Pilot Scorecard
Institutional pilots and launches announced in the covered markets. Each is reviewed six months after it is announced, then yearly or at its next stated milestone. Every review records how far the pilot has got (test, pilot or production), whether it is live, quiet or dead, and the evidence.
- 0 Announced
- 33 Live
- 2 Quiet
- 4 Dead
- 0 Review due
Overview
Each pilot by the ledger it runs on and how its cash leg settles, at its latest review. Pilots under "Off-ledger cash" are paid for outside the ledger; the other settlement types move money on it.
| Cash paid | Money moves on the ledger as | ||||
|---|---|---|---|---|---|
| Ledger | Off-ledger cash | No cash leg | Stablecoin | Tokenised deposits | CBDC on the ledger |
| Public chain | 0 | 0 | 1 | 0 | 0 |
| Permissioned tokens on a public chain | 7 | 0 | 1 | 1 | 0 |
| Private EVM network | 2 | 0 | 0 | 3 | 0 |
| Private ledger | 1 | 2 | 0 | 1 | 3 |
| Unknown | 2 | 0 | 5 | 5 | 5 |
All pilots
Filter by market, topic, stage or status, and sort by any column.
| Chain or network | ||||||
|---|---|---|---|---|---|---|
| OCBCOCBC said it had launched a tokenised deposit solution with Ant International, letting Ant move SGD and USD tokenised deposits between its entities in Singapore and Malaysia around the clock through Ant's WhaleRTP settlement platform. | Singapore | Pilot | Live | WhaleRTP (Ant International; ledger technology not stated) | ||
| Shinhan BankShinhan Bank said it had completed a technical test of corporate cross-border remittances settled in a stablecoin between banks, with clients keeping their existing corporate banking and foreign currency accounts. | South Korea | Test | Live | unknown (Solana Foundation as technology partner) | ||
| Securities and Exchange Board of IndiaSEBI and the RBI launched Demat 2.0, a pilot to issue, hold, trade and settle corporate bonds as tokens on a depository-owned ledger, with the cash leg in wholesale CBDC. | India | Pilot | Live | Depository-run DLT | ||
| Mitsubishi UFJ Financial GroupMUFG group companies, Digital Asset and Progmat said they would test simultaneous settlement of Japanese government bonds against digital money, and the full repo lifecycle, on the Canton Network. | Japan | Test | Live | Canton Network | ||
| SBI Shinsei Trust BankSBI Shinsei Trust Bank said it would issue JPYSC, a trust-type yen stablecoin, first usable only inside SBI VC Trade accounts, and move it to public chains once legal and tax treatment is settled. | Japan | Pilot | Live | unknown | ||
| CSOP Asset Management LimitedCSOP launched an unlisted tokenised class of its Hong Kong Dollar Money Market ETF, with HSBC as tokenisation agent, trustee and registrar and OSL's licensed platform as exclusive onboarding venue for six months. | Hong Kong | Pilot | Live | unknown | ||
| Hang Seng Investment Management LimitedHang Seng Investment launched HSGLD, a tokenised unlisted class of its physically backed Hang Seng Gold ETF, with HSBC as tokenisation agent and Ethereum as the initial chain, sold to individual investors through licensed digital asset platforms. | Hong Kong | Pilot | Live | Ethereum mainnet | ||
| Mizuho Financial GroupMizuho, Nomura, Japan Securities Clearing Corporation and Digital Asset said they would test 24/7 collateral transfers in Japanese government bonds on the Canton Network, keeping the bonds' legal status under the Book-Entry Transfer Act. | Japan | Test | Live | Canton Network | ||
| OCBCOCBC, Lion Global Investors and DigiFT said they had launched the GOLDX token on Ethereum and Solana, giving institutional and corporate accredited investors onchain exposure to the LionGlobal Singapore Physical Gold Fund, subscribed and redeemed in stablecoins or fiat. | Singapore | Pilot | Live | Ethereum mainnet and Solana | ||
| Anchorpoint Financial LimitedAnchorpoint, licensed by the HKMA as a stablecoin issuer, said it would issue HKDAP, a Hong Kong dollar-backed stablecoin, in phases from the second quarter of 2026 through authorised distributors. | Hong Kong | Pilot | Live | Ethereum mainnet | ||
| DCPDeCurret DCP, GMO Aozora Net Bank and ABeam Consulting said they would test how banks settle with each other when customers of different banks send tokenised deposits, through interbank deposit accounts or a stablecoin. | Japan | Test | Live | DCJPY network | ||
| Monetary Authority of SingaporeMAS said it had completed a live trial settling interbank overnight lending between DBS, OCBC and UOB in Singapore dollar wholesale CBDC on the SGD Testnet, and would next trial tokenised MAS Bills settled in CBDC. | Singapore | Pilot | Live | SGD Testnet | ||
| Franklin TempletonFranklin Templeton said its Franklin Onchain U.S. Dollar Short-Term Money Market Fund, a MAS-authorised scheme with a tokenised register, was available to DBS wealth clients and accredited investors, with retail access expected in the first quarter of 2026. | Singapore | Pilot | Live | XRP Ledger (named by DBS; Franklin Templeton's release names no chain) | ||
| MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking CorporationThe three megabanks, with Mitsubishi UFJ Trust and Banking, Mitsubishi Corporation and Progmat, said they would test whether several banking groups can jointly issue a yen stablecoin lawfully, as the first case in the FSA's Payment Innovation Project. | Japan | Test | Live | unknown (a blockchain built by TISI for SMBC in the July 2026 test) | ||
| JPYC Inc.JPYC, registered as a funds transfer service provider, said it would issue JPYC, a yen stablecoin redeemable 1:1, on Avalanche, Ethereum and Polygon from 27 October 2025, through its JPYC EX platform. | Japan | Production | Live | Ethereum mainnet, Avalanche, Polygon and Kaia | ||
| Reserve Bank of IndiaThe RBI announced the Unified Markets Interface, a market infrastructure to tokenise financial assets and settle them in wholesale CBDC, and used it first for tokenised certificates of deposit. | India | Pilot | Live | Unified Markets Interface (RBI) | ||
| Sumitomo Mitsui Banking CorporationSMBC and seven partners said they would test delivery-versus-payment settlement of security token trades between brokers using a stablecoin issued by SMBC, aiming at T+2 settlement. | Japan | Test | Live | Progmat for the security tokens and an SMBC stablecoin platform, linked by Progmat and Datachain cross-chain technology (networks not named) | ||
| DBS BankDBS said it would tokenise structured notes on the Ethereum public blockchain, in USD 1,000 units, and distribute them to accredited and institutional investors through ADDX, DigiFT and HydraX. | Singapore | Pilot | Live | Ethereum mainnet | ||
| The Hongkong and Shanghai Banking Corporation LimitedHSBC launched a Tokenised Deposit Service for corporate clients in Hong Kong, starting with real-time HKD and USD payments between a client's own wallets at HSBC Hong Kong. | Hong Kong | Production | Live | HSBC's own DLT network (private; technology not disclosed) | ||
| Bosera Asset Management (International) Co., LimitedBosera and HashKey said the SFC had approved tokenised classes of the Bosera HKD and USD Money Market ETFs, issued on HashKey Chain and distributed through HashKey Exchange, as a use case in the HKMA's Project Ensemble sandbox. | Hong Kong | Production | Live | HashKey Chain (Ethereum layer 2) | ||
| China Asset Management (Hong Kong) LimitedChinaAMC (HK) received SFC approval for a tokenised HKD money market fund open to retail investors, with tokenised share classes on a public permissioned blockchain, due to launch by the end of February 2025. | Hong Kong | Production | Live | Public permissioned blockchain via Libeara (chain not named by ChinaAMC) | ||
| DBS BankDBS said it was rolling out DBS Token Services, a suite of treasury, conditional payment and programmable reward services for institutional clients, running on its own EVM-compatible permissioned blockchain linked to its core payment engine. | Singapore | Production | Live | DBS permissioned EVM blockchain | ||
| Progmat, Inc.Progmat and Datachain said they would build a platform for cross-border bank transfers in stablecoins, instructed through Swift's existing APIs, start a pilot with Japanese and foreign financial institutions shortly, and commercialise it in 2025. | Japan | Test | Quiet | Progmat Coin platform (multiple chains; not named for Project Pax) | ||
| GMO Aozora Net BankGMO Aozora Net Bank began issuing DCJPY, its deposits tokenised on DeCurret DCP's DCJPY network, with Internet Initiative Japan paying in DCJPY for environmental certificates recorded on the same network. | Japan | Pilot | Live | DCJPY network (consortium chain; Hyperledger Besu planned, per the Digital Currency Forum) | ||
| The Hongkong and Shanghai Banking Corporation LimitedHSBC said it had launched the HSBC Gold Token, fractional ownership of gold bars in HSBC's vault recorded on its private HSBC Orion ledger, for retail customers in Hong Kong through online and mobile banking. | Hong Kong | Production | Live | HSBC Orion (private) | ||
| Hong Kong Monetary AuthorityThe HKMA said it would build a wholesale CBDC sandbox to test interbank settlement of tokenised deposits for tokenised asset transactions, and would consider a live wholesale CBDC issuance if industry interest was sufficient. | Hong Kong | Pilot | Live | Ensemble Sandbox, then EnsembleTX (HKMA-run; ledger technology not stated) | ||
| Osaka Digital ExchangeOsaka Digital Exchange began operating START, a proprietary trading system for security tokens and Japan's first secondary market for them, with two real estate tokens at launch. | Japan | Production | Live | unknown (tokens recorded on the issuers' security token platforms) | ||
| Bank of KoreaThe Bank of Korea, the FSC and the FSS said they would test a wholesale CBDC network on which banks issue tokenised deposits, with a limited live test for the public in the fourth quarter of 2024. | South Korea | Pilot | Live | Bank of Korea Digital Currency System (permissioned distributed ledger) | ||
| UBS Asset ManagementUBS Asset Management said it had launched a controlled live pilot of a tokenised money market fund in a Singapore Variable Capital Company umbrella, represented as a smart contract on Ethereum, under Project Guardian. | Singapore | Pilot | Live | Ethereum mainnet | ||
| The Hokkoku BankHokkoku Bank said its Tochitsuka app would carry Tochika, a deposit-type stablecoin it issues at 1 Tochika to 1 yen, alongside municipal points, with Tochika planned for fiscal 2023. | Japan | Production | Live | unknown (Digital Platformer platform) | ||
| Hong Kong Monetary AuthorityThe HKMA started a pilot programme with 16 firms to test retail uses of an e-HKD, including programmable, offline and tokenised deposit payments and settlement of tokenised assets. | Hong Kong | Test | Dead | None | e-HKD Sandbox (HKMA-run; ledger technology not stated) | |
| HKSAR GovernmentThe HKSAR Government issued a HK$800 million one-year tokenised green bond, settled through the HKMA's Central Moneymarkets Unit on a private blockchain, and said it would conduct further tokenised issuances. | Hong Kong | Production | Live | GS DAP (private), then HSBC Orion (private) | ||
| Reserve Bank of IndiaThe RBI said it would launch a retail digital rupee on 1 December 2022 for a closed user group of customers and merchants, starting with four banks in four cities. | India | Pilot | Live | unknown | ||
| DBS BankDBS, J.P. Morgan and SBI Digital Asset Holdings said they had run the first Project Guardian pilot: foreign exchange and government bond trades against permissioned DeFi liquidity pools of tokenised deposits and bonds on a public blockchain. | Singapore | Pilot | Dead | None | Polygon PoS | |
| Reserve Bank of IndiaThe RBI said nine banks would settle secondary market trades in government securities with a wholesale digital rupee from 1 November 2022. | India | Pilot | Live | unknown | ||
| DBS BankDBS and Open Government Products said they would run a four-week live pilot of purpose-bound money vouchers, built on tokenised SGD issued by DBS, for up to 1,000 consumers at six merchants under MAS's Project Orchid. | Singapore | Pilot | Dead | None | unknown | |
| Japan Exchange GroupJapan Exchange Group said it would issue Japan's first publicly offered wholesale digital green bond as a security token on BOOSTRY's ibet for Fin, with Nomura Securities as underwriter and Hitachi tracking its environmental data. | Japan | Pilot | Dead | None | ibet for Fin (BOOSTRY-led consortium chain) | |
| PartiorDBS, J.P. Morgan and Temasek said they would set up Partior, a blockchain platform for real-time interbank payments, trade and foreign exchange settlement, starting with USD and SGD. | Singapore | Production | Live | Partior network | ||
| Nomura SecuritiesNomura Securities and BOOSTRY said Nomura Research Institute had issued Japan's first bonds using blockchain technology, with the bond register kept on BOOSTRY's ibet platform and Nomura Securities underwriting the digital bond. | Japan | Pilot | Quiet | ibet, then ibet for Fin (BOOSTRY-led consortium chain) |
Rubric by pilot
Every pilot's rubric at its latest review, grouped by ledger. Darker cells are more open, or have more of the activity on the ledger. Hatched cells are values the institution has not disclosed.
| Pilot | Ledger | Settlement | Access | Legal standing | Scale | Stage |
|---|---|---|---|---|---|---|
| Public | Stablecoin | Open | Token is the record | Sustained | Production | |
| Public, permissioned | Tokenised deposit | Closed | Sandbox | Single | PilotDead | |
| Public, permissioned | Off the ledger | Whitelisted | Not stated | Single | Pilot | |
| Public, permissioned | Off the ledger | Whitelisted | Token is the record | Single | Pilot | |
| Public, permissioned | Off the ledger | Whitelisted | Not stated | Single | Pilot | |
| Public, permissioned | Off the ledger | Whitelisted | Not stated | Single | Pilot | |
| Public, permissioned | Stablecoin | Whitelisted | Token is the record | Repeat | Pilot | |
| Public, permissioned | Off the ledger | Open | Copy of a register | Repeat | Production | |
| Public, permissioned | Off the ledger | Open | Copy of a register | Repeat | Production | |
| Public, permissioned | Off the ledger | Open | Copy of a register | Single | Pilot | |
| Private EVM | Tokenised deposit | Whitelisted | Copy of a register | Repeat | Production | |
| Private EVM | Tokenised deposit | Whitelisted | Sandbox | Simulated | Test | |
| Private EVM | Tokenised deposit | Closed | Not stated | Single | Pilot | |
| Private EVM | Off the ledger | Whitelisted | Token is the record | Single | PilotDead | |
| Private EVM | Off the ledger | Whitelisted | Token is the record | Repeat | PilotQuiet | |
| Private | Central bank money | Whitelisted | Sandbox | Repeat | Pilot | |
| Private | Central bank money | Whitelisted | Token is the record | Repeat | Production | |
| Private | Off the ledger | Open | Not stated | Repeat | Production | |
| Private | Tokenised deposit | Whitelisted | Token is the record | Repeat | Production | |
| Private | No cash leg | Closed | Copy of a register | Simulated | Test | |
| Private | No cash leg | Closed | Copy of a register | Simulated | Test | |
| Private | Central bank money | Open | Not stated | Repeat | Pilot | |
| Not disclosed | Central bank money | Open | Token is the record | Sustained | Pilot | |
| Not disclosed | Central bank money | Whitelisted | Not stated | Repeat | Pilot | |
| Not disclosed | Central bank money | Whitelisted | Token is the record | Repeat | Pilot | |
| Not disclosed | Tokenised deposit | Whitelisted | Not stated | Single | PilotDead | |
| Not disclosed | Central bank money | Whitelisted | Not stated | Repeat | Pilot | |
| Not disclosed | Tokenised deposit | Closed | Not stated | Single | Pilot | |
| Not disclosed | Tokenised deposit | Whitelisted | Not stated | Repeat | Production | |
| Not disclosed | Off the ledger | Whitelisted | Copy of a register | Single | Pilot | |
| Not disclosed | Central bank money | Closed | Sandbox | Simulated | TestDead | |
| Not disclosed | Tokenised deposit | Whitelisted | Sandbox | Single | Pilot | |
| Not disclosed | Tokenised deposit | Open | Not stated | Repeat | Production | |
| Not disclosed | Stablecoin | Closed | Token is the record | Single | Test | |
| Not disclosed | Off the ledger | Whitelisted | Not stated | Repeat | Production | |
| Not disclosed | Stablecoin | Whitelisted | Sandbox | Simulated | TestQuiet | |
| Not disclosed | Stablecoin | Closed | Token is the record | Single | Pilot | |
| Not disclosed | Stablecoin | Closed | Sandbox | Single | Test | |
| Not disclosed | Stablecoin | Closed | Sandbox | Simulated | Test |