AMINA Bank has become the first fully regulated bank to join 21X - the European Union's first regulated Distributed Ledger Technology Trading and Settlement System - marking a concrete step in the slow but accelerating institutionalization of blockchain-based finance.
Key Takeaways
AMINA Bank is the first fully regulated bank to join 21X, the EU’s first regulated DLT Trading and Settlement System
The bank partnered with Tokeny to build end-to-end tokenization infrastructure, from custody to on-chain trading
AMINA completed interbank settlement trials on Google Cloud’s Universal Ledger, achieving near real-time 24/7 fiat settlements
Tokenized real-world assets hit $26.5 billion in early 2026, with analysts calling this the year of mainstream DLT adoption
The Swiss-headquartered bank will serve as a listing sponsor on the 21X platform, which operates under the EU’s DLT Pilot Regime. To build out the supporting infrastructure, AMINA partnered with Tokeny, a Luxembourg-based technology provider, creating an end-to-end tokenization stack covering regulated custody through to on-chain trade execution.
How the Infrastructure Works
The 21X exchange runs on Polygon and Stellar blockchains and integrates with Chainlink and Circle to handle smart contract-based matching and settlement. The architecture is designed to reduce the friction that has historically kept institutional players at arm’s length from DLT-based markets.
AMINA’s involvement isn’t purely ceremonial. In late 2025, the bank completed interbank settlement trials using the Google Cloud Universal Ledger, achieving near real-time, around-the-clock fiat settlements between regulated banks — a capability that has remained largely theoretical in traditional finance infrastructure.
The Numbers Behind the Move
The bank’s financials reflect an institution moving quickly. Revenue surged 69% to $40.4 million as of its May 2025 report, while assets under management climbed 136% to $4.2 billion. AMINA holds regulatory licenses across Switzerland (FINMA), Abu Dhabi (ADGM), Hong Kong (SFC), and the EU through an Austrian subsidiary operating under MiCAR.
The broader market is moving in the same direction. The value of tokenized real-world assets reached approximately $26.5 billion by early 2026, driven largely by institutional interest in programmable settlement and fractional ownership of traditional asset classes. Analysts are framing 2026 as the inflection point where DLT transitions from controlled experimentation to functional infrastructure within mainstream financial services.
Regulatory Gaps Still Loom
That shift, however, is running into regulatory constraints. The European Securities and Markets Authority has proposed revisiting participation thresholds under the DLT Pilot Regime — current caps, such as a sub-€500 million market capitalization ceiling for shares, have been widely criticized as too restrictive to attract larger institutions. The EU’s cautious approach has drawn comparisons to the UK’s Digital Securities Sandbox, which has pulled in major players including HSBC and JP Morgan under more permissive terms.
Whether AMINA’s entry signals a broader influx of regulated banks into EU DLT markets remains to be seen. The regulatory environment will likely determine the pace more than any single institution’s appetite for the technology.
