Announcing Obligate

The infrastructure that issues and settles securities is becoming as important as the securities themselves. For platforms operating at the intersection of regulated debt markets, tokenization, and onchain settlement, the wallet layer is not a commodity. It shapes how reliably and at what scale capital can move between issuers, investors, and the underlying chains where value ultimately settles.

Today, we are proud to announce that Obligate is integrating Dfns into its platform as the newest wallet infrastructure. This partnership secures one of the most advanced regulated onchain securities platforms in the market with one of the most battle-tested wallet infrastructures in the industry, and marks a meaningful step in how digital capital markets are getting built.

Obligate is rewiring capital markets for the onchain era

Obligate provides a secure, transparent, and regulatory-compliant platform for creating, issuing, and managing the lifecycle of debt instruments on the blockchain. Its unique architecture is built to handle the complex needs of institutional investors while lowering the barriers to entry for issuers through efficient access to multilateral financing.

Bonds issued as eNotes™ are native digital securities grounded in Switzerland’s advanced DLT legislation and backed by a comprehensive dispute resolution framework designed to ensure global enforceability. In recognition of its leadership in digital capital markets infrastructure, Obligate was named “Best Digital Capital Raising Platform in Europe” by Future of Finance (FoF) in 2025.

Headquartered in Zurich, Switzerland, Obligate AG is a financial intermediary under the Swiss Anti-Money Laundering Act and a member of the Financial Services Standards Association (VQF), an Anti-Money Laundering Self-Regulatory Organization (SRO) regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA).

What Dfns powers inside Obligate’s tokenization platform

With Dfns, Obligate gets access to a programmable wallet layer that sits underneath the full issuance lifecycle: issuer wallets, investor wallets, treasury wallets, and the settlement flows that connect them. Every action runs through Dfns' governance and policy engine, with multi-approval workflows, WebAuthn-based authentication, and end-to-end transaction visibility.

This partnership also opens the door to deeper collaboration as Obligate expands its issuance footprint across additional chains and stablecoins. As tokenized debt moves from early traction to scale, the wallet layer needs to keep pace, across networks, across asset types, and across regulatory regimes. Dfns is built exactly for that arc.

Together, Obligate and Dfns are building toward the same end state the market has been moving toward: a complete, secure, and programmable layer for onchain capital markets, where securities are issued natively, settlement is instant, and compliance is built in from the start, not bolted on at the end.

Dfns is the wallet infrastructure for onchain finance

By collaborating with Dfns, Obligate is joining a global ecosystem of financial leaders that utilize Dfns to secure regulated digital asset operations. This integration is rooted in a shared technical roadmap designed to meet the specific demands of institutional debt issuance, centered on four key strategic pillars. 

The first is chain coverage. Obligate is scaling its cross-network footprint, enabling the issuance of regulated tokenized debt across diverse ecosystems, including institutional-grade permissioned networks. . Dfns' coverage of both major public chains and permissioned institutional networks like Canton, Flow, Concordium, and Tempo gave Obligate room to grow without re-platforming.

The second is programmability. Onchain securities issuance is not a static workflow. It involves issuer onboarding, structured product creation, primary issuance, secondary transfers, coupon payments, and redemption, each with its own approval logic and compliance constraints. Dfns' policy engine, programmable approval workflows, and API-first architecture let Obligate model these flows natively in the wallet layer, rather than wrapping them around it.

The third is key portability and ownership. Regulated securities platforms cannot afford to be locked into a single signing model or provider. Dfns' MPC and HSM options, combined with native key import and export APIs, give Obligate the architectural flexibility and exit-optionality that a Swiss-regulated financial intermediary requires.

The fourth is security posture. Dfns holds SOC 2 Type II, ISO 27001, ISO 27017, ISO 27018, ISO 22301, and CCSS Level 3 certifications, and has been pentested and audited by Quarkslab, IBM, KPMG, Halborn, and Kudelski Security. It has maintained zero security breaches since inception, with 99.95% uptime. For a platform where every transaction is a regulated security and every counterparty is an institution, this track record matters.

Dfns is the institutional wallet infrastructure platform that powers digital asset operations for fintechs and financial institutions all over the world. Since 2020, Dfns has helped companies manage digital asset operations and build applications onchain, offering a programmable wallet platform that brings together transaction lifecycle management, internal workflow orchestration, policy and governance controls, key management, and third-party service integration into one secure control plane. Today, Dfns is trusted by over 400 companies including Standard Chartered Bank, First Abu Dhabi Bank, IBM, Broadridge, Apex Group, Stripe, Kraken, Circle, Susquehanna, and more. 

We’re proud to count Obligate as a Dfns client going forward. 

Learn more about Obligate: https://www.obligate.com
Get started on Dfns: https://app.dfns.io/