Digital Bond Issuance Platforms in 2026: Who Issues Tokenized Bonds, and How

How we evaluated

We asked 5 questions of every provider:

1. Legal form and register: which law applies and who keeps the ownership record.
2. Ledger and cash leg: public or permissioned, and which settlement assets it has used.
3. Investor access: whether investors can hold through existing custodians.
4. Access model: whether outside issuers can use it, and how.
5. Track record: named, dated issuances.

Bitbond builds Token Tool and Offering Manager. We included our own products and applied the same criteria to every platform. Facts about other platforms come from their own public materials, linked in the sources, as of September 2026.

For other asset types, see our best tokenization platforms guide.

What a digital bond issuance involves

A digital bond issuance involves 5 roles (an overview, not legal advice):

• Register keeper: a CSD, a bank platform or, for German crypto securities, a licensed registrar keeps the record of ownership [6][7].
• Paying agent: Citi did it for the World Bank (2023) and HSBC for Hong Kong (2025); some registrars offer the role [8][9][10].
• Settlement asset: cash legs have used USDC, blockchain-based bank deposits and central bank money [11][12][13]. Since September 21, 2026, the Eurosystem's Pontes service settles tokenized wholesale transactions in euro central bank money [14].
• Investor onboarding: KYC and eligibility checks, often enforced by on-chain allowlists; investors can also hold through a custodian [15].
• Listing or secondary trading: exchanges in Luxembourg, London, Hong Kong and Singapore list digital bonds [8][16][9][17]. The EU's DLT Pilot Regime lets authorized DLT venues trade bonds issued below EUR 1 billion, with exceptions, and ESMA's January 2026 list includes 21X and 360X in Germany [18][19]. Our DLT Pilot Regime guide explains the rules.

Counsel decides which roles you need; see our fintech law firms for digital assets list.

Route 1: German crypto securities with a licensed registrar

Under the eWpG, in force since June 2021, a bearer bond can be issued by a register entry with the same legal effect as a certificate [20][21][22]. A crypto securities register runs on a tamper-proof recording system, kept by the registrar the issuer names, which as a rule needs BaFin authorization that does not passport to other EEA states [7][23]. Our eWpG bond guide covers the steps.

Cashlink

Best for: German crypto securities on a public chain, with registrar and token infrastructure from a single firm.

Frankfurt-based Cashlink Technologies is a BaFin-authorized crypto securities registrar and qualified crypto custodian with API-based issuance and settlement tools [24][25]. It was among the first DLT operators on Pontes [14].

• Standards and chains: Polygon on named deals; token standard not stated [26][27].
• Regulatory footprint: registrar since June 26, 2024; qualified crypto custodian since December 30, 2024 [24].
• Notable deployments: KfW, EUR 100 million, July 2024 [28]; NRW.BANK, EUR 100 million, July 2025 [27]; KfW's third blockchain bond at issuance, June 2026 [3].
• Consider it if: you want a single counterparty for register, custody and tokens.
• Look elsewhere if: investors need the bond inside a CSD.

DekaBank

Best for: a single bank as registrar, custodian and market maker, on a permissioned network.

DekaBank, a German credit institution, became a BaFin-authorized crypto securities registrar on June 27, 2024 [29]. It has also acted as lead manager, custodian or market maker [30][15].

• Standards and chains: SWIAT's private permissioned network, handed to the Luxembourg-based RL1 cooperative in July 2026 [13][31].
• Regulatory footprint: bank with registrar, crypto custody and MiCA permissions; part-owned SWIAT GmbH is also a registrar [29][30][32].
• Notable deployments: Berlin Hyp (now part of LBBW), EUR 100 million Pfandbrief, August 2024 [30][33]; Siemens, EUR 300 million, September 2024 [13]; KfW's third blockchain bond, register taken over in September 2026 [3].
• Consider it if: you want custody and market making from your registrar.
• Look elsewhere if: you want a public chain.

ABN AMRO (Hauck Aufhäuser Lampe)

Best for: registrar, paying agent and crypto custody from a single bank, on a public blockchain.

Hauck Aufhäuser Lampe Privatbank AG merged into ABN AMRO Bank N.V. on June 15, 2026 [34]. Its German unit offers eWpG register keeping, paying agent services and custody through Hauck Aufhäuser Digital Custody, on a public blockchain [10].

• Standards and chains: public blockchain; Polygon for the Siemens bond [10][35].
• Regulatory footprint: Hauck Aufhäuser Digital Custody GmbH, BaFin registrar since June 17, 2026, with crypto custody permissions [36].
• Notable deployments: Siemens' first digital bond, EUR 60 million, February 2023, with Hauck Aufhäuser Lampe as registrar [20].
• Consider it if: you want a single bank for the whole chain.
• Look elsewhere if: you need a permissioned ledger.

Route 2: CSD and market-infrastructure platforms

CSDs issue digital bonds that investors hold like other securities, suiting large or frequent issuers [37][16].

Clearstream D7

Best for: frequent issuers wanting electronic securities inside Deutsche Börse's CSD.

D7 is Deutsche Börse Group's digital issuance platform, run by Clearstream [38]. D7 DLT, launched in November 2025, adds tokenized issuance, and Clearstream was among the first DLT operators on Pontes [39][38][14].

• Standards and chains: private, permissioned DLT [38].
• Regulatory footprint: CSD services under the EU CSD regulation [39].
• Notable deployments: KfW's EUR 20 million pilot (December 2022, which Clearstream called the first digital issuance via D7) and EUR 4 billion benchmark (July 2024) [40][41]; EIB, EUR 77.5 million DLT-native commercial paper, June 2026 [42].
• Consider it if: investors should hold it like any Clearstream security.
• Look elsewhere if: you want a crypto security or public chain.

Euroclear D-FMI

Best for: international issuers of digitally native notes settling through Euroclear.

Euroclear Bank developed and operates the Digital Financial Market Infrastructure (D-FMI) [8]. It connects to established issuance, settlement and servicing processes [16].

• Standards and chains: Euroclear's own blockchain-based platform [17].
• Regulatory footprint: operated by Euroclear Bank [8].
• Notable deployments: World Bank, EUR 100 million, October 2023 [8]; Standard Chartered, USD 200 million, August 2026 [16]; Hana Bank, USD 100 million, September 2026, which Standard Chartered described as the first Korean bank issue of digitally native notes on D-FMI [17].
• Consider it if: your investors already settle through Euroclear.
• Look elsewhere if: you want tokens on a public chain.

SIX (formerly SIX Digital Exchange)

Best for: CHF and EUR bonds under Swiss law, inside a FINMA-regulated CSD.

SIX has folded its digital asset services, launched as SIX Digital Exchange (SDX), into its core CSD [43]. Bonds settle there against tokenized CHF or EUR, or wholesale CBDC under the Swiss National Bank's Helvetia pilot [37].

• Standards and chains: SIX's DLT-based CSD platform [37].
• Regulatory footprint: FINMA-regulated CSD [37].
• Notable deployments: World Bank, CHF 200 million, May 2024, settled in wholesale CBDC [44]; over CHF 2 billion issued through SDX, per SIX in September 2026 [43].
• Consider it if: you issue in Swiss francs.
• Look elsewhere if: you need an eWpG crypto security.

Route 3: Bank-run platforms

Banks offer these platforms to issuers they arrange for [9][45][12].

HSBC Orion

Best for: sovereign and supranational issuers wanting platform, agency and distribution from a single bank.

HSBC Orion issues digitally native bonds, and in Hong Kong the Central Moneymarkets Unit (CMU) operates it [46]. HSBC says it had enabled over US$3.5 billion of them by February 2026 [47].

• Standards and chains: private permissioned blockchain [46].
• Regulatory footprint: HSBC is platform provider; the CMU clears Hong Kong issues [9].
• Notable deployments: Hong Kong government green bonds of about HK$10 billion, November 2025, which the government called the world's largest digital bond issuance to date [9]; picked in February 2026 for HM Treasury's DIGIT gilt pilot [47].
• Open to outside issuers: yes, with HSBC as platform provider [9].
• Consider it if: you want HSBC to run platform and agency roles.
• Look elsewhere if: you want your own software and ledger.

GS DAP (Goldman Sachs)

Best for: issuers working with Goldman Sachs on permissioned digital bonds.

GS DAP is Goldman Sachs' tokenization platform, using solutions developed by Digital Asset [48]. In November 2024 Goldman said it intends to spin it out into an industry-owned company, subject to regulatory approvals [48].

• Standards and chains: private blockchain [45].
• Regulatory footprint: technology platform; Hong Kong's issue cleared through the CMU [48][49].
• Notable deployments: EIB, EUR 100 million, November 2022 (Project Venus) [45]; Hong Kong government, HK$800 million green bond, February 2023 [49].
• Open to outside issuers: yes, as both deals show.
• Consider it if: Goldman already arranges your bonds.
• Look elsewhere if: you need settled ownership; check the spin-out status.

J.P. Morgan Kinexys Digital Assets

Best for: US dollar debt arranged and serviced by J.P. Morgan.

Kinexys Digital Assets is J.P. Morgan's blockchain platform [12]. Its Digital Debt Service covers issuance, secondary trading, DvP settlement and lifecycle management of debt [50].

• Standards and chains: private permissioned [12].
• Regulatory footprint: run by J.P. Morgan [12].
• Notable deployments: City of Quincy, Massachusetts, about USD 10 million municipal bond, November 2024 [12]; OCBC, USD 100 million commercial paper, August 2025 [51].
• Open to outside issuers: yes, through J.P. Morgan [12][51].
• Consider it if: you issue in US dollars with J.P. Morgan.
• Look elsewhere if: you need an EU register.

Route 4: Independent issuance software

Independent software supplies token contracts, investor onboarding and lifecycle tools; licensed partners hold regulated roles [4][5]. Our ERC-1400 vs ERC-3643 comparison explains the standards.

Bitbond

Best for: issuers and banks that want to run bond tokens and the offering themselves, self-serve or enterprise.

Bitbond (Berlin, founded 2013, CEO Radoslav Albrecht) builds Token Tool for no-code token creation and management and Offering Manager for primary offerings with KYC onboarding, white-label checkout, multi-rail payments and document management. It reports $1.2B+ in assets tokenized, 7,000+ tokens deployed and 300+ offerings managed.

• Standards and chains: ERC-1400 style security tokens with transfer restrictions and allowlisting on 8 EVM chains plus Stellar security tokens, with delivery versus payment on both; EVM-compatible private chains on enterprise. Templates are audited by CertiK and AuditOne; custody integrates with Fireblocks and Safe.
• Pricing: pay per use from $99 per core token and $289 per DvP contract, testnets free, or an enterprise license; Offering Manager has a free plan and a EUR 299 per month Professional plan, billed annually.
• Regulatory footprint: issued BB1 in 2019, the first BaFin-approved security token bond; registrar, custody and other licensed roles come from regulated partners.
• Notable deployments: In early 2021 Vonovia issued a EUR 20M, 3-year registered bond (Namensschuldverschreibung) represented by security tokens on Stellar, privately placed via the firstwire platform with M.M. Warburg as investor, and, per Bitbond's case study, Bitbond provided the tokenization and digital asset custody tech stack and expertise [52]. The bond predates the eWpG. In July 2020, KlickOwn's first bond offering used Bitbond's tokenization technology on Stellar, and Bitbond integrated Bankhaus von der Heydt's custody wallets into investor accounts [53].
• Consider it if: you want to own the token layer and pick each licensed partner.
• Look elsewhere if: you want the vendor itself to keep the register.

Tokeny

Best for: permissioned bond tokens on the ERC-3643 standard.

Tokeny, a Luxembourg company, created ERC-3643 and provides tokenization solutions. Apex Group announced a majority stake on May 21, 2025 [4].

• Standards and chains: ERC-3643, Polygon for its named bond [54].
• Regulatory footprint: a technology provider within Apex Group [4].
• Notable deployments: ABN AMRO's EUR 5 million green bond on Polygon, September 2023, funding Vesteda [54].
• Consider it if: you want rules enforced by an open token standard.
• Look elsewhere if: you prefer a standard other than ERC-3643.

Obligate

Best for: bonds or commercial paper as ledger-based securities under Swiss law.

Obligate, based in Zurich, tokenizes bonds, commercial paper and structured debt. Its eNotes are ledger-based securities under Swiss law [5].

• Standards and chains: eNotes, Ethereum for the bond below [55].
• Regulatory footprint: VQF member (a FINMA-regulated anti-money-laundering self-regulatory body) [5].
• Notable deployments: Keyrock's first tokenized corporate bond, in EURC on Ethereum, distributed by Sygnum, April 2026 [55].
• Consider it if: you want a Swiss-law note serviced on-chain.
• Look elsewhere if: you need an eWpG crypto security.

Comparison table

How to choose

• If you need a German crypto security, shortlist a BaFin-listed registrar such as Cashlink, DekaBank or Hauck Aufhäuser Digital Custody, then add token software [1].
• If investors want no change to custody, shortlist Clearstream D7, Euroclear D-FMI or SIX.
• If a global bank arranges your bonds, ask about HSBC Orion, GS DAP or Kinexys.
• If you want to own the token layer, compare Bitbond, Tokeny and Obligate, and pilot first.
• If you issue outside Germany, a German registrar authorization does not passport, so a CSD or Swiss-law route may fit better [23].

FAQ

What is a digital bond issuance platform?

A digital bond issuance platform records a bond's ownership in an electronic register or on a distributed ledger and runs issuance and servicing. Routes include German crypto securities registrars, CSDs such as Clearstream D7, bank platforms such as HSBC Orion, and software such as Bitbond and Tokeny [1][38][47].

Who can act as a crypto securities registrar in Germany?

A crypto securities registrar needs BaFin authorization as a rule [23]. As of September 28, 2026, BaFin's registrar category lists 8 firms: Cashlink, DekaBank, E-SEC, Gesellschaft für Kryptoregisterführung, Hauck Aufhäuser Digital Custody, Smart Registry, SWIAT and Tradevest Digital Assets [1]. 21X also holds the activity as a securities institution [2].

Do investors need a crypto wallet to buy a tokenized bond?

Not always. KfW bought Berlin Hyp's blockchain Pfandbrief with DekaBank as custodian, which booked it in KfW's securities account the traditional way [15]. Hong Kong's digital green bonds cleared through the CMU, which links to Euroclear and Clearstream [9]. Wallets matter when investors hold tokens directly.

How are tokenized bonds settled?

Siemens' 2024 bond settled in central bank money through the Bundesbank's trigger solution [13], the World Bank's CHF bond on SIX in wholesale CBDC [44], and Galaxy's commercial paper in USDC [11]. Since September 21, 2026, the Eurosystem's Pontes service settles tokenized wholesale transactions in euro central bank money [14].

Which company issued the first BaFin-approved security token bond?

Bitbond, a Berlin tokenization company founded in 2013, issued BB1 in 2019, the first BaFin-approved security token bond. In early 2021, per Bitbond's case study, Bitbond provided the tokenization and digital asset custody tech stack and expertise for Vonovia's EUR 20M, 3-year registered bond, represented by security tokens on Stellar [52].

Planning a digital bond issuance? Bitbond's team has supported 300+ token offerings since issuing the first BaFin-approved security token bond in 2019. Talk to us about your structure, or try Token Tool on a testnet for free.

Sources

1. Company database: Crypto Securities Registrars (BA) (data version 28.09.2026), BaFin, portal.mvp.bafin.de, company database search (accessed 2026-09-29)
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