A Swissdigital asset exchange backed by Europe's sixth-largest exchange group hasstruck a deal with a U.S. tokenization firm to enable trading of over 100tokenized stocks and exchange-traded funds ahead of its formal market launch.BX Digital,which operates under a distributed ledger technology trading license fromSwitzerland's financial regulator FINMA, will list tokenized securities issuedby Ondo Finance through its Ondo Global Markets platform. The arrangement givesEuropean investors access to blockchain-based versions of U.S. equities thatcan settle in real time and transfer across digital wallets.Tokenized Stock Trading inSwitzerlandBX Digitalreceived its FINMA license as Switzerland's first regulated DLT tradingfacility in March, positioning the exchange to handle multilateral trading oftokenized securities with settlement tied to the Swiss National Bank's paymentsystem. The platform uses audited smart contracts for delivery-versus-paymentsettlement, typically completing transactions within 30 minutes compared to thetwo-day standard in traditional markets."Asone of the first firms preparing the admission of tokenized products on BXDigital, we're demonstrating how tokenized assets can deliver theaccessibility, transparency, and efficiency investors expect in establishedfinancial markets," said Ian De Bode, Chief Strategy Officer of OndoFinance.The moveadds to a wave of platforms competing to tokenize traditional securities, fromKraken and Bybit's xStocks offerings to Robinhood's 200-stock pilot for EUusers. Unlike earlier experiments that stumbled over regulatory uncertainty,current efforts launch through licensed entities in jurisdictions likeSwitzerland that have built legal frameworks specifically for blockchain-basedfinancial infrastructure.Custody Model RaisesFamiliar QuestionsOndo'stokenized products are backed by underlying stocks and ETFs held with licensedU.S. custodial broker-dealers, along with cash in transit. The structuremirrors other tokenized equity offerings that have drawn scrutiny over whetherthey constitute repackaged derivatives rather than direct ownership.Lidia Kurt,Chief Executive Officer of BX Digital, said the partnership with Ondo"underscores our ambition to provide issuers worldwide with a trusted andregulated environment for innovative digital asset products."Tokenholders don't receive voting rights or dividends unless specified, and theydepend on the issuer's custody arrangements and operational continuity.Dubai-based exchange executive Anton Golub previously described such productsas "wrappers" that introduce counterparty risk absent in traditionalbrokerage accounts.Still,institutional interest in compliant tokenization infrastructure has grown. OndoGlobal Markets reported its tokenized equity platform reached $350 million intotal value locked within weeks of its September launch on Ethereum, with plansto expand to BNB Chain and Solana.Today, Ondo Global Markets expands to @BNBCHAIN, bringing U.S. markets to millions worldwide.100+ tokenized stocks & ETFs are now live on one of the world’s most active blockchain ecosystems, supported by @PancakeSwap.Wall Street, now on BNB Chain. Powered by Ondo. pic.twitter.com/G8l2EUsy8s— Ondo Finance (@OndoFinance) October 29, 2025Europe Pulls Ahead onRegulatory ClaritySwitzerland'sDLT Act, which took effect in 2021, recognizes tokenized securities as legallyenforceable and permits their direct registration on blockchain-based ledgers.The framework gives firms like BX Digital regulatory certainty that remainselusive in the U.S., where the SEC has yet to approve retail tokenized stocktrading despite Commissioner Hester Peirce's recent statements that the agencyis "willing to work with people who want to tokenize."AcrossEurope, the EU's DLT Pilot Regime launched in March 2023 allows approved marketinfrastructure operators to test trading and settlement of tokenized financialinstruments under temporary exemptions from certain MiFID and centralsecurities depository rules. Several member states including Germany andLuxembourg have enacted specific legislation to enable blockchain-nativesecurities.BX Digitaloperates under the Boerse Stuttgart Group alongside BX Swiss, Switzerland'ssecond-largest stock exchange. The group's Seturion platform launched inSeptember as a pan-European settlement system for tokenized assets, supportingboth public and private blockchains with settlement in central bank money oron-chain cash.Market Projections Hit $2TrillionMcKinseyanalysis estimates the market capitalization of tokenized assets could reachapproximately $2 trillion by 2030, excluding cryptocurrencies and stablecoins.That projection encompasses mutual funds, bonds, exchange-traded notes, loansand securitization products moving onto blockchain infrastructure.Currentreal-world asset tokenization holds $31 billion in market value, with tokenizedstocks accounting for $714 million of that total according to RWA.xyz. BackedFinance's xStocks offering surpassed $300 million in trading volume within fourweeks of launching on Solana through partnerships with Kraken and Bybit.The cryptoexchange Coinbase has submitted applications to the SEC seeking approval tooffer tokenized stock trading to U.S. customers, while Alpaca launched itsInstant Tokenization Network at Singapore's TOKEN2049 conference to facilitatein-kind creation and redemption of tokenized equities.This article was written by Damian Chmiel at www.financemagnates.com.