In this BFRR episode, hosts Stefan Grasmann and Manuel Klein dive into the third big pillar of digital finance: tokenized securities and the regulated market infrastructure needed to scale them. They’re joined by Max Heinzle (Founder & CEO) and Victoria Jahn (Head of Regulatory Affairs) from 21X—the company operating what they describe as Europe’s first DLT trading and settlement system (DLT-TSS).

Max traces his journey from traditional capital markets to blockchain, arguing that distributed ledgers are the “missing” settlement layer for securities. He explains how 21X runs a blockchain-enabled exchange (currently on Polygon, with multi-chain plans) that atomically matches and settles trades in ~T+2 seconds, removing the need for a CSD and slashing post-trade friction and cost. Victoria unpacks the EU DLT Pilot Regime, clarifies what a TSS license allows (combining exchange and settlement on-chain), and why stringent issuer standards and disclosure are crucial to attract the buy side.

The conversation gets practical: why stablecoins (e-money tokens under MiCA) are the cash leg today, how wholesale CBDC could complement them, and what it takes to onboard wallet-native investors, RWAs funds, custodians, brokers, and—eventually—neo-banks and large distribution platforms. The hosts press on the perennial hurdles: secondary markets for on-chain bonds, bootstrapping liquidity with market makers, and solving the “chicken-and-egg” problem via multilateral venues rather than OTC.

Looking ahead, 21X outlines a US expansion via broker-dealer/ATS licensing plus targeted exemptive relief, citing open doors at regulators and growing institutional demand. The panel imagines a near future where 24/7 programmable markets, per-second yield accrual, automated treasury, and T+1-second DvP finality are standard—and where public, permissionless rails connect global issuers and investors within robust regulatory guardrails.

If you want a clear, insider view of how regulated on-chain capital markets could finally scale—from stablecoin settlement to tokenized MMFs, ETFs, bonds, and equities—this episode is your blueprint.

21X website

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