The first secondary market trade for the Siemens €300 million digital bond was executed on German regulated trading venue 360X. The transaction involved Dekabank and Union Investment, with Dekabank notably serving as both participant and founder of SWIAT, the permissioned blockchain infrastructure underlying the bond. Originally issued as part of the ECB’s wholesale DLT settlement trials, this trade demonstrates growing institutional appetite for tokenized securities on platforms like 360X, which holds one of just four DLT Pilot Regime licenses and operates with backing from Deutsche Börse and Commerzbank.
“The inaugural secondary market trading of our tokenized bond is a key achievement for digital bonds,” said Peter Rathgeb, Group Treasury at Siemens. “Enabling trading significantly enhances the appeal of our digital bond to investors, who now benefit from greater liquidity and flexibility in their portfolios. This development not only broadens the bond’s investor base but also supports the continued growth of the digital bond market.”
A lack of secondary markets is one of several factors that have held back the growth in tokenized digital assets, alongside the need for on-chain cash, interoperability and supportive regulations. Germany’s Electronic Securities Act (eWpG) supports the issuance of “crypto securities”, without the need for a central securities depository (CSD). However, mainstream European regulations still require a CSD for secondary market trading, which is where 360X comes in. It provides a variety of trading solutions and integrates with several types of settlement solutions
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