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UniCredit issues its first tokenised structured note for private investors, marking a major step in Italy’s shift toward blockchain-based securities.

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A Digital First for Italian Finance

UniCredit has taken another decisive step into the future of finance, unveiling its first tokenised structured note designed for private investors. The move places Italy’s second-largest bank firmly at the forefront of blockchain-driven innovation, as traditional financial instruments begin to migrate onto digital ledgers with full legal standing.

Announced on Friday, the issuance follows closely on the heels of UniCredit’s earlier debut in tokenised debt markets, a digital minibond released just a week earlier in partnership with state-backed lender Cassa Depositi e Prestiti. Together, the two deals signal a clear strategy: UniCredit is preparing for a financial ecosystem where blockchain infrastructure becomes standard rather than experimental.

What Tokenisation Means for Finance

Tokenisation is rapidly emerging as one of the most transformative concepts in modern capital markets. At its core, the process involves converting a conventional financial instrument, such as a bond, note, or equity into a digital token that carries the same legal rights and obligations as its traditional counterpart.

Instead of relying on centralized registries and custodians, these digital assets are recorded on a blockchain, a shared and tamper-resistant ledger. This shift allows issuers and investors to track ownership, settlement, and lifecycle events with greater efficiency and transparency.

For banks and issuers, tokenisation offers tangible operational benefits. By automating processes that were once manual and paperwork-heavy, blockchain-based issuance can significantly reduce costs, shorten settlement times, and eliminate the need for intermediaries such as custodial banks.

Across Europe, regulators and financial institutions have been cautiously testing these systems. UniCredit’s latest issuance suggests that experimentation is giving way to real-world deployment.

Inside UniCredit’s Tokenised Note

The newly issued structured note is aimed at professional clients within the bank’s wealth management division. While UniCredit has not disclosed the financial size of the transaction, the focus is clear: this is a product built for sophisticated investors comfortable operating in regulated but innovative market environments.

The issuance was conducted entirely in digital form, from structuring to registration. Blockchain technology provider BlockInvest supplied the infrastructure that enabled the creation and distribution of the tokenised note. Meanwhile, Weltix, a company authorised by Italy’s market regulator Consob, handled the official digital registry.

Crucially, the note was recorded on a public blockchain, rather than a closed or proprietary system. This decision underscores UniCredit’s intent to align with open standards that could eventually support broader interoperability across financial markets.

According to the bank, the transaction allowed it to test a fully end-to-end digital issuance process, something that traditional bond markets, with their multiple layers of intermediaries, rarely allow.

Why UniCredit Sees This as a Turning Point

UniCredit framed the deal as more than a one-off experiment. By completing the entire lifecycle of the structured note digitally, the bank said it was able to adapt its internal systems to operational standards it believes will become widespread in the coming years.

While no individual executives were quoted, the bank emphasized that this experience strengthens its readiness for a future in which tokenised securities operate alongside, or potentially replace legacy instruments.

Market observers see this as a strategic move rather than a marketing exercise. Issuing regulated digital securities requires coordination with technology partners, compliance teams, and regulators. UniCredit’s ability to execute such a deal suggests that Italy’s financial infrastructure is maturing quickly in this area.

What This Means for Investors and Markets

UniCredit’s latest issuance has implications that extend well beyond a single structured note.

For investors, particularly professional and institutional clients, tokenised securities could offer faster settlement, improved transparency, and potentially lower costs. Ownership records stored on a blockchain are easier to verify and less prone to administrative errors, a longstanding issue in cross-border finance.

For banks, the benefits are operational as much as strategic. Reducing reliance on custodians and manual reconciliation processes can streamline issuance pipelines and free up capital and resources.

For regulators, deals like this provide real-world data on how blockchain-based securities function under existing legal frameworks. Weltix’s role as an authorised digital registry demonstrates that tokenisation can operate within regulatory boundaries, rather than outside them.

More broadly, UniCredit’s actions position it among Italy’s early adopters in blockchain-backed finance. As European authorities continue to refine rules around digital assets and distributed ledger technology, early movers may gain a competitive advantage in shaping standards and market practices.

A Glimpse of Finance’s Digital Future

With its first tokenised structured note now issued, UniCredit has reinforced its reputation as a forward-looking player in European banking. By moving beyond pilot projects and into live, regulated transactions, the bank is helping to normalize blockchain-based securities in mainstream finance.

While traditional bonds and notes are unlikely to disappear overnight, deals like this suggest that the foundations of capital markets are quietly being rewritten. For UniCredit and for Italy’s financial system the digital ledger is no longer a distant possibility. It is already in use.

 

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