Digital bond (crypto security)
NRW.BANK, public sector, on Polygon since July 2025.
Development bank of the German state of North Rhine-Westphalia; registrar Cashlink; leads Deutsche Bank, DZ BANK and DekaBank. Issued outside the ECB trials, on a normal commercial basis: one of the clearer cases of a public-sector issuer choosing a public Ethereum-family chain without a central-bank experiment wrapped around it.
In the record
13
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.
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.