Marketable assets issued via DLT-based services at European CSDs became eligible as Eurosystem collateral as of 30 March 2026. This places digitally issued securities on the same footing as traditional ones – a meaningful milestone for the entire market and a clear signal that digital assets are being integrated into the core of Europe’s financial infrastructure.
For the financial industry, this recognition marks an important shift. Digital securities are no longer considered peripheral innovations but instruments that can operate within the same trusted collateral frameworks that underpin liquidity across Europe and beyond.
For Euroclear, this announcement is more than a policy update – it is a validation of years of purposeful investment, innovation strategy and industry collaboration.
Euroclear has long held the view that solving liquidity for digital securities rests on connecting digital and traditional markets, rather than attempting to build entirely new liquidity pools. True adoption requires interoperability, continuity and access to the deep trust networks that already support global capital markets.
This principle guides our strategy as a Financial Market Infrastructure (FMI): innovation must strengthen, not fragment, the market. It is why we have consistently taken the role of a strategic partner to public authorities, central banks and market participants as the digital transition accelerates.
Our Digital Financial Market Infrastructure (D-FMI) was designed from the outset to bring together the best of both domains – combining DLT-enabled efficiencies with the resilience, governance and liquidity frameworks of traditional market infrastructure.
This approach ensures that digital securities can access:
And crucially, it works in practice.
Our Digitally Native Notes (DNNs) have been recognised as High-Quality Liquid Assets (HQLA). The Asian Infrastructure Investment Bank (AIIB) DNN issuance was accepted by the Bank of England as level 2 eligible collateral upon issuance in 2024, confirming that nothing changes purely because the bond is digitally native. The format does not limit eligibility, liquidity or regulatory acceptance.
In addition, all DNN issuances are eligible within Euroclear’s triparty collateral services, demonstrating that digital instruments can already move through the system’s core liquidity channels.
This is where Euroclear’s leadership is most visible: we are not simply adopting digital innovation, we are operationalising it at scale within the heart of the global financial ecosystem.
Euroclear’s role extends beyond technology delivery. We work closely with central banks, regulators and market participants to support safe adoption of emerging models. Our collaborations – such as our work with Banque de France on tokenisation of French short-term debt markets – illustrate our commitment to co-creating the future of digital market infrastructure rather than shaping it in isolation.
As Europe advances its agenda on tokenisation, wholesale Central Bank Digital Currency (CBDC) and post-trade modernisation, Euroclear plays a key role in ensuring that innovation remains firmly anchored in principles of stability, interoperability and market integrity.
This decision of the European Central Bank (ECB) takes the market another important step forward by enabling DLT-issued securities to access central bank liquidity across the Eurosystem. It further validates digital issuance as a credible, scalable route for funding, trading and collateral mobilisation.
For issuers, investors and financial institutions, this development brings:
And for the ecosystem as a whole, it strengthens the momentum towards a digital financial future underpinned by safety and interoperability.
Bringing liquidity to digital markets is not the responsibility of a single institution. It is a collaborative journey involving market participants, policymakers and infrastructure providers. The move by the ECB is good news for everyone – a milestone that accelerates progress across the global financial system.
Euroclear remains committed to supporting this transition responsibly, drawing on our experience as both a strategic partner and a market leader in digital assets. By connecting innovation with trusted infrastructure, we help ensure that Europe’s digital markets grow on strong and familiar foundations.
