APACHKD / RMB / USD
ChinaAMC (HK) tokenised money market funds
China Asset Management (Hong Kong)
Asia's first tokenised retail fund; SFC-authorised, tokenised on Libeara, with Standard Chartered as custodian trustee.
$547.5m · as of Jun 2026
Wiki · Deployments
Deployments
Live tokenised instruments and products in production, Asia-highlighted: money market and treasury funds, fiat-referenced stablecoins, yield-bearing dollar tokens, tokenised deposits, bonds, and private credit. Each entry links to a primary or reputable source and, where one exists, the fuller platform teardown. 29 tracked, 14 in APAC.
Tokenised money market and treasury funds10
APACUSD
ULTRADelta Wellington Ultra Short Treasury On-Chain Fund
FundBridge Capital · Wellington Management Singapore
Singapore-domiciled sub-fund of the Delta Master Trust, tokenised on Libeara and live across Ethereum, Arbitrum, Solana, and Avalanche C-Chain.
$132.1m · as of Jun 2026
APAC
MG999MG999 On-Chain Gold Fund
FundBridge Capital
Tokenised on Libeara; returns linked to gold spot plus lending yield, with Mustafa Gold as first borrower.
Launched Dec 2025
APACUSD
TBILLOpenEden TBILL Vault
OpenEden
Singapore/BVI-structured tokenised T-bill vault, and the primary reserve collateral behind OpenEden's own USDO stablecoin.
$123.8m · as of May 2026
N. AmericaUSD
BUIDLBlackRock USD Institutional Digital Liquidity Fund
BlackRock · Securitize
The largest tokenised treasury fund globally; BNY Mellon administers the underlying T-bill sleeve and Circle runs the atomic BUIDL-to-USDC swap.
~$2.5bn · as of May 2026Teardown →
N. AmericaUSD
FOBXX / BENJIFranklin OnChain U.S. Government Money Fund
Franklin Templeton
A registered 1940 Act fund rather than a 3(c)(7) private placement, giving it a wider eligible-investor base than BUIDL.
$864m · as of Feb 2026Teardown →
N. AmericaUSD
JLTXXJPMorgan OnChain Liquidity-Token Money Market Fund
J.P. Morgan Asset Management
A registered government MMF on public Ethereum designed to support GENIUS Act eligible-reserve requirements for stablecoin issuers.
$100m seed · as of May 2026Teardown →
N. AmericaUSD
MONYMy OnChain Net Yield Fund
J.P. Morgan Asset Management
JPMAM's first tokenised MMF, a 506(c) placement on public Ethereum distributed through Morgan Money with cash or stablecoin subscriptions.
$101.7m · as of Jun 2026Teardown →
N. AmericaUSD
OUSGOndo Short-Term US Government Treasuries
Ondo Finance
Fund-of-funds structure whose reserves are majority BUIDL, the clearest evidence of BUIDL's role as a shared reserve asset for other tokenised products.
~$704m · as of Apr 2026Teardown →
N. AmericaUSD
WTGXXWisdomTree Government Money Market Digital Fund
WisdomTree
The first SEC-registered tokenised retail-grade '40 Act fund, distributed through the WisdomTree Prime consumer wallet and the Connect institutional rail.
$910m · as of Jun 2026Teardown →
Fiat-referenced stablecoins5
APACUSD
USDGGlobal Dollar
Paxos Digital Singapore
MAS-overseen and MiCA-compliant, with DBS, Dreyfus, and Standard Chartered managing reserves; live on Ethereum, Solana, and Kraken's Ink L2.
Launched Nov 2024
APACJPY
JPYCJPYC
JPYC Inc.
The first FSA-approved yen-denominated stablecoin, registered as a Type II fund-transfer service provider and backed 1:1 by cash deposits and JGBs.
$17m · as of Feb 2026Teardown →
APACSGD
XSGDStraitsX Singapore Dollar
StraitsX
The settlement instrument behind StraitsX's Alipay+ and GrabPay merchant-payment deployments (see case studies); a circulating-supply figure was not found in the sourced corpus.
Production
GlobalUSD
USDTTether
Tether International Limited
The largest stablecoin by circulating supply; a specific current figure was not found in the sourced corpus, see open questions.
Production
GlobalUSD
USDCUSD Coin
Circle
The second-largest stablecoin by circulating supply; a specific current figure was not found in the sourced corpus, see open questions.
Production
Yield-bearing dollar tokens4
APACUSD
cUSDOCompounding Open Dollar
OpenEden
Wrapped, yield-accruing USDO; the first yield-bearing collateral accepted on Binance's MirrorRSV.
Production
APACUSD
USDOOpenEden Open Dollar
OpenEden Digital
A rebasing yield-bearing stablecoin issued via a bankruptcy-remote Segregated Account Company, primarily collateralised by TBILL.
$27.1m · as of Jun 2026
GlobalUSD
USDtbEthena USDtb
Ethena Labs
RWA-reserved stablecoin launched holding over 90% of reserves in BUIDL, the highest BUIDL allocation of any stablecoin.
Launched Dec 2024
N. AmericaUSD
USDYOndo USD Yield
Ondo Finance
A Reg S note for non-US investors rather than a fund interest, structurally distinct from OUSG; combined with OUSG, Ondo's platform AUM crossed roughly $1.4bn by early 2026.
Launched Aug 2024Teardown →
Tokenised deposits and bank money6
APACSGD
DBS Token Services
DBS Bank
Paired with the DBS Digital Exchange; the first Singapore G-SIB to ship tokenised-deposit functionality directly to corporate clients.
ProductionTeardown →
APACJPY
DCJPY
DeCurret DCP
Consortium-issued yen tokenised deposit, structurally distinct from Progmat in operator and consortium composition.
ProductionTeardown →
APACUSD / EUR / SGD
Partior
Partior
The interbank rail routing tokenised-deposit settlement between DBS, JPMorgan, and Standard Chartered, distinct from any single bank's own closed-loop deposit token.
$1B+ cumulative settled · as of Nov 2024Teardown →
N. AmericaUSD / EUR
Citi Token Services
Citi
Live across New York, Hong Kong, Singapore, London, and Dublin; Siam Commercial Bank became the first external respondent bank live on Citi's integrated 24/7 USD clearing solution in July 2026.
ProductionTeardown →
N. AmericaUSD / EUR / GBP
Kinexys by J.P. Morgan
JPMorgan
Blockchain Deposit Accounts plus the JPMD deposit token on Base; the reference point for production-scale tokenised deposits under a US national bank charter.
$3T+ cumulative settled · as of Dec 2025Teardown →
N. AmericaUSD
Wells Fargo Digital Cash
Wells Fargo
Intra-bank tokenised dollar settlement rail, structurally similar to Kinexys Digital Payments, operating under OCC interpretive-letter cover.
ProductionTeardown →
Tokenised bonds and digital debt2
APACHKD
HKMC inaugural public digital bond
Hong Kong Mortgage Corporation
The Hong Kong Mortgage Corporation's first public digital bond issuance, announced via the HKMA.
HK$12bn (~US$1.53bn) · as of Jun 2026
APACHKD / USD / EUR / CNY
HKSAR Government digital green bond
HKSAR Government · HSBC Orion
A multi-tranche issuance on HSBC's Orion platform, reported as the world's largest single tokenised-bond issuance to date.
~US$1.3bn · as of Dec 2025Teardown →
Tokenised private credit and alternatives2
N. AmericaUSD
ACREDApollo Diversified Credit Securitize Fund
Apollo Global Management · Securitize
A tokenised feeder into Apollo's flagship multi-strategy credit vehicle; the most-cited example of G-SIB-allocator-scale private-credit tokenisation.
Launched Jan 2025Teardown →
GlobalUSD
JAAACentrifuge JAAA
Centrifuge · Janus Henderson Anemoy
Tokenised AAA-rated CLO fund deployed as leveraged collateral inside Aave Horizon, the largest RWA-DeFi composability loop trade to date.
$1bn+ AUM (fastest tokenised fund to the milestone) · as of Jun 2025Teardown →
01
Official-sector programmes and who is in them
Notable institutions per programme- Project GuardianMAS · 40+ industry participants
- Project AgoráBIS + 7 central banks · 41 private firms
- Project EnsembleHKMA + SFC · 25 sandbox participants
- Project AcaciaRBA + DFCRC · 5 major banks
- mBridge5 central banks · post-graduation
- See the programme profiles →
02
Stablecoin and e-money regimes by market
Flip a country for its frameworkRegulatory status of the stablecoin or e-money issuance framework in each tracked jurisdiction. Statuses: enacted, consultation, proposed, none.
03