Linklaters advises the Grand Duchy of Luxembourg on its first digital treasury certificates issued on the blockchain

Linklaters has advised the Grand Duchy of Luxembourg on the issuance of its digital treasury certificates using blockchain technology. The transaction, completed on 18 June 2025, marked Luxembourg’s first sovereign transaction fully on a blockchain platform.

The Luxembourg State Treasury issued €50 million in short-term, zero-coupon digital treasure certificates, maturing on 18 December 2025. This innovative issuance was carried out using HSBC’s Orion platform - a blockchain infrastructure based in Luxembourg and tailored to the country’s dematerialised securities regime. The digital treasury certificates will be admitted to the Securities Official List of the Luxembourg Srock Exchange.

This transaction showcases the flexible, robust and safe legal framework for issuing securities through distributed ledger technology.

Nicki Kayser, Partner in Linklaters’ Luxembourg Capital Markets and Banking team, commented:

“We are pleased to have supported the Grand Duchy of Luxembourg on this landmark digital issuance. This transaction reinforces Luxembourg’s position as a pioneer in digital finance, demonstrating the strength of its legal framework and technological ecosystem. Our team is proud to have contributed to this milestone for sovereign digital innovation.”

The core Linklaters Luxembourg team, specialising in Capital Markets and Banking, was led by Nicki Kayser (Partner) and comprised Melinda Perera (Partner), Delphine Horn (Consultant) and Liam Embleton (Associate).