaq, Boerse Stuttgart, Securitize, Axiology, Cashlink and twenty-two other firms and associations wrote to the Council and the Parliament's economic committee asking for the cap on instruments admitted to DLT infrastructure to be removed, or set at EUR 1,500bn, and opposing a lower threshold for DLT venues than for designated depositories.
The ECB published on 19 August 2026 the 61 participants selected to advise the Eurosystem on Pontes and on the Appia roadmap, replacing two earlier groups from September 2026. Nineteen seats belong to the Qivalis euro stablecoin consortium or to Qivalis itself. Axiology said a day later that Pontes goes live on 21 September with four registered DLT operators.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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