Nasdaq and Boerse Stuttgart Group have formally requested that EU lawmakers either remove or significantly increase the caps on tokenized securities within the DLT Pilot Regime. The current framework, launched in 2023, limits the aggregate market value of tokenized assets to €6 billion, with an exit threshold of €9 billion.
In December 2025, the European Commission proposed raising this limit to €100 billion. However, in a September 2026 letter, a coalition of market participants argued for a much higher ceiling, ranging from €150 billion to €1.5 trillion, to better compete with the US market.
Industry stakeholders claim that the US currently permits tokenization at scales approximately 100 times larger than the existing European framework. They point to the more flexible regulatory approach taken by the American DTCC as a primary reason for the competitive disparity.
To strengthen their presence in the European digital asset market, Nasdaq and Boerse Stuttgart entered into a partnership in March 2026. This collaboration integrates Nasdaq’s technology and distribution network with Boerse Stuttgart’s Seturion platform to expand the range of available tokenized products.
