Key milestones in Traditional Financial Assets Tokenization
Laying the foundations for the transformation of the global nancial infrastructure
MAS Tested a digital representation of SGD for interbank settlement on R3 Corda, with privacy on permissioned Ethereum (Quorum)
J.P. Morgan, National Bank of Canada Issued $150mm certicate of deposit on permissioned Ethereum (Quorum)
MAS Tested Interbank Real-Time Gross Settlement Systems across R3 Corda, Hyperledger Fabric, and permissioned Ethereum (Quorum)
LuxDeco Issued bond denominated in ether on Ethereum
Tether Surpassed a market cap of $1bn USD Stablecoin, USDT, on Ethereum
Credit Suisse, ING Conducted €25mm securities lending transaction on R3 Corda
Sberbank Completed 750mm rubles commercial bond transaction on Hyperledger Fabric
MAS, SGX Developed DVP capabilities to enable asset settlement on permissioned Ethereum (Quorum) and on permissioned Anquan
World Bank, Commonwealth Bank of Australia Issued AU$110mm bond on permissioned Ethereum (Bond-i)
Paxos Issued USD Stablecoin, USDP, on Ethereum
Centre (Circle, Coinbase) Issued USD Stablecoin, USDC, on Ethereum
St. Regis Aspen Issued real estate equity on Ethereum
Komgo Issued digital letter of credit on permissioned Ethereum
J.P. Morgan Launched USD payments product, JPMCoin, on permissioned Ethereum (Quorum)
BBVA Issued green structured bond on Hyperledger Fabric
Societe Generale Issued €100mm covered bond on Ethereum
MAS, Bank of Canada, Bank of England Tested cross-border and cross-currency CBDC payments on permissioned Ethereum (Quorum)
and R3 Corda
Franklin Templeton Recorded money market fund share ownership on Stellar
Santander Issued $20mm bond on Ethereum
Paxos Recorded allocated gold ownership on Ethereum
Bank of China Issued ¥19.4bn bond on Neo
Jeeries, Nomura, Tilden Park Capital, DoubleLine Issued asset-backed security based on $159mm loans originated on Provenance Blockchain
Vanguard Completed pilot of asset-backed security on Symbiont DLT
MAS, Temasek, J.P. Morgan Developed multi-currency payments network supporting DVP settlements, conditional payments and escrow
for Trade, and payment commitments for Trade Finance on permissioned Ethereum (Quorum)
Olam International, SGX, HSBC, Temasek Issued S$400mm syndicated bond on Canton
J.P. Morgan Launched Intraday Repo with U.S. Treasuries and USD (JPMCoin) on permissioned Ethereum (Onyx Digital Assets)
DBS, J.P. Morgan, Temasek Launched Partior, platform to digitize M1 commercial bank money to reduce current frictions and latency for
cross-border payments, trade transactions and foreign exchange settlements on permissioned Ethereum (Quorum)
EIB, Goldman Sachs, Santander, Societe Generale Issued €100mm bond on Ethereum
Societe Generale Issued €5mm structured note on Tezos
Arca Labs Issued 40 Act Treasuries Fund on Ethereum
Banque de France, Euroclear Completed pilot settlement of French Government Bonds for CBDC on Hyperledger Fabric
Apollo Completed origination and ownership transfer of digital mortgages on Provenance Blockchain
BlockTower, MakerDAO Issued $220mm credit fund on Ethereum
BNP Paribas Issued renewable energy bond on Ethereum
BNY Mellon, Goldman Sachs Executed agency securities lending transactions on R3 Corda (HQLAx)
KKR Enabled access to private equity fund on Avalanche
Apollo Enabled access to private fund on Provenance Blockchain
Hamilton Lane Enabled access to private equity and private credit funds on Polygon
J.P. Morgan Executed FX transaction (SGD/JPY) on Polygon, as part of MAS Project Guardian
EIB, Goldman Sachs, Santander, Societe Generale, Banque de France, Banque Central du Luxembourg Issued €100mm bond on
permissioned Canton (GS DAP)
Sberbank Recorded gold ownership on Hyperledger Fabric, accessible by Ethereum
WisdomTree Enabled access to a variety of mutual funds on Ethereum and Stellar
EIB Issued £50mm bond on Hyperledger Fabric (HSBC Orion)
HKMA Issued HK$800mm green bond on both permissioned Canton and Hyperledger Besu
Siemens Issued €60mm bond on Polygon
Franklin Templeton Issued 40 Act money market fund on Stellar and Polygon (last reported AUM of $270mm as of April 2023)
Paypal Issued USD Stablecoin, PYUSD, on Ethereum
Citi Agented over $900bn in syndicated loan commitments on Canton (Versana)
UBS Issued VCC money market fund on Ethereum, as part of MAS' Project Guardian
J.P. Morgan, Blackrock, Barclays Tokenized money market fund shares for collateral on permissioned Ethereum (Onyx Digital Assets)
J.P. Morgan, Apollo, WisdomTree Tested automated discretionary portfolio construction and rebalancing across multiple asset types
(USD, private funds, mutual funds) on permissioned Ethereum (Onyx Digital Assets), Provenance Blockchain, and Avalanche, as part of
MAS' Project Guardian
Disclaimer: This list is not comprehensive of all tokenization events.
Sources: Apollo, BBVA, BlockWorks, Bloomberg, BNP Paribas, Business Insider, Business Wire, Centrifuge, Coindesk, Cointelegraph,
Credit-Suisse, DTCC, Euroclear, Fintech News, Finyear, Forbes, Franklin Templeton, Global Finance, HKMA, HSBC, Ledger Insights,
Marketplace Capital, NBC, Reuters, Santander, Siemens, Societe Generale, Vanguard, World Bank, Yahoo
Note: Following Consensys’ August 2020 acquisition of Quorum, the project was rebranded to Consensys Quorum.
2016 - 2017
2018
2019
2020
2021
2022
2023