Boerse Stuttgart's Seturion platform has expanded its blockchain-based securities settlement capabilities by adding Societe Generale, SG-FORGE, and flatexDEGIRO as partners. According to the latest announcement, the partnership aims to build a comprehensive blockchain settlement network for tokenized securities across Europe. The platform is designed as an open settlement network for banks, brokers and trading venues, supporting both public and private blockchains while allowing settlement against onchain money and central bank money. The addition of Societe Generale, one of France's largest banks and a globally systemically important financial institution, signals that institutional demand for blockchain settlement has moved beyond pilot programs into operational partnerships.
Societe Generale plans to issue tokenized structured products via Boerse Stuttgart's settlement platform Seturion, leveraging the platform's comprehensive settlement capabilities. As reported by Ledger Insights, the bank will use Seturion for both issuing and settling tokenized structured products, marking a significant expansion of the platform's use cases. SG-FORGE, Societe Generale's crypto-asset unit, will provide its euro and dollar CoinVertible stablecoins for settlement under the new partnership. SG-FORGE is described as the first MiCA-compliant stablecoin issuer backed by a major European bank, with the stablecoins used for settlement of tokenized structured securities including turbo warrants and investment certificates. The platform already has settlement deals with two structured products trading venues, one operated by Boerse Stuttgart and the other by Nasdaq Stockholm, demonstrating growing institutional adoption.
FlatexDEGIRO will connect its European retail investor flow to Seturion, bringing significant market access to the platform. According to the latest announcement, the online broker serves more than 3.5 million customers across 16 countries and processed more than 75 million securities transactions in 2025. The company holds Assets under Custody of close to EUR 100 billion and provides trading access to around 50 stock exchanges in Europe, North America and the Asia-Pacific region. Societe Generale has an existing relationship with flatexDEGIRO, which will distribute the tokenized structured products to its retail investor base. By becoming a Seturion partner, flatexDEGIRO could potentially enable retail distribution for other trading venues connected to the settlement platform, expanding the network's reach significantly.
The partnership aligns with the MiCA regulatory framework for digital assets and tokenization in Europe. According to the latest announcement, Seturion has submitted a license application to Germany's financial regulator BaFin under the European Union's DLT Pilot Regime, though approval is still pending. Boerse Stuttgart's Swiss subsidiary BX Digital uses Seturion for settlement, but the platform needs the DLT Pilot license to go live in the EU. The platform plans to support other types of tokenized securities beyond structured products, as well as a variety of settlement assets including stablecoins and central bank money. For Boerse Stuttgart, the new partnership brings together issuers, stablecoin settlement, and retail order flow into a unified structure, providing Europe with another test case for blockchain securities settlement under regulated market conditions.
The Seturion deal occurs amid intense competition in European stablecoin development. As reported by related market coverage, Qivalis expanded to 37 member institutions after adding 25 banks across 15 countries ahead of its planned euro stablecoin launch in the second half of 2026. However, dollar stablecoins still account for nearly all global stablecoin supply, with non-dollar stablecoins reaching only $771 million by April 2026, holding only 0.24% of the market. This gap continues to pressure European firms to build deeper euro-denominated digital finance rails, creating additional pressure for the Seturion project to succeed. The partnership strengthens the case for blockchain-based post-trade infrastructure operated under established exchange oversight.
