Boerse Stuttgart Digital has introduced Seturion, an infrastructure for the pan-European settlement of tokenized assets that aims to achieve finality in a few minutes, significantly reducing cross-border frictions.
Announced on September 4, 2025, according to the official statement from Boerse Stuttgart, the platform promises interoperability between networks and operators and relies on the efficiency feedback from the experiments coordinated by the Eurosystem in 2024. In this context, the goal is to align practices and technology for a more streamlined post-trade.
Key facts
- Announcement date: September 4, 2025
- Scope: pan-European settlement for tokenized assets on public and private DLTs
- ECB Test Results (2024): reduction of post-trade costs by up to 90% in pilot cases
- Initial partners: BX Digital (Switzerland) active in regulated DLT contexts
- Authorization status: license pending approval under the DLT Pilot Regime at BaFin — EU regulatory framework available on EU DLT Pilot Regime
- Monetary regulation: options in central bank money (when available) and on‑chain cash
In recent months, we have closely followed the technical demonstrations and gathered direct feedback from industry analysts and trial participants: in several cases described in the preliminary reports, the goal was achieved in a few minutes, with significant reductions in reconciliation times.
According to data collected by analysts involved in the Eurosystem trials, some pilot cases have shown marked improvements in both time and post-trade costs. These operational findings, although preliminary, help to calibrate further checks required before transitioning to commercial operation.
Seturion: architecture and objective
Seturion is a DLT-based platform designed to overcome the fragmentation of European settlement systems. It supports public and private networks, integrates modules with existing infrastructures, and enables finality through central bank money or, where provided by the regulatory framework, in on‑chain money. In this context, the focus is on connectivity and end‑to‑end flows capable of minimizing operational frictions. The design remains oriented towards scalability and interoperability among banks, brokers, tokenization platforms, and trading venues.
Main Technical Features
- Dedicated access for financial institutions, brokers, traditional and digital trading venues.
- Modular integration with legacy infrastructures and multi-DLT support.
- Settlement options in central bank money and on‑chain cash.
- Compatibility with major tokenized asset classes and their respective post-trade processes.
Why it is relevant for European markets
The goal of Seturion is to create a single hub for cross-border settlement, reducing operational friction, reconciliation times, and dependencies related to jurisdictional boundaries. Essentially, the platform facilitates the circulation of tokenized assets between venues and counterparties located in different member states, ensuring the application of shared technical rules and greater certainty in the finality of transactions. That said, alignment between operators and technical standards remains crucial.
Test Results and What They Indicate
In the trials coordinated by the Eurosystem in 2024, the pilot cases showed substantial improvements in settlement finality times and a reduction in post-trade costs by up to 90% as reported by Ainvest. Although these results come from a test environment and need further confirmation in commercial operation, they demonstrate the potential efficiency of the new infrastructure for cross-border flows. In this context, the evidence serves as a basis for the next steps of validation.
Governance, licenses, and relationship with the EU framework
The management of the platform is intended to be subject to regulatory authorizations. The leadership, designated to Dr. Lidia Kurt as CEO according to CoinDesk, utilizes a team with experience in both traditional and digital markets. In this context, supervision and regulatory clarity become significant. Boerse Stuttgart has applied for a license under the DLT Pilot Regime, currently under approval with BaFin, while Seturion is already employed by BX Digital in regulated DLT contexts and has participated in the Eurosystem’s trial initiatives.
Post-trade and Compliance: The Regulatory Framework
The platform is designed to meet the requirements of traceability, reconciliation, and digital finality, offering tools to simplify the management of the post-trade cycle and support technical harmonization among different national markets. Yet, the approach remains pragmatic, with a focus on integration, controls, and operational resilience.
Implications for the Regulatory Perimeter
- Definition of common integration standards to unify settlement processes at the European level.
- Operational alignment within the DLT Pilot Regime, which serves as a framework for experimentation.
- Greater attention to supervision, compliance, and resilience for operators conducting cross-border activities.
Expected Benefits for Operators and Investors
The interoperability and digital finality offered by Seturion promise a significant reduction in costs, faster settlement times, and lower counterparty risks. The model is suitable for adapting to various business strategies, from market making to collateral management. Indeed, coordinated adoption among multiple players can amplify its effects.
Tangible advantages
- Settlements completed in significantly reduced times thanks to digital finality.
- Less need for manual reconciliations and reduction of operational errors.
- Interoperability between national markets that helps eliminate operational bottlenecks.
Risks, open issues, and comparison with the market
There are challenges related to the adoption of common technical standards, integration with legacy infrastructures, and clarity on the future availability of central bank money on-chain. On the competitive front, similar projects, such as institutional DLT platforms active in Switzerland and digital post-trade initiatives in countries like Germany and France, indicate a rapidly consolidating environment, where execution and strategic partnerships will play a decisive role. However, the definition of shared technical rules will remain a key factor.
Adoption: the decisive drivers
- Timelines related to obtaining the authorizations required by the DLT Pilot Regime.
- Agreements between central banks for settlement in central bank money on DLT.
- Maturation and adoption of technical standards for cross-border settlement.
- Involvement of global banks, CSD/CCP, and European trading venues.
Roadmap and Next Steps
A gradual roll-out is planned: the Boerse Stuttgart group locations will serve as the “client zero,” followed by a progressive expansion to European partners. In the meantime, further regulatory checks and integration tests will be conducted to consolidate both the performance and the resilience of the platform. In parallel, discussions with stakeholders will help to calibrate priorities and timelines.
In summary
Seturion represents a concrete step towards a more efficient pan-European settlement system for tokenized assets. The positive feedback emerging from the Eurosystem’s experiments is encouraging, but the decisive test will be given by the adoption in a commercial environment, which will depend on obtaining regulatory approvals, the future availability of central bank money on DLT, and the adoption of shared standards. It should be noted that the path will remain gradual and marked by measurable results.