Cédric Lalin and Herwig Temmerman (BearingPoint): Treasury in the Age of Digital Assets and CBDCs
In the heart of Europe’s financial landscape, the role of corporate treasurers is quietly undergoing a revolution. The advent of digital assets and the imminent arrival of central bank digital currencies (CBDCs) are no longer the exclusive realm of fintech visionaries; they are rapidly becoming boardroom topics. From risk management to payment systems, the traditional pillars of treasury are being challenged and reimagined. And nowhere is this shift more visible than in Luxembourg, where digital finance is not just a concept, but a fast-unfolding reality.
Digital assets: new tools for liquidity and efficiency
For decades, treasury was defined by predictability: bank relationships, settlement cycles, and cash buffers. Today, digital assets are rewriting that playbook. Stablecoins pegged to the euro now offer near-instant settlement for cross-border payments, bypassing the limitations of legacy rails. In Luxembourg, pioneers like Clearstream are already piloting blockchain-based settlement for digital bonds, while fintechs such as Tokeny are enabling token issuance platforms that comply with EU rules. For treasury teams, this means less time reconciling transactions and more time focusing on strategic liquidity decisions. What used to take days, like settling a bond trade, could soon be completed in minutes, with full transparency and auditability built into the process.
CBDCs: unlocking a new era of treasury centralization
If digital assets are the disruptors, CBDCs are the state-backed stabilizers. The digital euro, currently in development by the European Central Bank, promises a fundamental redesign of eurozone payments. For multinational groups operating in Luxembourg, this could be a game changer. Treasury departments managing dozens of accounts across Europe could centralize their cash positions in real time, with lower transaction costs and minimal counterparty exposure. The implications stretch beyond payments: automated cash pooling, just-in-time funding, and real-time FX execution could become the norm. But it is not just about speed. CBDCs carry the potential for enhanced privacy and built-in compliance features, critical elements for treasurers navigating increasingly complex regulatory environments.
Cédric Lalin
Treasury as a digital strategist, not just a gatekeeper
As financial operations digitize, the treasurer’s role is evolving from gatekeeper to architect. Luxembourg’s regulatory clarity, particularly the 2021 law recognizing blockchain as a legitimate infrastructure for securities, has made it a fertile ground for experimentation. Firms like STOKR are already issuing tokenized equity and debt instruments accessible to both institutional and retail investors. Imagine a treasury function that can allocate excess cash to on-chain assets, automate dividend payments through smart contracts, or instantly collateralize digital instruments in repo transactions. These are no longer future-state ideas, they are already being implemented. The treasurer of tomorrow will not just safeguard liquidity; they will design digital-first strategies that create value, ensure agility, and support the business at the speed of the market.
Herwig Temmerman
Conclusion
Treasury, once seen as a back-office function, is becoming a central player in digital transformation. The integration of digital assets and CBDCs is no longer optional for those who want to remain competitive. With its deep financial expertise, progressive legal framework, and vibrant fintech ecosystem, Luxembourg is emerging as a laboratory for the future of treasury. For treasurers across Europe, the challenge is no longer whether to adapt but how fast they can lead.