Deploi has secured ISIN allocations from Nasdaq CSD for a direct issuance infrastructure targeting the private credit market, built on the Polygon blockchain. The company plans to complete the global issuance backbone by the end of the third quarter of 2026, with a €1 billion note programme scheduled to follow that same year.
Nasdaq CSD ISIN Allocations
The ISINs — International Securities Identification Numbers — are assigned by Nasdaq CSD, the central securities depository serving the Nordic and Baltic markets. By securing these identifiers for its infrastructure, Deploi can issue tokens that represent private credit instruments with standardised, regulator-recognised codes. That step moves the platform closer to operating as a compliant on-chain issuance venue.
The company didn't specify how many ISINs were allocated or whether they cover a single note or a series. But the allocation itself signals that Nasdaq CSD has reviewed and accepted the underlying structure.
Planned €1 Billion Note Programme
Deploi has outlined a note programme worth €1 billion, set to launch after the infrastructure is live. The programme will use the direct issuance system to put private credit onto Polygon, a proof-of-stake blockchain that processes transactions faster and cheaper than Ethereum mainnet. Private credit — loans arranged directly between borrowers and lenders without a bank intermediary — has grown into a multitrillion-dollar market globally, but most of it still settles through slow, paper-heavy back offices.
Deploi's approach aims to replace that with on-chain settlement. The company hasn't named any initial borrowers or investors for the note programme, nor has it given a precise launch month beyond the 2026 timeframe.
Target Timeline and Infrastructure
Completion of the global issuance infrastructure is set for the end of Q3 2026. That deadline covers the core smart contracts, custody connections, and the integration with Nasdaq CSD's systems. After that, Deploi will need to onboard issuers and investors before the note programme can start.
The company chose Polygon for its low transaction fees and compatibility with the Ethereum Virtual Machine — meaning existing crypto wallets and DeFi tools can interact with the issued notes without major modifications. No regulators have publicly commented on the infrastructure, and Deploi hasn't disclosed which jurisdiction's securities laws will govern the notes.
Whether the €1 billion programme fills fully or remains a pilot will depend on institutional appetite for blockchain-based private credit. For now, the next public milestone is the infrastructure completion by the end of Q3 2026.
