Deployments · platform by Clearstream

Clearstream D7 digital securities issuanceUpdated 28 Oct 2026

Deutsche Börse's D7 platform issues and services securities in fully digital form, mostly German retail structured products, and now also debt capital market instruments such as KfW's euro benchmark bonds issued as central register securities. By late 2025 it handled more than 45,000 issuances a week, with over two million securities and more than EUR 44 billion issued. Most of this sits in a central digital register, not a blockchain. A DLT component (D7 DLT) took part in the 2024 ECB settlement trials.

Live (scaled) since Oct 2024^[2]i — Production volumes; the ledger technology behind most volume is a central register, not DLT. · Reviewed 14d ago i

Assets

Debt security^[3]

Retail structured products issued in digital form

^[2]

KfW euro benchmark bonds issued as central register securities

^[5][4]

Luxembourg sovereign benchmark bond (EUR 1.7bn, 10 years, priced October 2026) with LuxCSD as issuer CSD

Networks

D7 Private, permissioned^[3]

Use cases i

Primary issuance^[2]

Jurisdictions

Germany, Luxembourg

Participants

• ClearstreamPlatform provider, Operator, Depositary or trustee^[2]Luxembourg
• Deutsche BoerseOperator^[3]Germany
• KfWIssuer^[2][7][8]Germany
• Luxembourg State Treasury (Trésorerie de l'État)Issuer^[5][4]Luxembourg
• Spuerkeess (Banque et Caisse d'Epargne de l'Etat)Paying or settlement agent^[5][6]Luxembourg
• Spuerkeess (Banque et Caisse d'Epargne de l'Etat)Arranger or dealer, Distributor^[6]Luxembourg
• BarclaysDistributor^[6]United Kingdom
• BNP ParibasDistributor^[6]France
• CitiDistributor^[6]United States
• Crédit Agricole CIBDistributor^[6]France
• LuxCSDTransfer agent or registrar^[6]Luxembourg
• Deutsche BankArranger or dealer, Distributor^[7]Germany
• Hengeler MuellerLegal or professional adviser^[7]Germany
• GoogleTechnology provider^[8]United States
• Land Sachsen-AnhaltIssuer^[9]Germany
• NatWestArranger or dealer, Distributor^[9]United Kingdom
• DekaBankInvestor^[9]Germany
• Deutsche BundesbankCash leg provider^[9]Germany
• Many issuers of structured products. DZ BANK, Eurex Clearing and JPMorgan were also named as taking part in live DLT transactions on D7, without their roles being stated.^[2]

Likely relevant regulation i

• Electronic Securities Act (eWpG), GermanyGermany
• EU DLT Pilot RegimeEuropean Union

Assets

• IssuesKfW EUR 5bn 3-year benchmark bond as central register security on D7, 2024^[2]
• IssuesKfW EUR 3bn 7-year benchmark bond as central register security on D7, 2024^[2]
• IssuesGrand Duchy of Luxembourg 10-year digital benchmark bond on D7, 2026^[5][6]EUR 1.7 billion priced 14 October 2026.

Metrics i

• €10bnDigital issuance volume · as of Oct 2024^[2]
• over 250,000 issuancesDigital issuances · as of Oct 2024^[2]
• up to 15,000 issuances / weekDigital issuances per week · as of Oct 2024^[2]
• over €44bnDigital issuance volume · as of Nov 2025^[3]
• over 45,000 issuances / weekDigital issuances per week · as of Nov 2025^[3]
• over 2,000,000 securitiesSecurities issued · as of Nov 2025^[3]
• over 4,000,000 issuancesDigital issuances · as of May 2026^[1]

Timeline

1. Happened 14 Oct 2026 · Production milestone · recorded 25 Oct 2026
   Luxembourg prices its first DLT-native sovereign benchmark bond on D7 through LuxCSD, EUR 1.7 billion over ten years with a 3.70% coupon, above the EUR 1 billion first announced.^[6]
2. Happened 7 Oct 2026 · Announcement · recorded 15 Oct 2026
   Luxembourg's finance minister announces a natively digital sovereign benchmark bond of at least EUR 1 billion and about ten years, to be created on D7 with LuxCSD as issuer CSD and settled through Clearstream and Euroclear.^[4][5]
3. Expected Oct 2026 (month only) · Production milestone · recorded 15 Oct 2026
   Planned issue of the Luxembourg digital sovereign bond; the minister mentioned the end of October, subject to market conditions.^[5]
4. Happened May 2026 (month only) · Volume milestone · recorded 14 Oct 2026
   Clearstream says D7 has passed four million digital issuances in 2026; D7 wins Global Custodian's digital asset/DLT initiative of the year award.^[1]
5. Happened Nov 2025 (month only) · Volume milestone · recorded 11 Oct 2026
   D7 reports over 45,000 issuances a week, more than two million securities and over EUR 44 billion issued.^[3]
6. Happened 17 Oct 2024 · Volume milestone · recorded 11 Oct 2026
   D7 passes EUR 10 billion of digital issuance and more than 250,000 issuances, adding up to 15,000 a week.^[2]
7. Happened Oct 2024 (month only) · Production milestone · recorded 11 Oct 2026
   KfW follows with a EUR 3 billion seven-year benchmark via D7.^[2]
8. Happened Jun 2024 (month only) · Production milestone · recorded 11 Oct 2026
   KfW issues a EUR 4 billion three-year benchmark bond via D7 as a central register security, later raised to EUR 5 billion.^[2]

Sources i