Bridging services · run by Deutsche Bundesbank
Bundesbank Trigger SolutionNew
The Deutsche Bundesbank's bridge between market DLT platforms and T2, used in the Eurosystem's 2024 wholesale settlement trials so that securities on a ledger could settle against central bank money in T2. The ECB describes it as a DLT infrastructure acting as a technical bridge between T2 and market DLTs. Siemens' 2024 bond on SWIAT and the Goldman Sachs intraday repos coordinated by Clearstream's D7 settled their cash legs through it. Its successor for live use is Pontes.
How it works: Synchronised settlement · Trust: Single operator · Website
Networks supported 3
From the service's own documentation. Networks not yet in the register are left out.
Deployments using it 4
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| KfW blockchain bonds (crypto securities under the eWpG)Updated 15 Oct 2026 Cashlink | Live (limited) | Reviewed 24d ago | ||
| Eurosystem exploratory work on wholesale DLT settlement in central bank moneyUpdated 28 Oct 2026 European Central Bank | Inactive | Reviewed 24d ago | ||
| Goldman Sachs–Clearstream intraday repo on HQLAX in the Eurosystem DLT trialsUpdated 14 Oct 2026 HQLAX Digital Collateral Registry | Inactive | Reviewed 25d ago | ||
| Siemens digital bond on SWIATUpdated 14 Oct 2026 SWIAT | Inactive | Reviewed 22d ago |
Dated connections
- D7↔T2 (Eurosystem RTGS)Pilot since 2024-11-26 · performed
- SWIAT↔T2 (Eurosystem RTGS)Pilot since 2024-09-04 · performed
Sources
- [1]Exploratory work on new technologies for wholesale central bank money settlement — European Central Bank. Accessed 15 Oct 2026. Trigger is a DLT infrastructure acting as a technical bridge between T2 and market DLT platforms; trials ran May to November 2024..A
- [2]Siemens remains a pioneer – Another digital bond successfully issued on blockchain — Siemens, 4 Sep 2024. Accessed 11 Oct 2026.B
- [3]LBBW supports Siemens in fully automated issuance of a digital bond on the blockchain — LBBW, 4 Sep 2024. Accessed 14 Oct 2026.B
- [4]HQLAx, Clearstream and Eurex Repo facilitate settlement of intraday DvP Repo for Goldman Sachs in ECB trials — Clearstream, 4 Dec 2024. Accessed 15 Oct 2026.B
- [5]Trigger Solution (Deutsche Bundesbank) — Focus Session — European Central Bank, 15 Dec 2023. Accessed 16 Oct 2026. Trigger is a DLT infrastructure developed and operated by the Bundesbank as a technical bridge between the RTGS component of T2 and market DLT platforms; the business transaction stays on the market DLT and the cash leg settles on participants' RTGS accounts in T2..A