KfW Makes History: Launches First Native Digital Bond on SDX Platform

Germany's state-owned development bank KfW just rewrote the rulebook—issuing its first fully digital native bond on the SIX Digital Exchange (SDX). No paper, no legacy systems, just blockchain efficiency.

The move signals institutional crypto adoption is accelerating—even traditional finance giants can't ignore the 24/7 settlement and programmable features of digital bonds. SDX's regulatory sandbox provides the perfect testing ground.

But let's be real: after years of banks 'exploring blockchain pilots,' this actually matters. When a €500bn lender like KfW goes native digital, the 'wait-and-see' crowd looks increasingly obsolete.

One cynical footnote? The bond's still denominated in euros—some traditions die harder than others.

We are pleased to announce that KfW has successfully issued and settled a CHF 140 million senior unsecured native digital bond on SDX. This is the first native digital bond by a Germany-based issuer in Switzerland.

The transaction acts as a reference point for other market participants and highlights KfW’s position as a major European issuer exploring the potential of digital securities. It is also KfW’s second CHF-denominated bond in the Swiss domestic market this year.

We are proud to provide the regulated digital infrastructure supporting this transaction and to contribute to the development of next-generation capital markets.

Source: SDX