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Case studies

Payments and settlement is the largest near-term tokenisation use case for Asia: 24/7 real-time settlement, instant finality, and limited-to-zero FX risk across remittances, tourism payments, and interbank flows. Collected below are sourced deployments and pilots, each linking out to a primary or reputable source. 16 tracked.

Merchant and tourism payments

3 tracked

🇹🇭 🇸🇬Merchant and tourism payments

Live

KBank Q Wallet pays Singapore merchants via blockchain settlement

Thai travellers pay Singapore merchants in real time with no currency exchange or overseas account, settled blockchain-to-blockchain between the two wallet systems.

KBank extended its Q Wallet so Thai users scan GrabPay QR codes in Singapore; Q-money interoperates with XSGD and uses Purpose Bound Money for controls, with StraitsX providing real-time settlement. Launched 7 April 2026 under the Bank of Thailand regulatory sandbox.

KASIKORNBANK (KBank)StraitsXGrab

StraitsX ↗Apr 2026

🇸🇬Merchant and tourism payments

Live

StraitsX settles Alipay+ and GrabPay cross-border merchant payments on-chain

24/7 real-time SGD settlement to Singapore merchants for inbound Alipay+ payments, with FX handled in the backend so merchants carry no foreign-currency risk.

Alipay+ users scan existing GrabPay QR codes at 100,000+ Singapore merchants; StraitsX clears and settles in the backend on Avalanche using its XSGD stablecoin and Purpose Bound Money, giving merchants immediate SGD with no new hardware. Live since October 2024; the case study cites 174% year-on-year transaction-volume growth across 22 payment apps in 14 countries (StraitsX, as of 2025).

StraitsXAlipay+ (Ant International)Grab

StraitsX ↗Oct 2024

🇸🇬Merchant and tourism payments

Live

StraitsX, Ant International and Grab enable conditional cross-border merchant payments

Real-time XSGD settlement to small and micro Singapore merchants accepting Alipay+ tourist payments, with smart-contract controls restricting use to verified wallets and whitelisted merchants.

The originating Purpose Bound Money collaboration behind the later Alipay+ and GrabPay rollout: GrabPay merchants accept payments from Alipay+ accounts, with XSGD providing real-time settlement and PBM smart contracts enforcing conditional, whitelisted use. Announced November 2023 with a 2024 Singapore launch.

StraitsXAnt InternationalGrab

StraitsX ↗Nov 2023

Treasury and interbank settlement

3 tracked

🇸🇬Treasury and interbank settlement

Live

DBS Token Services launches tokenised, programmable institutional banking

Instant 24/7 settlement of tokenised institutional payments with smart-contract-governed conditional payments and programmable rewards.

DBS rolled out DBS Token Services in October 2024, integrating its EVM-compatible permissioned chain with its payment engine and external payment infrastructures to deliver always-on settlement, milestone-based conditional payments and programmable disbursements for institutional clients.

DBS

DBS ↗Oct 2024

🇸🇬Treasury and interbank settlement

Pilot

DBS Treasury Tokens settle Ant International intragroup flows 24/7

Instant, 24/7 multi-currency intragroup settlement, cutting intra-group transactions from potentially days to seconds, unconstrained by currency cut-offs or banking hours.

Under DBS Token Services, DBS piloted Treasury Tokens with Ant International on its EVM-compatible permissioned blockchain wired to its core payments engine and Ant's Whale platform, giving treasurers atomic, programmable, always-on liquidity management. Announced August 2024; draws on MAS Project Orchid and Project Guardian.

DBSAnt International

DBS ↗Aug 2024

🇸🇬Treasury and interbank settlement

Live

Partior runs live 24/7 multi-currency interbank settlement

Real-time, atomic, cross-border multi-currency (USD, EUR, SGD) interbank clearing and settlement on a shared ledger, removing correspondent-banking delays.

Spun out of MAS Project Ubin, Partior operates a global unified ledger giving banks and PSPs 24/7 atomic settlement; DBS, J.P. Morgan and Standard Chartered settle live commercial USD, EUR and SGD flows, with named clients including Siemens and iFAST. Deutsche Bank later completed its first euro cross-border payment on the network with DBS as beneficiary bank (September 2025); Partior raised a USD 60m+ Series B in July 2024.

Partior (DBS, J.P. Morgan, Standard Chartered, Temasek)SiemensiFASTDeutsche Bank

CoinDesk ↗Jul 2024

Tokenised deposit settlement

5 tracked

🇭🇰 🇸🇬Tokenised deposit settlement

Live

Standard Chartered settles Ant International treasury on tokenised deposits

Instant, 24/7 intragroup money movement across HKD, CNH, SGD and USD using tokenised bank deposits, for always-on corporate treasury.

Standard Chartered issues tokenised deposits for Ant International's HKD, CNH, SGD and USD accounts on Ant's Whale treasury platform, enabling real-time around-the-clock transfers between worldwide intragroup entities. Moved from pilot to commercial production in December 2025; both firms sit in the HKMA's Project Ensemble.

Standard CharteredAnt International

Ledger Insights ↗Dec 2025

🇭🇰Tokenised deposit settlement

Live

HSBC settles Ant International treasury on its Tokenised Deposit Service

Real-time, always-on HKD and USD intragroup payments between corporate wallets held at HSBC, settled by tokenising the client's deposits.

HSBC launched Hong Kong's first bank-led blockchain settlement service for corporate cash management, with Ant International the inaugural user digitising USD deposits into tokens on HSBC's ledger to move funds instantly between entities. The service has since extended to SGD, GBP and EUR across Singapore, the UK and Luxembourg, supporting HKMA Project Ensemble use cases.

HSBCAnt International

HSBC ↗May 2025

🇸🇬 🇺🇸Tokenised deposit settlement

Framework

DBS and Kinexys build a tokenised-deposit interoperability framework

Cross-bank settlement and exchangeability of tokenised deposits across both banks' public and permissioned blockchain environments.

DBS and Kinexys are developing an interoperability highway so tokenised value can move between the two banks' on-chain ecosystems, letting clients transact cross-bank on-chain across public and permissioned chains. Announced as a development framework rather than a live product.

DBSKinexys by J.P. Morgan

DBS ↗Jan 2025

🇯🇵Tokenised deposit settlement

Live

DCJPY goes into production with GMO Aozora tokenised-deposit settlement

Bank deposits tokenised as DCJPY that can be minted, transferred and burned on-chain to settle corporate transactions.

DeCurret DCP moved DCJPY (digital-currency JPY) to production verification in July 2024, with GMO Aozora Net Bank minting DCJPY and Internet Initiative Japan using it to settle digital-assetised environmental values. Live with one issuing bank through GMO Aozora's BaaS stack; broader use remains in pilot.

DeCurret DCPGMO Aozora Net BankInternet Initiative Japan

Ledger Insights ↗Jul 2024

🇭🇰Tokenised deposit settlement

Pilot

Mastercard Multi-Token Network settles tokenised carbon credits with tokenised deposits

A retail buyer pays for a tokenised carbon credit with a tokenised bank deposit, settled as an atomic swap on a permissioned network rather than a public chain.

A Mox client bought a tokenised carbon credit: Standard Chartered Hong Kong tokenised the credit through Libeara, and Mastercard's Multi-Token Network tokenised the Mox deposit and facilitated the atomic swap, landing the credit in the client's wallet. Completed May 2024 under the HKMA Fintech Supervisory Sandbox, as the first live test of the Multi-Token Network.

MastercardStandard Chartered Hong KongMox BankLibeara

Mastercard ↗May 2024

On-chain FX

2 tracked

🇺🇸 🇪🇺 🇬🇧On-chain FX

Live

Kinexys wins Siemens and B2C2 mandates for live on-chain FX settlement

24/7/365 near-real-time FX liquidity (USD, EUR, GBP) on blockchain deposit accounts, removing settlement-window restrictions for Asian corporates plugging into the rail.

Siemens and B2C2 both completed live USD-to-EUR on-chain FX settlements on Kinexys Digital Payments; Siemens became the first to use blockchain deposit accounts for subsidiary transfers, and B2C2 plans multi-currency expansion for OTC and exchange trading. Production deployments, announced October 2025.

J.P. Morgan / KinexysSiemensB2C2

J.P. Morgan ↗Oct 2025

🇭🇰 🇸🇬On-chain FX

Live

Kinexys settles Ant International on-chain USD-EUR FX in Asia

Near-instant, 24/7 USD-EUR (and GBP) FX settlement for cross-border payments outside traditional market hours.

Ant International completed one of the first near-instant USD-to-EUR on-chain FX cross-border payments in Asia via Kinexys Digital Payments, integrated into its Whale treasury platform. The announcement noted J.P. Morgan had processed billions of USD for Ant on Kinexys the prior year. Announced August 2025.

J.P. Morgan / KinexysAnt International

J.P. Morgan ↗Aug 2025

Stablecoin payouts and settlement

3 tracked

🇸🇬Stablecoin payouts and settlement

Live

Circle and Nium connect USDC settlement to last-mile payouts in 190+ countries

USDC settlement feeding real-time local-currency payouts in 100 currencies across 190+ countries, reducing per-corridor prefunding and nostro balances.

Nium joined the Circle Payments Network as a global payout partner so institutions can route USDC-settled payments into Nium's last-mile rails through one integration. Announced May 2026; the Circle Payments Network cited USD 8.3bn annualised transaction volume on trailing-30-day activity as of 31 March 2026.

CircleNium

Circle ↗May 2026

🇸🇬Stablecoin payouts and settlement

Live

Thunes brings USDC stablecoin payouts to 11,500 Swift-connected banks

Banks send real-time payments to 500m+ stablecoin wallets via existing Swift connectivity, and corporates fund a single USDC treasury balance instead of fragmented per-corridor prefunding.

Thunes' convert-on-payout model holds funds in USDC until disbursement, then converts and settles locally across its 130+ country network. In March 2026 it opened this Pay-to-Stablecoin-Wallets rail to the 11,500 Swift-network banks with no extra integration, and lets businesses fund SmartX Treasury accounts directly in USDC.

ThunesCircle

Thunes ↗Mar 2026

🇯🇵Stablecoin payouts and settlement

Pilot

Japan's megabanks pilot joint yen-stablecoin issuance and cross-border payments

Joint bank-issued yen-stablecoin issuance and cross-border payments, with trust-based issuance and Progmat as the blockchain infrastructure.

In November 2025 Japan's three megabanks plus Mitsubishi UFJ Trust and Progmat announced a proof-of-concept under the FSA FinTech PoC Hub for joint stablecoin issuance and cross-border payments, tested with Mitsubishi Corporation's Japanese and overseas offices. Progmat supplies the rails and JPYC, the first licensed yen stablecoin (August 2025), anchors the yen leg.

MUFGMizuhoSMBCProgmatJPYC

Stablecoin Insider ↗Nov 2025

Coverage is sourced from primary announcements and reputable trade press, never from licensed data aggregators. Status reflects the most recent sourced state: live in production, a named pilot or proof-of-concept, or a development framework. Spotted a deployment worth adding? It belongs in the next ingestion pass.