Seturion
Seturion is the settlement platform of Boerse Stuttgart Group for tokenized securities. Settlement is the stage after a trade when the securities and the payment change hands. Seturion connects that process with blockchain infrastructure, allowing trading venues and financial institutions to use tokenized assets in their existing market operations.
Seturion supports public and selected private blockchains and settlement against central bank money or stablecoins. The architecture lets participants connect their own wallets without requiring a central securities depository for the blockchain settlement process. Nasdaq, Societe Generale, SG-FORGE and flatexDEGIRO are partners, connecting trading, issuance, payment tokens and investor access with the platform.
Why settlement is the slow part of a trade
A securities trade has two halves. Trading matches buyer and seller within seconds; settlement, the exchange of securities against money, runs afterward through a central securities depository, and in Europe each country has its own. "Europe's capital markets are highly fragmented, with numerous post-trade infrastructure providers and legal divergence across the European Union, resulting in higher costs, longer settlement cycles, and operational complexity," Timmy Shen wrote in The Block. The knowledge hub answer on clearing vs settlement explains the two steps.
Tokenized securities move that second half onto a blockchain, where the security and the payment can change hands in one step. Onchain capital markets covers the wider field and the other platforms working on it.
How Seturion works
Seturion is a European settlement platform for tokenized assets, settling securities transactions of all asset classes on public and selected private blockchains, against central bank money or onchain cash such as MiCA-compliant stablecoins. Participants bring their own wallets, and no central securities depository is required. Trading can stay where it is today: the platform links trades made offchain on an exchange with settlement onchain, and banks, brokers and trading venues can connect to it.
Structured products are the first asset class, including certificates and warrants. "Faster and more cost-efficient settlement on tokenized rails is especially relevant for securities with high numbers of transactions and issued products," said Dr. Lidia Kurt, CEO of Seturion, in the partnership announcement.
Group CEO Dr. Matthias Voelkel ties the project to EU policy: "With Seturion, we are building the European settlement platform for the unified European capital market that is emerging as a result of the Capital Markets Union," he said in the same release, adding that more financial institutions will follow.
Nasdaq, Societe Generale, SG-FORGE and flatexDEGIRO
Nasdaq connects its European trading venues to Seturion, starting with structured products and with more asset classes planned later (The Block). Ledger Insights noted that Nasdaq runs several exchanges in the Nordics that support structured product trading, Nasdaq Stockholm in particular. "Tokenization presents a transformative opportunity to address inefficiencies in settlement and securities processing workflows, while preserving the trust, stability, and regulatory rigor that underpin well-functioning markets," said Roland Chai, president of European market services at Nasdaq, as quoted by The Block.
A second group of partners joined later (media release). Societe Generale, an issuer of turbo warrants and investment certificates, plans to issue tokenized versions of these products on Seturion. flatexDEGIRO, an online broker with more than 3.5 million customers in 16 countries, connects its retail order flow; Societe Generale is already its partner in trading structured securities, so trading venues connected to Seturion gain access to these retail investors for the bank's tokenized products. SG-FORGE, Societe Generale's crypto subsidiary, provides its euro and US dollar stablecoins, EUR CoinVertible and USD CoinVertible, for settlement between the parties. A test transaction with EUR CoinVertible had already settled on Seturion (Boerse Stuttgart Digital).
SeturionX in Switzerland, the DLT Pilot Regime in the EU
SeturionX, formerly BX Digital, is the group's Swiss trading and settlement system for tokenized assets. SeturionX holds the first FINMA license for a DLT trading facility in Switzerland and trades tokenized shares, bonds, ETPs and tracker certificates. SeturionX launched on Ethereum and can add other blockchains; delivery versus payment runs through smart contracts connected to SIC, the Swiss national payment system. SeturionX already uses Seturion for settlement. Crypto Valley covers the Swiss rules for DLT trading facilities.
Inside the EU, Seturion needs a license under the DLT Pilot Regime to go live. Seturion has applied for a DLT settlement system license (Ledger Insights). Group CEO Dr. Matthias Voelkel told Sven Wagenknecht of BTC-ECHO (in German) that the revision of the DLT Pilot Regime has to pass quickly. Tokenized securities explains the German and EU law under which such securities exist.
Upcoming digital asset events in Germany
Seturion at events listed by Finance Loop
The Frankfurt Forum on Digital Assets & Applications, which d-fine organized at the Literaturhaus Frankfurt for experts on DLT-based securities, money and infrastructure, included Seturion on its first panel about DLT-based market infrastructures, next to DekaBank, 360X and 21X. Blockchain experts of d-fine moderated both panels. Finance Loop also partners with the Crypto Assets Conference in Frankfurt, hosted by Frankfurt School and Deutsche Börse Group.
Who owns Seturion?
Boerse Stuttgart Group. Seturion is part of the group's tokenized assets division and fully owns BX Digital, now SeturionX, in Switzerland. Seturion's CEO is Dr. Lidia Kurt.
Which blockchain does Seturion use?
More than one. Seturion supports public and selected private blockchains, and settlement can run against central bank money or stablecoins. SeturionX in Switzerland launched on Ethereum.
What is the difference between Seturion and BX Digital?
Seturion is the settlement platform. BX Digital, renamed SeturionX, is a Swiss trading venue for tokenized assets with a FINMA license, and it settles its trades on Seturion.
Seturion and Finance Loop
Tokenized securities and their settlement belong to Finance Loop's Investment & Digital Assets track, and settlement in stablecoins or central bank money to Payments & Digital Money. Finance Loop connects the finance, IT and AI communities in Germany, Austria and Switzerland, with events in Frankfurt, Munich, Berlin and Hamburg.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.