Deutsche Börse Group engaged Kaleido to provide core distributed ledger infrastructure supporting its participation in the European Central Bank's wholesale CBDC trials and the digitization of Clearstream's Eurobond product line. The ECB trials focused on validating how regulated financial market infrastructures can integrate tokenized assets with central bank settlement assets, while the Clearstream engagement targeted the full lifecycle digitization of Eurobond issuance and settlement using programmable infrastructure.

Deutsche Börse needed to rapidly stand up secure, permissioned blockchain environments to support multiple wholesale CBDC use cases defined by the ECB without requiring bespoke infrastructure for each experiment, while maintaining the isolation, privacy, governance, and operational controls required for central bank-led trials. Clearstream needed a production-grade DLT stack capable of handling the full complexity of Eurobond workflows from primary issuance through distribution and final settlement.

Kaleido served as the foundational DLT platform throughout the engagement, enabling Deutsche Börse to operate across multiple environments and networks while supporting real-world capital markets workflows involving tokenized securities and central bank money. For the Clearstream Eurobond initiative, Kaleido provided a complete DLT stack based on Hyperledger Besu, middleware, and digital asset services to enable secure issuance, distribution, and settlement of tokenized Eurobonds across the full asset lifecycle.

Building on a successful ECB Digital Euro trials pilot, Clearstream has officially launched this solution in production. Kaleido remains the foundational technology layer as Deutsche Börse transitions from experimentation toward production implementations of its highest-value digital market use cases.