German DeFi platform Swarm launches trading platform for tokenized real-world assets

What’s new? Swarm, a German DeFi platform, regulated by the Financial Supervisory Authority (BaFin), has launched an open-ended real-world tokenized asset (RWA) trading platform called Open dOTC. It is built on the Ethereum blockchain and uses decentralized over-the-counter (dOTC) smart contracts. These contracts are designed to eliminate slippage, provide instant settlement, and minimize credit and counterparty risk by fully collateralizing transactions.

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What else is known? At launch, Swarm offers tokenized shares of spot exchange-traded funds (ETFs) on US Treasury bonds and later plans to add tokenized publicly traded shares of companies such as Apple and Tesla.

Swarm co-founder Timo Lehes said the launch of the regulated Open dOTC will encourage mass adoption of the technology, allowing more people to take advantage of tokenized RWAs. His colleague Philipp Pieper emphasized that the platform “has been in the regulatory process for three years so we have had a head start on most players in the space.”

Open dOTC is designed to comply with the Markets in Crypto Assets (MiCA) Act. Adopted by the EU authorities, MiCA regulates the rules for the issuance of cryptocurrencies, stablecoins, and other digital assets, as well as rules for the provision of related services, and will come into full force in the bloc in mid-2026.

The platform guarantees that tokenized assets comply with EU regulations in Liechtenstein, in addition, they will be issued and redeemed from wallets that have passed KYC/AML checks. That said, “The tokens can be freely transferred between wallets in the meantime and can be accessed by retail investors with no minimum investment amount.”

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The trading fee on Open dOTC is 0,25% and is used to buy and burn Swarm native tokens (SMT). According to Lehes, SMT holders will benefit from trading activity on Open dOTC, “effectively marking this a community owned project.” However, any potential benefit will come from a reduction in SMT supply, not from any formal community ownership or governance program, as the service is not owned and operated by anyone.

In November, SC Ventures, the investment, and innovation arm of Standard Chartered bank, launched Libeara, an asset tokenization platform. The new venture aims to enable fund managers, governments, and issuers to bring RWAs onto the blockchain or issue “regulated securities tokens.”