The ECB seats 61 advisers, and 19 of them back a euro stablecoin
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.
Custodian
Clearstream
Deutsche Börse Group's post-trade arm and one of two international central securities depositories, reporting €22tn of assets under custody across 60 connected markets, whose D7 platform issues securities in electronic form rather than on paper.
The profile
Deutsche Börse Group's post-trade arm, created in January 2000 from the merger of Cedel and Deutsche Börse Clearing and wholly owned by the group since 1 July 2002; Clearstream Banking S.A. in Luxembourg is one of two international central securities depositories alongside Euroclear Bank, while Clearstream Banking AG is Germany's national depository, and the group reports €22tn of assets under custody across 60 connected markets. Its D7 platform issues securities in electronic form rather than on paper, at about 45,000 issuances a week, 4 million digital securities and €90bn of issuance volume to date. Its D7 DLT component took part in the European Central Bank's wholesale settlement trials between May and November 2024, feeding into the Eurosystem's Pontes and Appia work. From April 2025 it offered bitcoin and ether custody through existing Luxembourg accounts, with BaFin-regulated Crypto Finance (Deutschland) GmbH as sub-custodian, and on 11 June 2026 it set out a hybrid post-trade platform to be phased in across 2026 and 2027 that would hold conventional securities, digital assets and cash in one portfolio and allow collateral to be reused across transactions.
Products and services
- D7
- Digital issuance platform covering structured products and debt, with 4 million securities and €90bn of issuance volume, plus a DLT component used in ECB wholesale settlement trials.
- Crypto asset custody
- Bitcoin and ether safekeeping via existing Clearstream Banking S.A. accounts, with Crypto Finance (Deutschland) GmbH as BaFin-regulated sub-custodian.
- Hybrid digital securities infrastructure
- Post-trade platform announced 11 June 2026 for tokenized and conventional securities in the same portfolio, with staged delivery through 2027.
Coverage
Developments in which Clearstream is a named party, newest first.
On the record
Eurosystem names the 61 members of its Appia contact group
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.