Clearstream is moving deeper into tokenized securities through a partnership with Ondo Finance and 360X that connects blockchain-based assets with institutional custody, settlement and collateral infrastructure. The initiative is designed to bring tokenized instruments into established post-trade workflows rather than build a separate financial system around them. Clearstream currently reports approximately €22 trillion in assets under custody, making the scale of its existing infrastructure a significant part of the project.
Under the partnership detailed in an official Clearstream announcement, Ondo tokenized U.S. stocks and ETFs are already available through 360X, Deutsche Börse Group’s regulated digital-asset trading venue. A subsequent phase will integrate Ondo assets into Clearstream’s custody, settlement, post-trade and collateral systems. Clearstream also plans to make eligible assets it already holds in custody available in tokenized form to Ondo for distribution outside the United States.
Tokenized Assets Move Into Institutional Workflows
The initial 360X offering includes tokenized versions of U.S. stocks and ETFs issued across public blockchains such as Ethereum, Solana and BNB Chain. Ondo also plans to tokenize EU-listed instruments, with Clearstream supporting custody of the underlying securities. The structure links public blockchain distribution with regulated trading and conventional custody, allowing institutions to access tokenized products through infrastructure closer to their existing operational setup.
This effort builds on Clearstream’s broader digital-securities strategy. In June, the company unveiled a hybrid digital securities infrastructure covering issuance, distribution, settlement, custody, asset servicing, liquidity and financing. The platform is intended to handle traditional and tokenized securities within the same institutional environment, with components scheduled to roll out across 2026 and 2027 subject to regulatory approvals.
The rationale for bringing these functions closer together also has support from traditional financial institutions. The Bank for International Settlements has highlighted tokenization’s potential to integrate messaging, reconciliation and settlement on programmable platforms. The BIS has also identified atomic settlement and automated collateral processes as areas where tokenization could reduce operational complexity and certain settlement risks.
€22 Trillion Is a Custody Figure, Not a Tokenization Target
Clearstream’s €22 trillion figure represents its total assets under custody and should not be interpreted as the amount scheduled to move on-chain. Neither Clearstream nor Deutsche Börse has disclosed a target value for assets that will ultimately be tokenized through the Ondo partnership. Actual volumes will depend on eligible instruments, client participation and the rollout of individual products.
The development is therefore less about immediately shifting trillions of euros onto blockchain networks and more about establishing regulated connectivity between existing securities infrastructure and tokenized markets. Clearstream is positioning blockchain as an additional institutional rail for trading, custody, settlement and collateral, while retaining the conventional safeguards and workflows expected by professional market participants.
