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Deployments · platform by 21X

21X DLT trading and settlement systemUpdated 28 Oct 2026

A Frankfurt exchange licensed by BaFin under the EU DLT Pilot Regime, the first combined trading and settlement system authorised under the regime. Orders match and settle by smart contract on Polygon within seconds, with tokenised securities traded against stablecoins such as USDC or other digital cash. The primary market opened in May 2025 with a tokenised note and secondary trading started in September 2025. In May 2026 the venue also went live on Stellar, making it multi-chain; 21X has since signed a deal with Investre to list natively tokenised Luxembourg funds, tested trading on Circle's Arc chain and applied to open a US broker-dealer and ATS.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 8 Sep 2025[12] — Weekday trading hours, mainly institutional and professional clients; no trading volumes disclosed. · Reviewed 13d ago

Assets
Undisclosed[12]
Tokenised shares, bonds, funds and notes issued and settled on-chain
Networks
Polygon Public, permissionless[12]
Stellar Public, permissionless[15]
Live for listing, trading and settlement from 6 May 2026
Use cases
Secondary trading[12]Primary issuance[12]Delivery versus payment (DvP)[12]
Jurisdictions
Germany, European Union

Participants

Operates under

Assets

Data feeds

  • PricesChainlink LabsChainlink Runtime Environment market dataPolygon[12][10]Last-traded prices and bid/ask data from 21X published on chain.

Metrics

  • over 30 firmsExchange participant agreements · as of 8 Sep 2025[12]

Timeline

  1. Happened 1 Oct 2026 · Announcement · recorded 18 Oct 2026
    21X joins Circle's Arc as a launch partner after testing tokenised-securities trading on Arc settled against USDC; listing there awaits regulatory approval.[17]
  2. Happened 9 Sep 2026 · Announcement · recorded 18 Oct 2026
    21X and Luxembourg fund-tokenisation firm Investre agree to let natively tokenised funds, including actively managed UCITS, list and trade on the venue.[16]
  3. Happened 6 May 2026 · Scope expansion · recorded 18 Oct 2026
    21X goes live on Stellar for listing, trading and settlement, its second public chain, with first products due to list within days.[15]
  4. Happened 30 Sep 2025 · Participant joined · recorded 11 Oct 2026
    21X and DekaBank complete a secondary-market trade on the Polygon testnet.[14]
  5. Happened 8 Sep 2025 · Launch · recorded 11 Oct 2026
    Secondary trading goes live on Polygon with Circle, Chainlink, Polygon and SBI Digital Markets as launch partners.[12]
  6. Happened May 2025 (month only) · First transaction · recorded 11 Oct 2026
    Primary market opens with the listing of a first tokenised note.[12]
  7. Happened 3 Dec 2024 · Regulatory approval · recorded 11 Oct 2026
    BaFin grants 21X the first DLT trading and settlement system licence under the EU DLT Pilot Regime.[13]

Sources

  1. [1]Tokenized Note on UBS Money Market Fund opens for subscription on 21X — 21X, 20 May 2025. Accessed 28 Oct 2026.B
  2. [2]USMO on 21X — 21X, 6 Mar 2026. Accessed 28 Oct 2026. Blog post: issuer, tokeniser and market maker of USMO..B
  3. [3]Tradevest appointed as market maker on the 21X digital asset exchange — 21X, 13 Aug 2025. Accessed 28 Oct 2026.B
  4. [4]Brick Towers joins 21X as a trading participant for on-chain treasury management — 21X, 3 Jun 2025. Accessed 28 Oct 2026. Release dated 29 May 2025 in its text..B
  5. [5]Dusk onboards with 21X as a trade participant at launch — 21X, 17 Apr 2025. Accessed 28 Oct 2026.B
  6. [6]ISP Securities Ltd joins 21X as a listing sponsor and trade participant — 21X, 14 Oct 2025. Accessed 28 Oct 2026.B
  7. [7]ABN AMRO conducts successful on-chain trade of tokenized assets against Stablecoins in preparation for the launch of 21X — 21X, 30 Jan 2025. Accessed 28 Oct 2026.B
  8. [8]21X and Quantoz partner to enable atomic settlement of tokenized securities with regulated stablecoins — 21X, 15 May 2025. Accessed 28 Oct 2026.B
  9. [9]21X partners with AllUnity to introduce Euro stablecoins for trading on the soon-to-be-launched 21X platform — 21X, 22 Jan 2025. Accessed 28 Oct 2026.B
  10. [10]Chainlink's Work With Major Tokenized Asset Platforms and Stablecoin Issuers — Chainlink. Accessed 16 Oct 2026. Chainlink's own round-up of client announcements (provider self-report); undated page..B
  11. [11]List of Authorised DLT Market Infrastructures — ESMA, 28 Jan 2026. Accessed 14 Oct 2026.A
  12. [12]21X rings the bell as trading starts on the world's first blockchain-based exchange for tokenized securities and stablecoins — 21X, 8 Sep 2025. Accessed 11 Oct 2026.B
  13. [13]21X lands first license for exchange, settlement under DLT Pilot Regime — Ledger Insights, 3 Dec 2024. Accessed 11 Oct 2026.C
  14. [14]21X and DekaBank successfully complete on-chain trade on the Polygon Testnet — 21X, 30 Sep 2025. Accessed 11 Oct 2026.B
  15. [15]21X achieves multi-chain milestone as trading and settlement system goes live on Stellar — 21X, 6 May 2026. Accessed 18 Oct 2026.B
  16. [16]Investre and 21X partner to bring natively tokenized funds to a regulated exchange — 21X, 9 Sep 2026. Accessed 18 Oct 2026.B
  17. [17]21X Group announces collaboration with Circle as it joins Arc as a Day-1 Launch Partner — 21X, 1 Oct 2026. Accessed 18 Oct 2026.B

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