Wiki · Use cases · 27 teardowns
Use-case teardowns
How each deployment actually settles: operator, asset class, regulatory wrapper, and known limits. APAC sorted first. Each row links to a structured operator profile and the most recent material event on record.
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
Marketnodetokenised bond
APACproduction
Partior
Partiortokenised deposit
APACproduction$1B+
Progmat
MUFG (lead) with SMBC and Mizuhotokenised deposit
APACproduction$2.9B
DCJPY
DeCurret DCPtokenised deposit
APACproduction
DBS Token Services
DBS Banktokenised deposit
APACproduction
Standard Chartered + Ant Whale
Standard Chartered + Ant Internationaltokenised deposit
APACproduction
Project mBridge
Participating central banks (post-graduation governance)cbdc
APACpilot
Project Guardian
MAStokenised bond
APACpilot
Canton Network
Digital Asset (technology) + Canton consortiumtokenised collateral
GLOBALproduction$6T
Centrifuge JAAA on Aave Horizon
Centrifuge + Janus Henderson Anemoytokenised credit
GLOBALproduction
Project Agorá
BIS Innovation Hubcbdc
GLOBALpilot
HSBC Orion
HSBCtokenised bond
EMEAproduction$3.5B
Fnality
Fnality Internationaltokenised cash
EMEAproduction
Ondo USDY
Ondo Financepayment stablecoin
NAMERproduction
Apollo ACRED
Apollo Global Management + Securitizetokenised credit
NAMERproduction
JPMorgan Kinexys
JPMorgantokenised deposit
NAMERproduction$3T+
Citi Token Services
Cititokenised deposit
NAMERproduction
BNY Digital Assets Platform
BNY Mellontokenised deposit
NAMERproduction
Wells Fargo Digital Cash
Wells Fargotokenised deposit
NAMERproduction
BlackRock BUIDL
BlackRock + Securitizetokenised mmf
NAMERproduction$2.5B
Ondo OUSG
Ondo Financetokenised mmf
NAMERproduction$723M
Franklin Templeton FOBXX
Franklin Templetontokenised mmf
NAMERproduction$864M
WisdomTree Prime / Connect
WisdomTreetokenised mmf
NAMERproduction
Broadridge DLR
Broadridge Financial Solutionstokenised repo
NAMERproduction
DTCC Project Ion
DTCC (Depository Trust & Clearing Corporation)tokenised 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 | tokenised bond | APAC | production | - |
| Partior | Partior | tokenised deposit | APAC | production | $1B+Cumulative settled · Nov 2024 |
| Progmat | MUFG (lead) with SMBC and Mizuho | tokenised deposit | APAC | production | $2.9BAUM · Dec 2025 |
| DCJPY | DeCurret DCP | tokenised deposit | APAC | production | - |
| DBS Token Services | DBS Bank | tokenised deposit | APAC | production | - |
| Standard Chartered + Ant Whale | Standard Chartered + Ant International | tokenised deposit | APAC | production | - |
| Project mBridge | Participating central banks (post-graduation governance) | cbdc | APAC | pilot | - |
| Project Guardian | MAS | tokenised bond | APAC | pilot | - |
| Canton Network | Digital Asset (technology) + Canton consortium | tokenised collateral | GLOBAL | production | $6TCumulative settled · Dec 2025 |
| Centrifuge JAAA on Aave Horizon | Centrifuge + Janus Henderson Anemoy | tokenised credit | GLOBAL | production | - |
| Project Agorá | BIS Innovation Hub | cbdc | GLOBAL | pilot | - |
| HSBC Orion | HSBC | tokenised bond | EMEA | production | $3.5BCumulative settled · Dec 2025 |
| Fnality | Fnality International | tokenised cash | EMEA | production | - |
| Ondo USDY | Ondo Finance | payment stablecoin | NAMER | production | - |
| Apollo ACRED | Apollo Global Management + Securitize | tokenised credit | NAMER | production | - |
| JPMorgan Kinexys | JPMorgan | tokenised deposit | NAMER | production | $3T+Cumulative settled · Dec 2025 |
| Citi Token Services | Citi | tokenised deposit | NAMER | production | - |
| BNY Digital Assets Platform | BNY Mellon | tokenised deposit | NAMER | production | - |
| Wells Fargo Digital Cash | Wells Fargo | tokenised deposit | NAMER | production | - |
| BlackRock BUIDL | BlackRock + Securitize | tokenised mmf | NAMER | production | $2.5BAUM · Apr 2026 |
| Ondo OUSG | Ondo Finance | tokenised mmf | NAMER | production | $723MAUM · Dec 2025 |
| Franklin Templeton FOBXX | Franklin Templeton | tokenised mmf | NAMER | production | $864MAUM · Feb 2026 |
| WisdomTree Prime / Connect | WisdomTree | tokenised mmf | NAMER | production | - |
| Broadridge DLR | Broadridge Financial Solutions | tokenised repo | NAMER | production | - |
| DTCC Project Ion | DTCC (Depository Trust & Clearing Corporation) | tokenised security | NAMER | pilot | - |