ABN AMRO, the third largest bank in the Netherlands, has successfully completed a test for on-chain trade with stablecoins. This test was carried out in collaboration with the German Crypto-Ex-Exchange 21x and marks an important step towards further institutional adoption of blockchain technology in Europe.
ABN AMRO, being the third largest bank in the Netherlands, has completed a test for on-chain trade with stablecoins in collaboration with the German crypto-exchange 21x. This test marks a significant step towards further institutional adoption of blockchain technology in Europe.
On Thursday, 21x announced that it had completed a test together with ABN AMRO, in which a tokenized asset was listed on the exchange.
The bank created an ERC-3643 token on the Polygon Mumbai Testnet, while 21x used an ERC-20-based e-money token for the settlement.
According to Max Heinzle, CEO of 21x, this test is a crucial preparation for the official launch of their platform. He highlighted that blockchain lowers the costs and increases efficiency within the on-chain financial system. Heinzle added that 21x is currently focused on onboarding institutional participants.
ABN AMRO has been actively exploring the possibilities of digital assets. Previously, the bank also issued tokenized green bonds and continues to investigate innovative blockchain solutions. Martijn Siebrand, Program Manager Digital Assets at ABN AMRO, indicated that the bank will be working on the implementation of secondary market capabilities following this successful test. This will center around trading and settlement within a regulated digital environment.
Germany is taking substantial steps towards tokenized finance. In December 2024, 21x obtained a trading license regulated by the EU, making it one of the first European stock exchanges to be fully compliant with MiCA, the new digital assets legislation.
Additionally, the German central bank joined Project Guardian in Singapore in November 2024, an initiative that aims to standardize and ensure the interoperability of digital assets.
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