Cardano Foundation expands role in Swiss tokenized securities market

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Cardano joins Swiss group

Swiss recognition establishes technical requirements

CMTA's Expert Committee approved the Cardano implementation on October 6, with the decision published the following day. The recognition covers tokenized equity securities but excludes debt instruments and Cardano's underlying blockchain infrastructure.

Companies seeking certification must meet several conditions, including recording tokenization terms on-chain, issuing shares in whole units, and identifying the token name, ticker, and infrastructure version. Approval of the technical standard does not establish that a particular company or security complies with Swiss law.

Cardano introduced CIP-0113 on its mainnet on October 7. The framework allows issuers to incorporate identity verification, transfer restrictions, account freezes, and other controls commonly required for regulated securities. Authorized administrators can also maintain lists of eligible holders and execute transfers under specified legal conditions.

Veridian provides an early example

The Foundation announced on October 8 that Veridian, its newly independent digital identity company, had issued tokenized shares using CIP-0113. The transaction formed part of Veridian's separation from the nonprofit organization and used Switzerland's legal framework for ledger-based securities.

Veridian was the first publicly identified issuer using the standard, but its issuance has not been confirmed as CMTA-certified. The company, led by Chief Executive Thomas A. Mayfield, plans to seek strategic partners and investors in 2027.

The development demonstrates that Cardano's framework can support a real corporate share issuance. However, broader adoption will depend on whether additional companies complete the legal and technical reviews required for certification.

Competition intensifies in tokenized securities

Cardano Foundation is entering a market where other blockchain networks already support securities issuance. Swiss private bank Cité Gestion received CMTA certification in January 2023 after tokenizing its shares on Ethereum using Taurus infrastructure. Meanwhile, Securitize announced plans on October 28 to integrate its tokenization services with Stellar, expanding the options available to institutional issuers.

For Cardano, CMTA membership provides access to an established network of financial, legal, and technology specialists, but it does not guarantee commercial adoption. The next test will be whether companies use the recognized framework to issue securities that satisfy Swiss certification requirements.

Earlier, we reported that the Cardano Foundation opposes broader EU DeFi and staking rules under MiCA.

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