Deutsche Börse & XDOX: Tokenisierte Aktien im Handel

From ECB collateral paradigm shift to BlackRock on Uniswap, February shows how deeply DLT is embedding into traditional finance

In this February review edition of BFRR (Bitcoin, Fiat & Rock and Roll), co-host Jonas is joined by Atakan to unpack the most important developments at the intersection of traditional finance, digital assets, and institutional blockchains — with plenty of signal, and very little hype.

They kick off with a sharp market recap: February brought volatility, a notable BTC drawdown followed by a partial rebound, and another reminder that the “digital gold” narrative still isn’t a given when Bitcoin continues to trade like a risk asset.

From there, the episode moves into the month’s biggest themes:

Stablecoins vs. tokenized deposits: prompted by a revealing interview with Citi’s innovation leadership, Jonas and Atakan break down how banks think about on-chain money — why tokenized deposits may shine inside bank networks (remuneration, deposit insurance, regulatory familiarity), and why stablecoins win on universal reach once money leaves those walled gardens. The big takeaway: we’re heading toward coexistence, and long-term the user shouldn’t need to care which “rail” is used.

BlackRock’s DeFi moment: BlackRock’s tokenized treasury fund BUIDL becoming tradable via Uniswap (through Securitize) is framed as a genuine milestone — TradFi and DeFi moving closer, faster than many would have predicted.

Tokenization goes mainstream: the Eurosystem/ECB move to accept certain DLT-issued securities as collateral (with some legacy infrastructure strings attached) is a strong signal of integration beyond pilots. Plus: Deutsche Börse integrating tokenized equities capabilities via 360X, showing regulated markets are adopting crypto-native standards.

Crypto earnings reality check: despite a tougher market backdrop, Coinbase and Kraken post striking numbers — growing volumes, expanding funded accounts, and accelerating diversification beyond trading fees into subscriptions, custody, staking, payments, and infrastructure plays.

Digital euro politics heat up: a notable February vote in the European Parliament adds momentum to a dual-mode digital euro (online + offline). Jonas and Atakan explain why this isn’t a technical footnote: offline touches cash-like privacy and resilience, while online is key for e-commerce, interoperability, and broader adoption.

To close, the hosts share two “knowledge bites” worth your time: Stripe’s annual letter (stablecoins + AI) and a BIS perspective on money as a coordination device — perfect if you like your digital money debates grounded in first principles.

If you want one episode that connects stablecoins, bank-issued on-chain money, tokenization, DeFi’s institutional turn, and the digital euro — this is it.

BNYK Study on Stablecoin Usage

Citi Interview Tokenized Deposits

[Knowledge Bite Atakan: Recent Speech by Hyun Song Shin(https://www.bis.org/speeches/sp260127.htm)

Knowledge Bite Jonas: Stripe Annual Letter

Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

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Digital Euro Conference: Bitcoin, Fiat & Rock’n’Roll ist again partnering with the Digital Euro Conference that takes place on March 26, 2026, in Frankfurt. The DEC is one of Europe’s leading conferences on the future of money, discussing the digital euro as well as the role of stablecoins and tokenized deposits for the future of payments. More information about the DEC, can you found here*. Secure 20% off with the discount code “BFRR20”.

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