Tokenized Bond Tracker
The Tokenized Bond Tracker monitors digital bond issuances on SIX Digital Exchange (SDX) and other Swiss DLT trading facilities, with particular focus on bonds settled using wholesale CBDC through Project Helvetia. Data is sourced from SDX transaction records, SNB publications, and issuer announcements.
Cumulative Issuance
Total digital bonds settled using wholesale CBDC on SDX exceed CHF 750 million since December 2023 (the launch of Project Helvetia Phase 3). This figure encompasses six bond issuances from a mix of sovereign, supranational, municipal, and cantonal issuers — demonstrating breadth of institutional adoption beyond a single pilot transaction.
Major Issuances
| Date | Issuer | Amount | Settlement | Significance |
|---|---|---|---|---|
| May 2024 | World Bank | CHF 200M | Wholesale CBDC | First CHF digital bond by international issuer |
| Early 2024 | City of Lugano | CHF 100M | Wholesale CBDC | First municipal digital bond settled exclusively in CBDC |
| 2024 | SNB | CHF 64M | SDX DLT | First central bank monetary policy operations on DLT |
| Dec 2023 | Pilot launch | Multiple | Wholesale CBDC | Phase 3 operational beginning |
Settlement Infrastructure
All tracked bonds use delivery-versus-payment (DvP) settlement on SDX’s distributed ledger. The wholesale CBDC (digital Swiss francs issued by the SNB) provides the payment leg, while the tokenized bond provides the securities leg. Settlement is atomic and instant — both legs transfer simultaneously with zero settlement risk.
The participating banks in Project Helvetia III — Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS, and Zurcher Kantonalbank — provide liquidity and market-making for tokenized bond markets. The SNB’s extension of Helvetia III through mid-2027 ensures continued wholesale CBDC availability for settlement.
Pipeline and Projections
The Citi partnership announced in 2025 — under which Citi joins SDX as custodian and tokenization agent for pre-IPO shares — signals expansion of tokenized securities beyond bonds into equity markets. BX Digital, approved by FINMA in 2025, plans to list over 100 tokenized US stocks and ETFs, potentially expanding the total tokenized securities market on Swiss infrastructure.
For the DLT Act framework enabling these issuances, see our regulatory analysis. For FINMA token classification of tokenized bonds (asset tokens), see our classification coverage. For the CMTA standards used for compliant issuance, see our entity profile. For DAO governance perspectives on tokenized securities governance, explore our governance section. Premium subscribers receive deal-level analysis and pipeline intelligence.