Clearstream and Euroclear to Digitize Eurobond Market by 2026

Clearstream and Euroclear, the two leading international central securities depositories, are spearheading the digitization of the €14 trillion Eurobond market. Starting Q1 2026, Eurobonds will be issued in dematerialized form, eliminating paper certificates and paving the way for automation across the entire bond lifecycle.

The initiative includes the development of the Issuance & Processing Taxonomy (IPT), an industry-wide data standard designed to streamline communication and support APIs. By December 2025, the IPT will be extended to incorporate token taxonomy for distributed-ledger technology (DLT), aligning with ICMA's Bond Data Taxonomy.

This MOVE promises faster settlement, reduced operational risks, and enhanced liquidity—potentially setting a precedent for broader adoption of blockchain in traditional finance.