| KEY TAKEAWAYS • Clearstream and Euroclear launch dematerialised Eurobond infrastructure. • The Eurobond market spans €15.3 trillion across 130 countries. • DLT-based tokenised Eurobonds expected next on Clearstream’s D7 platform. • Global tokenised asset market surpassed $24 billion in 2025. |
Clearstream and Euroclear Bank launched dematerialised Eurobond infrastructure on March 16, 2026. The two International Central Securities Depositories (ICSDs) replaced paper-based processes. This marks a historic shift for the €15.3 trillion Eurobond market.
The move eliminates the need for physical documentation in Eurobond issuance and settlement. Initially, the system covers only English law issuance. Plans to expand to other jurisdictions are underway.
Scale of the Eurobond Market
Eurobonds are international bonds issued in a currency different from the issuer’s home currency. They are not limited to Europe or the euro. The market includes over 350,000 instruments from 12,000+ issuers in 130 countries.
Isabelle Delorme, Head of Product Strategy at Euroclear, emphasised the urgency. She stated that a market of this scale could not remain paper-based. She called the legacy system unsustainable and unfit for modern borrower needs.
Figure 1: Eurobond Digitalization Roadmap — From Paper to On-Chain Settlement
Tokenization: The Next Frontier
Dematerialisation is a critical precursor to full tokenisation. Clearstream’s D7 distributed ledger platform is positioned to host tokenised Eurobonds. Clearstream’s Jens Hachmeister confirmed plans for a DLT-based Eurobond issuance.
The European Investment Bank (EIB) is a strong candidate as the first issuer. The EIB has issued five digital bonds since 2021. These include issuances on Ethereum, private blockchains, and hybrid platforms.
In June 2025, the ECB and Clearstream settled €5 million of tokenised bonds. They used real central-bank money for settlement. This was Germany’s first institutional-grade DLT settlement, according to Mordor Intelligence.
Figure 2: Global Tokenized Real-World Asset Market – Exponential Growth Since 2020
Broader Market Context
The global tokenised real-world asset (RWA) market reached $24 billion in 2025. This represents a 308% increase over three years. Private credit accounts for 61% of tokenised assets, followed by treasuries at 30%.
McKinsey projects $1 trillion in tokenised bonds by 2030. BCG and Ripple estimate that the full tokenised asset market could reach $18.9 trillion by 2033. These projections assume continued regulatory clarity and infrastructure buildout.
Institutional adoption is accelerating rapidly. Approximately 86% of institutional investors had exposure to digital assets by early 2025. BlackRock’s BUIDL fund and Ondo Finance’s OUSG are leading institutional tokenisation products.
Figure 3: Institutional Adoption Rates of Tokenized Assets by Category
What This Means for Capital Markets
The ICSDs’ joint Issuance & Processing Taxonomy (IPT), published in September 2025, includes a DLT extension. This framework signals coordinated industry movement toward blockchain-based settlement.
Tokenisation could reduce transaction costs by up to 70%, according to industry estimates. It enables 24/7 global trading without time zone or clearing restrictions. Settlement cycles could shrink from T+2 to near real-time.
The global bond market was valued at $120.58 trillion in 2025. It is expected to reach $167.52 trillion by 2031 at a 5.62% CAGR. Tokenised issuance is positioned to capture a growing share of this expanding market.
Sources
1. Ledger Insights – “Dematerialized Eurobonds now live with Clearstream, Euroclear” (March 2026)
2. Mordor Intelligence – Global Bond Market Size & Share Analysis (January 2026)
3. BCG-Ripple Report – Tokenized Asset Market Projections (2025)
4. European Investment Bank – Digital Bond Issuance Press Releases (2021–2025)
5. RWA.xyz – Tokenized U.S. Treasuries Market Data
6. ElectroIQ – Tokenized Assets Statistics (November 2025)
7. Zoniqx – Market Trends Shaping Asset Tokenization in 2025
