A Swiss-regulated crypto bank has joined a European Union–backed, blockchain-based settlement venue for tokenized securities, signaling a step toward weaving digital asset infrastructure into traditional capital markets. Zug-based Amina announced it is becoming a listing sponsor on 21X, Europe’s first fully regulated DLT trading and settlement venue, making the bank the platform’s inaugural regulated participant. The move aligns with Amina’s partnership with Tokeny, a Luxembourg-based provider of technology for issuing and managing tokenized financial assets, enabling issuers to access a regulated path to on-chain securities. The collaboration aims to tackle a long-standing hurdle for institutional adoption: the interoperability of tokenized-asset platforms within a regulated ecosystem. 21X, operating under the EU’s DLT pilot regime, received an infrastructure permit in December 2024 to run a regulated market for blockchain-based securities in a regulatory sandbox.

The push to connect regulated banks with tokenized issuances and trading comes amid a broader push to demonstrate viable, compliant on-chain markets. Industry observers have long pointed to the challenge of cross-platform interoperability as a bottleneck to scale. A Baker McKenzie analysis cited in June ascribes the obstacle to the “lack of interoperability of tokenized asset platforms,” arguing that scale will only be achieved when multiple market players transact across common or interconnected venues. In that context, Amina’s participation on 21X could help test how a conventional bank operates within a regulated blockchain venue, potentially lowering both onboarding friction and counterparty risk for institutional issuers.

Launched in 2023, the EU’s DLT pilot regime is designed to provide a regulatory sandbox for experimenting with blockchain-based trading and settlement of financial instruments. Regulators use the framework to gauge how distributed-ledger technology could fit into existing market infrastructure before broad-scale adoption. While the pilot has sparked excitement about real-world applications, participants have warned that the regime’s current limits may hinder European on-chain markets from scaling to compete with other jurisdictions. The involvement of regulated banks like Amina will be watched closely as a potential signal of practical viability for the model.

The momentum around tokenized real-world assets remains notable. In the United States, major financial institutions such as BNY Mellon, Nasdaq, and S&P Global have supported the expansion of the Canton Network, underscoring growing interest in interoperable, permissioned blockchains for finance. In Europe, venues like 21X are being tested under the EU’s DLT pilot regime to determine how regulated participants might issue, manage, and trade tokenized securities in a controlled environment. In February, eight EU-regulated digital-asset companies publicly urged policymakers to accelerate legislation, warning that delays could leave Europe trailing the United States and other markets in tokenized-finance development.

The market for tokenized real-world assets has drawn attention to the breadth of potential applications. Data from RWA.xyz places the total value of tokenized real-world assets at about $26.5 billion, illustrating the scale of interest across asset classes and geographies. The industry has already witnessed notable milestones: Kraken’s tokenized-securities trading on its xStocks platform opened to European users, offering blockchain-based versions of US-listed equities, and Liechtenstein’s Ondo secured regulatory approval to provide tokenized equities to European investors. These developments, alongside ongoing regulatory dialogue and the expansion of regulated venues, paint a picture of a market moving from pilot-stage experimentation toward incremental adoption among institutions.

As the ecosystem evolves, observers will watch for concrete indicators of broader participation, including more banks endorsing on-chain settlement rails, issuers selecting 21X or other regulated venues for tokenized outcomes, and the pace at which interoperable standards emerge across platforms. While it remains to be seen how quickly tokenization can scale to the level of traditional capital markets, Amina’s entry into 21X marks a meaningful data point in the ongoing journey toward regulated, institution-friendly on-chain markets.

Related: Crypto exchanges gain as tokenized commodity market climbs to $7.7B

Strong growth of tokenized real-world assets

The trajectory of tokenized assets is underscored by ongoing institutional interest in blockchain infrastructure for asset tokenization. In the United States, major participants have backed initiatives to broaden tokenization-enabled markets, while Europe continues to experiment with regulated venues such as 21X. The push toward interoperability and compliant issuance remains central to unlocking scale, even as regulators balance innovation with investor protection.

In September, Kraken launched tokenized securities trading for European users via its xStocks platform, which provides blockchain-based representations of US-listed equities. Two months later, Ondo received regulatory approval in Liechtenstein to offer tokenized equities trading to European investors, signaling continued momentum in Europe’s tokenization efforts.

The broader market narrative remains anchored in tangible data points. Market trackers show tokenized real-world assets expanding beyond niche pilots, with more institutions evaluating how tokenization can streamline issuance, custody, and settlement within regulated frameworks. Still, industry participants emphasize that any acceleration will depend on the creation of interoperable networks and clear regulatory guidance that harmonizes cross-border flows.

At the same time, the conversation around tokenization continues to reference the European DLT pilot regime as a proving ground for governance, risk controls, and settlement mechanics. Critics caution that the framework’s current scope may constrain full-scale on-chain markets in Europe, yet proponents see it as a crucial early step toward a more resilient, regulated digital-asset infrastructure.

Why it matters

For market participants, Amina’s entrance into 21X represents more than a symbolic endorsement of on-chain infrastructure. It signals that a regulated bank is willing to operate within a tokenized-securities venue, bringing traditional counterparty risk management, custody standards, and KYC/AML processes into an on-chain trading and settlement workflow. If the model proves scalable, issuers looking to tokenize real-world assets—ranging from securities to structured-finance instruments—could gain a more predictable path to access capital markets through regulated environments rather than ad hoc private ledgers.

For platform operators, the first fully regulated bank participant underscores the importance of robust interoperability and compliance layers. The Baker McKenzie citation underscores a recurring industry theme: that scaling tokenization requires a network of interoperable platforms rather than isolated silos. The involvement of regulated banks may incentivize other actors to participate, potentially driving higher liquidity and broader issuance on platforms like 21X.

For investors, the evolution of tokenized markets within regulated contexts could translate into clearer risk controls and more familiar governance structures. Regulators’ continued experimentation—paired with industry participation—may reduce friction around custody, settlement finality, and cross-border access, all of which have historically deterred large institutions from engaging with tokenized assets.

What to watch next

Progress on 21X’s regulatory milestones, including any new listing sponsors or issuances on the venue.
Additional banks or financial institutions joining regulated blockchain trading and settlement rails in Europe.
Regulatory developments affecting the EU DLT pilot regime and cross-border tokenization standards.
Tokeny’s integration pipeline and any new issuer programs enabling tokenized securities under regulated frameworks.
Updates to market data on tokenized real-world assets, including new asset classes and liquidity indicators.

Sources & verification

Announcement of Amina becoming the listing sponsor on 21X, via BusinessWire: AMINA Becomes First Regulated Bank on 21X Europe’s First Fully Regulated DLT Trading and Settlement Venue.
Baker McKenzie, tokenization in financial services analysis on interoperability and scale.
EU DLT pilot regime background and regulatory sandbox description.
RWA.xyz data on the tokenized real-world asset market size ($26.5 billion).
Related coverage on tokenized securities and regulated venues (Kraken xStocks, Ondo Liechtenstein approval).