Digital bond (crypto security)
KfW, public sector, on Polygon since July 2024.
Germany's first syndicated crypto security under the eWpG, on Polygon PoS. Registrar Cashlink, custodian Boerse Stuttgart Digital; investors included DZ Bank, DekaBank and Union Investment. Matured 2025-12-10. KfW issued a further €50m on Polygon PoS in August 2024 within the ECB's wholesale DLT settlement trials. IMPORTANT: KfW's later issuances moved to permissioned platforms, so this is not a continuing public-chain programme.
In the record
25
months from first observation to the record's assessment of August 2026
8
public sector 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.
R5Which network do we settle on, and how do we get out?
needs design
More than a hundred networks and no neutral selection framework. Our own record shows institutional issuance concentrated on mainnet, with layer twos carrying stablecoin float rather than funds.
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.