Tokenised FX and bond settlement pilot
J.P. Morgan, bank, on Polygon since November 2022.
First industry pilot under the Monetary Authority of Singapore's Project Guardian, with DBS Bank and SBI Digital Asset Holdings, executed on a modified permissioned Aave pool deployed to Polygon PoS mainnet. A one-off trial of deliberately token size; included because it is an early, well-documented case of a G-SIB transacting on a public Ethereum-family chain.
In the record
45
months from first observation to the record's assessment of August 2026
9
bank rows in the record, this one included
7
rows filed to Polygon by their sources
What it bears on
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R4Can we keep a position confidential on a public ledger?
unresolved
The most consequential open question institutions put to us. Selective-disclosure work is underway across the ecosystem. Nothing is production-settled today, and we would need to see it running in a regulated deployment before we said otherwise.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.