The Race to Tokenise Continues: Nasdaq's Filing, LSEG's New Digital Infrastructure and Boerse Stuttgart’s Seturion Launch

Information current as at 18 September 2025

This newsletter features a carefully curated range of timely news stories and significant industry updates from across the institutional digital asset ecosystem. Our opening selection draws directly from Thomas Murray’s proprietary market intelligence, curated exclusively for clients as part of our comprehensive monitoring solutions. The following highlights are selected industry developments, providing wider market context and actionable insights we consider valuable for industry professionals.

LSEG Launches Digital Markets Infrastructure Platform for Private Funds 

The London Stock Exchange Group (LSEG) has launched its new Digital Markets Infrastructure (DMI) platform for private funds. Developed in collaboration with Microsoft, the blockchain-powered platform is designed to support all stages of the investment process, from issuance and tokenisation to post-trade asset settlement and servicing, and is interoperable with current market solutions in traditional finance and distributed ledger technology (DLT). By launching the DMI platform, LSEG aims to increase efficiency and reduce costs for private funds, with plans to expand the platform to additional asset classes in the future.

Thailand’s SEC Allows Trading of Tokenised Carbon Credits

The Securities and Exchange Commission (SEC) of Thailand has amended its digital asset regulations to allow the offering, trading and provision of services related to tokenised environmental commodities by licensed digital asset exchanges, brokers and dealers. Effective immediately, the environmental commodities being traded via OTC include Carbon Credits, Renewable Energy Certificates (RECs), and Carbon Allowances. Thailand's regulatory move is designed to support the country's green economy and net-zero objectives, while also expanding the range of products offered in the regulated digital assets market.

Nasdaq Submits Filing to Implement Tokenised Securities Trading

On 8 September 2025, the Nasdaq Stock Market (Nasdaq) submitted a filing with the Securities and Exchange Commission (SEC) to amend its rulebooks and enable the trading of securities in tokenised form. The proposal would allow market participants to trade tokenised equity securities and exchange traded products (ETPs) in Nasdaq's markets, with the same rights and privileges as traditional securities.

If approved, investors would have the option to trade securities in tokenised form or continue to trade them in dematerialised form. Trades would be settled by the Depository Trust Company (DTC) and recorded as a blockchain-based token.

The proposal is part of a broader effort to integrate traditional and tokenised markets, and accelerate trade settlements, automate processes, and improve efficiencies overall. The SEC had previously announced its rulemaking agenda, which includes plans to explore the use of blockchain technology in securities trading. If the proposal is approved, investors may be able to buy shares on Nasdaq and have them settle in token form by the end of 2026, assuming the necessary infrastructure is in place. The amendments to the rulebook will become effective once the DTC has implemented the necessary settlement service upgrades and all required regulatory approvals have been granted. Stakeholders will have 21 days to comment on the proposal, and Nasdaq will provide at least 30 days' notice before tokenised securities trading begins.

Government of Vietnam Launches Pilot Programme on Crypto Asset Market

On 9 September 2025, the Government of Vietnam announced the signing of Resolution No. 5/2025/NQ-CP, which marks the launch of a five-year pilot programme to develop the crypto asset market in Vietnam, with immediate effect. The pilot provides for the establishment of a framework governing the issuance, trading, and servicing of crypto assets in Vietnam. Following the conclusion of the five-year pilot programme, the crypto asset market will continue to operate under the framework of the Resolution, until there are legal provisions amending, supplementing, or replacing it.

U.S. Bank Resumes Bitcoin Custody Services

U.S. Bank, the fifth largest bank in the US, has resumed its offering of cryptocurrency custody services to institutional investment managers with registered or private funds. The services, which were originally announced in 2021, are designed to provide a secure safekeeping solution for bitcoin. NYDIG, a bitcoin financial services firm, will act as the bitcoin sub-custodian. The services are part of U.S. Bank's Global Fund Services and are intended to provide a full-service solution for managers seeking custody and administration services for bitcoin, including bitcoin ETFs. U.S. Bank has over USD 11.7 trillion in assets under custody and administration and offers a range of services, including alternative investment, ETF, fund custody, and fund administration services.

CFTC, SEC Enable Spot Crypto Trading

The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint statement on the trading of spot crypto-asset products. The statement clarifies that current law does not prohibit registered exchanges from facilitating these trades, and the agencies will promptly review related filings and requests.

The statement highlights key points, including the ability of clearinghouses to partner with custodians and the benefits of sharing reference pricing venues. The agencies will work with market participants to encourage innovation while ensuring investor protections. The statement is a significant development in US crypto regulation, marking a new cooperative approach between the SEC and CFTC in response to the President's Working Group on Digital Asset Markets report.

Boerse Stuttgart Launches Pan-European Settlement Platform for Tokenised Assets

Boerse Stuttgart has launched Seturion, a blockchain-based settlement platform for tokenised assets in Europe. The platform aims to simplify post-trade processes and is expected to reduce settlement costs by up to 90% through increased efficiency and automation. Seturion has already been successfully implemented by BX Digital, a Swiss trading venue, and was tested in the European Central Bank's 2024 blockchain trials, demonstrating its potential to support secure and efficient settlement of tokenised assets. The platform is designed to be open to various participants, including banks, brokers, and trading venues, and can integrate with both public and private blockchains, supporting settlement in central bank money and on-chain cash.

BNP Paribas and HSBC join Canton Foundation

BNP Paribas and HSBC have joined the Canton Foundation. The Global Synchronizer which operates on the Canton Network enables the synchronisation of digital assets across permissioned blockchains, prioritising data privacy and interoperability. The Canton Foundation, which now has over 30 members including Goldman Sachs, Hong Kong FMI Services, and Moody's Ratings, governs the Global Synchronizer and ensures decentralised and neutral governance through a community-driven approach. The Canton Network, set up by Digital Asset in 2023, is a privacy-enabled interoperable blockchain network designed for institutional assets, with over USD 3.6 trillion in tokenised assets on-chain. The addition of BNP Paribas and HSBC is expected to strengthen the foundation's governance and strategic direction, and reflects the banks' commitment to digital transformation and distributed ledger technology.

BBVA Spain Partners with Ripple for Digital Asset Custody Services

Ripple, a US-based blockchain firm, has partnered with Spain's BBVA bank to provide crypto custody services in Europe, expanding their existing partnership. BBVA will utilise Ripple's institutional custody service to power its bitcoin and ether custody offerings to customers, enabling the bank to meet the necessary standards for providing an end-to-end custody service. This partnership follows BBVA's recent launch of a bitcoin retail trading and custody service, and builds on previous collaborations between the two firms, including BBVA Switzerland's migration to Ripple's service in 2023.

Nasdaq Invests in Gemini Prior to IPO 

Nasdaq, the global exchange operator, has invested USD 50 million in Gemini, a leading cryptocurrency exchange founded by Cameron and Tyler Winklevoss, as part of a private placement. This strategic investment has yielded a strong return, as Gemini successfully went public on the Nasdaq under the ticker "GEMI" on September 12, raising $425 million in its initial public offering (IPO). The partnership will enable Nasdaq's clients to access Gemini's custody and staking services, leveraging Gemini's significant assets and trading volume.

The investment marks a significant expansion of Nasdaq's presence in the cryptocurrency market, demonstrating its commitment to driving growth and innovation in the industry. As the third publicly traded crypto exchange, following Bullish and Coinbase, Gemini's successful IPO is a notable milestone. The partnership is expected to drive further growth and adoption of digital assets, cementing Nasdaq's position as a leader in the industry.

Binance and Franklin Templeton Collaborate on Digital Assets Initiatives

Binance, the world's largest cryptocurrency exchange, and Franklin Templeton, a global investment leader with USD 1.6 trillion in assets under management, have announced a collaboration to develop digital asset initiatives and solutions for investors. The partnership aims to combine Franklin Templeton's expertise in tokenising securities with Binance's global trading infrastructure and investor reach.

The goal is to bridge the gap between traditional and decentralised finance, making institutional-grade solutions available to a wider set of investors. Leaders from both companies expressed their excitement about the partnership, citing the potential to unlock new opportunities for investors and create breakthrough products. More details about the collaboration and new product launches are expected to be shared later this year.

Broadridge’s DLR platform hits US$280bn in Average Daily Repo Transactions

Broadridge Financial Solutions' Distributed Ledger Repo (DLR) platform has processed over USD 280 billion in average daily repo transactions in August, highlighting significant market adoption and the potential of blockchain technology in capital markets. The DLR platform uses tokenisation and smart contracts to improve liquidity management and reduce trade processing costs. Broadridge has partnered with Kaiko, a digital assets market data provider, to distribute aggregated platform metrics through a new application on the Canton Network. This application enables secure and controlled distribution of market data, including daily and historical repo metrics, to subscribers. The partnership aims to bridge the gap between on-chain and off-chain data ecosystems, demonstrating the practical value of blockchain technology in capital markets.

Tether Unveils New US Stablecoin

Tether, a leading company in the digital asset ecosystem, has announced plans to launch a new U.S.-regulated dollar-backed stablecoin called USA₮. The stablecoin will be designed to provide businesses and institutions with a digital alternative to cash and traditional payment rails, and will be governed by strict regulatory standards and backed by transparent reserves.

The USA₮ stablecoin will be issued in compliance with the GENIUS Act, a U.S. legislation governing stablecoin issuance. The stablecoin will leverage the Hadron by Tether technology platform and will be issued by Anchorage Digital, a federally regulated crypto bank. Cantor Fitzgerald will serve as the designated reserve custodian and preferred primary dealer.

The launch of USA₮ is part of Tether's strategy to expand its stablecoin offerings and deliver a U.S.-regulated, transparent, and resilient dollar-backed stablecoin that reinforces U.S. dollar strength in the global economy.