Where it appears in production
Kinexys Digital Payments is the worked example of single-bank tokenised deposit infrastructure. JPMorgan operates the chain, issues tokens against its own deposit liabilities, and supports intraday and cross-border movements among institutional clients. The product set spans tokenised deposit movements, intraday repo, and the institutional payments rail formerly branded Onyx. The largest tokenised deposit product in production globally by most measures.
Partior runs cross-currency interbank settlement among DBS, JPMorgan, and Standard Chartered on a Quorum-derived stack. Each bank's tokens represent its deposit liabilities in the relevant currency. Cross-currency PvP commits atomically with corporate flow building on top. The cleanest production example of a multi-bank tokenised deposit consortium operating across multiple currencies in APAC. The DBS, JPMorgan, and Standard Chartered configuration covers SGD, USD, GBP, and EUR legs, with additional currencies under build through 2025 and 2026.
Project Ensemble in hong kong, coordinated by HKMA, is the regulator-coordinated example. Commercial banks issue tokenised deposits at the deposit layer, asset issuers mint at the asset layer, and a wholesale CBDC sits at the settlement layer. The HKMA's Phase 2 sandbox release sets out the live use cases, including tokenised funds and cross-border tokenised payments under the tiered architecture. The canonical tiered ledger and the most concrete production test of central-bank-coordinated tokenised deposits with atomic settlement against wCBDC. For an APAC operator, this is the architecture worth understanding in detail because it is the model most other regional regulators are watching.
Fnality operates a sterling settlement product backed by reserves at the Bank of England under the Omnibus Account regime, with other currencies in build. The hybrid characterisation makes it instructive precisely because it sits between standard categories. For a tokenisation product team in Asia, Fnality is worth understanding because elements of the model have appeared in regulatory thinking on how to ship tokenised settlement assets where a full wCBDC programme is not yet ready.
In japan, megabank consortia have shipped trust-issued products through Progmat, which operates as an issuance platform for both stablecoin-like instruments and tokenised deposit structures depending on the bank's chosen route. Bank-direct issuance under the Payment Services Act route remains an option and has been slower to ship. The FSA Japan-supervised Payment Innovation Project sandbox has been the testing ground for several megabank tokenised cash and tokenised securities pilots, including the April 2026 Nomura, Mizuho, JSCC tokenised JGB collateral trial that uses tokenised deposits or settlement instruments on the cash leg.
In the US, several nationally-chartered banks have shipped or piloted tokenised deposit structures under the OCC Interpretive Letter 1183 framework (March 2025), which reaffirmed and clarified the path opened by Letter 1174 in 2023. The product set is more fragmented than the Kinexys offering and tends to focus on intraday treasury management for institutional clients rather than on a broader payments rail. Public disclosure is thin; most live volume reports in aggregate via the supervisory channel rather than product marketing.
A short field guide for an operator triangulating these. If the question is "what does a single-bank, scaled tokenised deposit programme look like", read the Kinexys page. If the question is "how does a small consortium with no central-bank rail solve cross-bank PvP", read Partior. If the question is "what does a regulator-coordinated tiered architecture look like in production", read the Ensemble Phase 2 release. If the question is "how do you put central bank money on programmable rails without shipping a full wCBDC", read Fnality. If the question is "which Japanese route is the megabanks using", read Progmat. The answers are not interchangeable, and the differences are exactly the architectural choices Parts 2 and 3 worked through.
What to read next
Chapter VIII on wholesale CBDC, 08 wcbdc vs tokenized deposits, is the natural next read. Tokenised deposits and wCBDC are the two layers of the dominant tiered architecture and most production work touches both. The chapter covers the central-bank-money side of the cash leg and the BIS coordination work that ties tokenised deposit programmes across jurisdictions into a common settlement substrate. The interface between the deposit layer and the settlement layer is where the unfinished policy work lives, and the BIS Annual Economic Report 2024 is the right framing document to bring into that chapter.
The wiki page for Project Ensemble is the operational deep-dive on the HKMA tiered architecture and the most concrete worked example of multi-bank tokenised deposits running against a central bank settlement asset. The page for Kinexys is the worked example of the single-bank model; the page for Partior is the worked example of the consortium model.
Chapter IX, 09 agentic commerce tokenized rails, picks up the editorial wedge. Tokenised deposits are, in principle, the cleanest rail for an AI agent acting on behalf of a corporate principal that already banks somewhere; the deposit relationship sits with a known regulated counterparty, the chain enforces permissioned access, and the inter-bank settlement is the same as for any non-agentic flow. Whether actual deposit-token programmes are wired for agent access is a different question, and the chapter works through it.
The regulatory tracker maintained alongside this wiki tracks live deposit-token programmes, OCC interpretive letters, MAS Project Orchid use-case approvals, and the HKMA Project Ensemble cohort, and is the right place to check before quoting a perimeter in a memo.