Use cases · 27 live deployments tracked
Live tokenisation deployments
What is actually shipping at named institutions. APAC sorted first. Each row links to a structured operator profile and the most recent material event tagged from the ingestion pipeline.
Live teardowns
How the deals actually settle
Architecture teardowns that separate what is live from what is still design-intent. The detail no press release gives you.
LIVETokenised deposits
JPMorgan Kinexys
Tokenised deposits settling at scale across currencies, and the live-versus-design-intent map of the wider Kinexys stack.
Read the teardown →LIVETokenised MMF
BlackRock BUIDL
The largest tokenised treasury fund, the roles behind it, and how shares redeem to USDC in a single on-chain step.
Read the teardown →PILOTWholesale CBDC
Project Agorá
Seven central banks on a two-layer ledger: what the BIS prototype actually built, and what is still design-intent.
Read the teardown →LIVETokenised collateral
Canton Network
Where tokenised collateral moves between institutions with sub-transaction privacy, and what is genuinely live on the network.
Read the teardown →Region
Status
Asset class
Project Ensemble
HKMAcbdc
APACproduction
JPYC
JPYC Inc.payment stablecoin
APACproduction$17M
Marketnode
Marketnodetokenized bond
APACproduction
Partior
Partiortokenized deposit
APACproduction$1B+
Progmat
MUFG (lead) with SMBC and Mizuhotokenized deposit
APACproduction$2.9B
DCJPY
DeCurret DCPtokenized deposit
APACproduction
DBS Token Services
DBS Banktokenized deposit
APACproduction
Standard Chartered + Ant Whale
Standard Chartered + Ant Internationaltokenized deposit
APACproduction
Project mBridge
Participating central banks (post-graduation governance)cbdc
APACpilot
Project Guardian
MAStokenized bond
APACpilot
Canton Network
Digital Asset (technology) + Canton consortiumtokenized collateral
GLOBALproduction$6T
Centrifuge JAAA on Aave Horizon
Centrifuge + Janus Henderson Anemoytokenized credit
GLOBALproduction
Project Agorá
BIS Innovation Hubcbdc
GLOBALpilot
HSBC Orion
HSBCtokenized bond
EMEAproduction$3.5B
Fnality
Fnality Internationaltokenized cash
EMEAproduction
Ondo USDY
Ondo Financepayment stablecoin
NAMERproduction
Apollo ACRED
Apollo Global Management + Securitizetokenized credit
NAMERproduction
JPMorgan Kinexys
JPMorgantokenized deposit
NAMERproduction$3T+
Citi Token Services
Cititokenized deposit
NAMERproduction
BNY Digital Assets Platform
BNY Mellontokenized deposit
NAMERproduction
Wells Fargo Digital Cash
Wells Fargotokenized deposit
NAMERproduction
BlackRock BUIDL
BlackRock + Securitizetokenized mmf
NAMERproduction$2.5B
Ondo OUSG
Ondo Financetokenized mmf
NAMERproduction$723M
Franklin Templeton FOBXX
Franklin Templetontokenized mmf
NAMERproduction$864M
WisdomTree Prime / Connect
WisdomTreetokenized mmf
NAMERproduction
Broadridge DLR
Broadridge Financial Solutionstokenized repo
NAMERproduction
DTCC Project Ion
DTCC (Depository Trust & Clearing Corporation)tokenized security
NAMERpilot
| Use case | Operator | Asset class | Region | Status | |
|---|---|---|---|---|---|
| Project Ensemble | HKMA | cbdc | APAC | production | — |
| JPYC | JPYC Inc. | payment stablecoin | APAC | production | $17MAUM · Feb 2026 |
| Marketnode | Marketnode | tokenized bond | APAC | production | — |
| Partior | Partior | tokenized deposit | APAC | production | $1B+Cumulative settled · Nov 2024 |
| Progmat | MUFG (lead) with SMBC and Mizuho | tokenized deposit | APAC | production | $2.9BAUM · Dec 2025 |
| DCJPY | DeCurret DCP | tokenized deposit | APAC | production | — |
| DBS Token Services | DBS Bank | tokenized deposit | APAC | production | — |
| Standard Chartered + Ant Whale | Standard Chartered + Ant International | tokenized deposit | APAC | production | — |
| Project mBridge | Participating central banks (post-graduation governance) | cbdc | APAC | pilot | — |
| Project Guardian | MAS | tokenized bond | APAC | pilot | — |
| Canton Network | Digital Asset (technology) + Canton consortium | tokenized collateral | GLOBAL | production | $6TCumulative settled · Dec 2025 |
| Centrifuge JAAA on Aave Horizon | Centrifuge + Janus Henderson Anemoy | tokenized credit | GLOBAL | production | — |
| Project Agorá | BIS Innovation Hub | cbdc | GLOBAL | pilot | — |
| HSBC Orion | HSBC | tokenized bond | EMEA | production | $3.5BCumulative settled · Dec 2025 |
| Fnality | Fnality International | tokenized cash | EMEA | production | — |
| Ondo USDY | Ondo Finance | payment stablecoin | NAMER | production | — |
| Apollo ACRED | Apollo Global Management + Securitize | tokenized credit | NAMER | production | — |
| JPMorgan Kinexys | JPMorgan | tokenized deposit | NAMER | production | $3T+Cumulative settled · Dec 2025 |
| Citi Token Services | Citi | tokenized deposit | NAMER | production | — |
| BNY Digital Assets Platform | BNY Mellon | tokenized deposit | NAMER | production | — |
| Wells Fargo Digital Cash | Wells Fargo | tokenized deposit | NAMER | production | — |
| BlackRock BUIDL | BlackRock + Securitize | tokenized mmf | NAMER | production | $2.5BAUM · Apr 2026 |
| Ondo OUSG | Ondo Finance | tokenized mmf | NAMER | production | $723MAUM · Dec 2025 |
| Franklin Templeton FOBXX | Franklin Templeton | tokenized mmf | NAMER | production | $864MAUM · Feb 2026 |
| WisdomTree Prime / Connect | WisdomTree | tokenized mmf | NAMER | production | — |
| Broadridge DLR | Broadridge Financial Solutions | tokenized repo | NAMER | production | — |
| DTCC Project Ion | DTCC (Depository Trust & Clearing Corporation) | tokenized security | NAMER | pilot | — |