TheMonsoon Ledger

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.

Chain or network
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.IndiaPilotLiveDepository-run DLT
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 KongPilotLiveEthereum mainnet
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.SingaporePilotLiveSGD Testnet
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.IndiaPilotLiveUnified Markets Interface (RBI)
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.SingaporePilotLiveEthereum 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 KongProductionLiveHSBC's own DLT network (private; technology not disclosed)
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 KongProductionLivePublic 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.SingaporeProductionLiveDBS permissioned EVM blockchain
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 KongPilotLiveEnsemble Sandbox, then EnsembleTX (HKMA-run; ledger technology not stated)
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.SingaporePilotLiveEthereum mainnet
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 KongTestDeadNonee-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 KongProductionLiveGS 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.IndiaPilotLiveunknown
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.SingaporePilotDeadNonePolygon 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.IndiaPilotLiveunknown
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.SingaporePilotDeadNoneunknown
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.SingaporeProductionLivePartior network