LISE completes first tokenised IPO

The issuance was executed through a unified market infrastructure, a single, natively tokenised layer designed to streamline capital markets activity.

The model integrates Multilateral Trading Facility and Central Securities Depository functions into one framework, removing T+2 lag and fragmentation across the issuance and settlement process.

Mark Kepeneghian, CEO of LISE, said: “This is much more than just an IPO; it is the launch of a next-generation stock exchange.”

“It demonstrates that France and Europe can still pioneer major technological disruptions.”

“By combining a natively tokenised technology stack, a robust regulatory framework, and streamlined access, we are fundamentally transforming how capital is formed and traded,” Kepeneghian said.

This architecture also enables continuous, 24/7 trading, something previously not possible within a regulated exchange environment.

The results reflect this shift, with 60% of subscription orders placed outside traditional market hours, signalling demand for infrastructure aligned with the always-on, borderless nature of the digital economy, according to LISE.