Live coverage · 313 instruments tracked
The tokenized instrument market, under observation.
Last refreshed
08 Aug 2026 · 10:03 CET
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The servicing gap · Global
€634M
of instruments carry recurring obligations, coupons, redemptions and register upkeep, with no identifiable servicing arrangement.
Instruments affected
32
Share of tracked notional
6%
Instruments tracked
313
Total notional
€11.2B
Jurisdictions covered
10
Size disclosed
43 of 313
Observed on-chain
13 of 313
Notional covers disclosed sizes only - the gap is a floor, not a ceiling.
On-chain observed·Curated / registry·Notional in source currency
Insights
What the market looks like today
Notional by jurisdiction
Where the tracked market sits
US
€6.83B
KY
€1.89B
DE
€768M
LU
€516M
VG
€403M
CH
€400M
FR
€355M
IT
€35M
SI
€30M
Notional by asset type
Composition of tracked assets
treasury mmf
€6.79B
bond
€1.90B
structured note
€1.81B
fund share
€648M
other
€78M
minibond
€10M
Servicing gap · EU vs US
Share of notional with no servicing
European Union17%
€264M unserviced of €1.58B
United States4%
€245M unserviced of €6.83B
Servicing coverage varies sharply by jurisdiction and asset type.
The register
Tracked instruments
313 matches · 313 tracked
Counts track public-register visibility, not market size. Regimes with a mandatory register (e.g. Germany) surface every issuance, including many small ones; markets without one (e.g. the US) reveal only the largest funds — which lead by disclosed value.
| Instrument↕ | Type↕ | Jurisdiction↕ | Keeper↕ | Chain↕ | Size▼ | Coupon | Last event↕ | Servicing↕ |
|---|---|---|---|---|---|---|---|---|
BlackRock USD Institutional Digital Liquidity Fund BlackRock USD Institutional Digital Liquidity Fund Ltd. | treasury mmf | US US · US_SEC_TA | Securitize, LLC | Ethereum custom_erc20 | €2.47B | Coupon-bearing | - | Serviced |
USYC (Hashnote International Short Duration Yield Fund Ltd.) Circle International Bermuda Limited (token admin); fund: Hashnote Short Duration Yield Fund Ltd. | treasury mmf | Other KY · OFFSHORE | Circle International Bermuda Limited | Ethereum custom_erc20 | €1.89B | Coupon-bearing | - | Serviced |
Ondo U.S. Dollar Yield (USDY) Ondo USDY LLC | structured note | US US · OFFSHORE | Ondo Finance | Ethereum custom_erc20 | €1.80B | Coupon-bearing | - | Serviced |
Superstate Short Duration US Government Securities Fund (USTB) / Invesco Superstate Trust (investment manager Invesco from Q2 2026) | treasury mmf | US US · US_SEC_TA | Superstate Services LLC (registered transfer agent) | Ethereum custom_erc20 | €831M | Coupon-bearing | - | Serviced |
Franklin OnChain U.S. Government Money Fund (BENJI / FOBXX) Franklin Templeton (Franklin Advisers, Inc.) | treasury mmf | US US · US_SEC_TA | Franklin Templeton Investor Services, LLC (transfer & dividend-paying agent) | Stellar non_evm | €725M | Coupon-bearing | - | Serviced |
WisdomTree Treasury Money Market Digital Fund (WTGXX) WisdomTree Digital Trust | treasury mmf | US US · US_SEC_TA | WisdomTree Transfers, Inc. | Stellar non_evm | €657M | Coupon-bearing | - | Serviced |
UBS AG Digital Bond CHF 375m UBS AG | bond | CH CH · CH_DLT | SIX Digital Exchange (SDX) CSD | SDX unknown | €400M | Coupon-bearing | - | Serviced |
Securitize AAA CLO Tokenized Fund (STAC) Securitize AAA CLO Tokenized Fund, Ltd. | fund share | Other VG · US_SEC_TA | Securitize, LLC | solana:mainnet non_evm | €304M | Coupon-bearing | - | Serviced |
Siemens EUR 300m Digital Bond (2024) Siemens AG | bond | EU DE · DE_EWPG | DekaBank | SWIAT unknown | €300M | Coupon-bearing | - | Serviced |
Ondo Short-Term US Government Bond Fund (OUSG) Ondo I LP / Ondo Finance | fund share | US US · NONE | - | Ethereum custom_erc20 | €245M | Coupon-bearing | - | Servicing gap |
Spiko US T-Bills Money Market Fund (USTBL) Spiko SICAV | treasury mmf | Other LU · OFFSHORE | - | Ethereum custom_erc20 | €125M | Coupon-bearing | - | Servicing gap |
Berlin Hyp Blockchain Pfandbrief (EUR 100m Mortgage Bond) Berlin Hyp AG (LBBW group) | bond | EU DE · DE_EWPG | DekaBank | SWIAT unknown | €100M | Coupon-bearing | - | Serviced |
Caisse des Dépôts Digitally Native Note (EUR 100m, 3.33%, 2034) Caisse des Dépôts et Consignations (CDC) | bond | EU FR · FR_DEEP | Euroclear (D-FMI) | private:euroclear-dfmi unknown | €100M | Coupon-bearing | - | Serviced |
European Investment Bank EUR 100m Digital Bond (Nov 2024, HSBC Orion) European Investment Bank (EIB) | bond | EU LU · LU_CSSF | HSBC Continental Europe (HSBC Orion account keeper) | HSBC Orion unknown | €100M | Coupon-bearing | - | Servicing gap |
EIB Inaugural Digital Bond (2021, Ethereum) European Investment Bank (EIB) | bond | EU FR · FR_DEEP | Société Générale-FORGE (registrar/fiscal/settlement agent) | Ethereum unknown | €100M | Coupon-bearing | - | Serviced |
EIB Project Venus Digital Bond (EUR 100m, 2.507%) European Investment Bank | bond | EU LU · LU_CSSF | Goldman Sachs Bank Europe SE (GS DAP account keeper) | Goldman Sachs DAP unknown | €100M | Coupon-bearing | - | Servicing gap |
KfW First Blockchain Digital Bond (July 2024) KfW | bond | EU DE · DE_EWPG | Cashlink Technologies GmbH | Polygon PoS unknown | €100M | Coupon-bearing | - | Serviced |
KfW Third Blockchain Digital Bond (June 2026) KfW | bond | EU DE · DE_EWPG | Cashlink Technologies GmbH (transitioning to DekaBank mid-term) | SWIAT unknown | €100M | Coupon-bearing | - | Serviced |
NRW.BANK First Digital Bond (Crypto Security) NRW.BANK | bond | EU DE · DE_EWPG | Cashlink Technologies GmbH | Polygon PoS unknown | €100M | Coupon-bearing | - | Serviced |
Societe Generale SFH OFH Covered Bond EUR 100m (2019) Societe Generale SFH | bond | EU FR · FR_DEEP | Société Générale-FORGE (DEEP operator, self-registered) | Ethereum unknown | €100M | Coupon-bearing | - | Serviced |
Apollo Diversified Credit Securitize Fund (ACRED) Apollo (feeder into Apollo Diversified Credit Fund) via Securitize | fund share | US US · US_SEC_TA | Securitize Markets, LLC | Ethereum custom_erc20 | €99M | Coupon-bearing | - | Serviced |
OpenEden T-Bills (TBILL) Treasury Bills Institutional Liquidity Limited (OpenEden) | treasury mmf | Other VG · OFFSHORE | OpenEden (underlying managed/custodied by BNY) | Ethereum custom_erc20 | €99M | Coupon-bearing | - | Serviced |
EIB EUR 77.5m DLT-native Euro Commercial Paper European Investment Bank | other | EU LU · UNKNOWN | Citi (issuing & paying agent) | private:clearstream-d7 unknown | €78M | - | - | Serviced |
Siemens EUR 60m Digital Bond (2023) Siemens AG | bond | EU DE · DE_EWPG | Hauck Aufhäuser Lampe Privatbank AG | Polygon PoS unknown | €60M | Coupon-bearing | - | Servicing gap |
European Investment Bank GBP 50m Digital Bond (2023) European Investment Bank (EIB) | bond | EU LU · LU_CSSF | HSBC Continental Europe (HSBC Orion, central account keeper & principal paying agent) | HSBC Orion unknown | €58M | Coupon-bearing | - | Serviced |
Grand Duchy of Luxembourg Digital Treasury Certificates (EUR 50m) Grand Duchy of Luxembourg (State Treasury) | bond | EU LU · LU_CSSF | HSBC (HSBC Orion account keeper) | HSBC Orion unknown | €50M | Coupon-bearing | - | Serviced |
Societe Generale SFH OFH Covered Bond EUR 40m (2020, CBDC settlement) Societe Generale SFH | bond | EU FR · FR_DEEP | Société Générale-FORGE (DEEP operator, self-registered) | Ethereum unknown | €40M | Coupon-bearing | - | Serviced |
Republic of Slovenia Digital Bond (EUR 30m, 3.65%) Republic of Slovenia | bond | EU SI · UNKNOWN | BNP Paribas Neobonds | private:neobonds-canton non_evm | €30M | Coupon-bearing | - | Serviced |
Cassa Depositi e Prestiti EUR 25m Digital Bond Cassa Depositi e Prestiti S.p.A. (CDP) | bond | EU IT · IT_CONSOB | Cassa Depositi e Prestiti S.p.A. (self, Consob responsabile del registro) | Polygon PoS custom_erc20 | €25M | Coupon-bearing | - | Serviced |
Societe Generale Digital Green Bond EUR 10m Societe Generale (via SG-FORGE) | bond | EU FR · FR_DEEP | Société Générale-FORGE (DEEP operator, self-registered) | Ethereum custom_erc20 | €10M | Coupon-bearing | - | Serviced |
City of Quincy, MA Municipal Bond (blockchain-issued) City of Quincy, Massachusetts | bond | US US · UNKNOWN | J.P. Morgan Onyx / Kinexys | private:jpm-onyx unknown | €9M | Coupon-bearing | - | Serviced |
IDB First GBP Digital Bond (£5m, 15-month) Inter-American Development Bank | bond | EU LU · LU_CSSF | HSBC (HSBC Orion account keeper & custodian) | HSBC Orion unknown | €6M | Coupon-bearing | - | Serviced |
E4 Computer Engineering Tokenized Minibond E4 Computer Engineering S.p.A. | minibond | EU IT · IT_CONSOB | Weltix S.p.A. | Polygon PoS custom_erc20 | €5M | - | - | Unknown |
Société Générale Autocall EMTN (structured product security token) Société Générale | structured note | EU FR · FR_DEEP | Société Générale-FORGE | tezos:NetXdQprcVkpaWU non_evm | €5M | Coupon-bearing | - | Serviced |
Union S.p.A. Società Benefit Tokenized Minibond Union S.p.A. Società Benefit | minibond | EU IT · IT_CONSOB | Weltix S.p.A. | Polygon PoS unknown | €5M | - | - | Unknown |
EUR 2.200.000,00 8,05% Anleihe 2025 - 2028. Blackvolt Asset Holding GmbH | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €2M | Coupon-bearing | - | Servicing gap |
EUR 2.100.000,00 8,05% Anleihe 2025 - 2028. der Blackvolt Asset Holding GmbH Blackvolt Asset Holding GmbH | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €2M | Coupon-bearing | - | Servicing gap |
EUR 1,000,000 ShowHeroes SE Bonds 31/03/2025 No. 2 ShowHeroes SE | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €1M | - | - | Unknown |
EUR 1,000,000 ShowHeroes SE Bonds ShowHeroes SE | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €1M | - | - | Unknown |
USD 600,000 Finn App Pte. Ltd. Bonds (Fifth Bond) FINN APP Pte. Ltd. | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €1M | - | - | Unknown |
USD 600,000 Finn App Pte. Ltd. Bonds FINN APP Pte. Ltd. | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €1M | - | - | Unknown |
USD 300,000 Finn App Pte. Ltd. Bonds FINN APP Pte. Ltd. | bond | EU DE · DE_EWPG | E-SEC GmbH | - unknown | €0M | - | - | Unknown |
EIB Digital Climate Awareness Bond (SEK 1bn, 3.638%) European Investment Bank | bond | EU LU · LU_CSSF | Crédit Agricole CIB (account keeper); CACEIS (paying agent) | private:sobond unknown | - | Coupon-bearing | - | Serviced |
Amundi Funds Cash EUR — J28 EUR DLT (C) Amundi Funds | treasury mmf | EU LU · LU_CSSF | CACEIS (transfer & tokenisation agent) | Ethereum unknown | undisclosed | - | - | Serviced |
QiQ 1 - Geldzins QimiQ Handels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
QiQ 2 - Sachzins QimiQ Handels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
LEM Lemberona Handels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
ZGE2 – Sachzins Zlaim Gütl Errichtungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
ZGE1 – Geldzins Zlaim Gütl Errichtungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SPG2024 Super Power Generation GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SK5Jcash SK Rapid GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SKR5JGS SK Rapid GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SKR10Jcash SK Rapid GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SKR10JGS SK Rapid GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SPLFY1 LFY Institute GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
SPADO1 ado New Media GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
ZGE2 1 – Geldzins Zlaim Gütl Errichtungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
ZGE2 2 – Sachzins Zlaim Gütl Errichtungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
SPTNG1 The Natural Gem GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
TRU2024GZ Trumer Bier GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
TRU2024SZ Trumer Bier GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
AEI2024 AustriaEnergy International GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
Buch2024 SAVAARA FlexCo | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
Soluto2024 SOLUTO Vertriebs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
Roomz2025 Roomz Hotelmanagement GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
Roomz25GS Roomz Hotelmanagement GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
MyGym2025 My Gym Verwaltungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
MyGym25GZ My Gym Verwaltungs GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
HAK HAKUMA Handels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
UKOGZ UKO Microshops AG | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
UKOSZ UKO Microshops AG | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
QUS sanSirro GmbH QUS- sanSirro GmbH | other | EU DE · DE_EWPG | - | - unknown | undisclosed | - | - | Unknown |
FMLX GZ Mayer family hotels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
FMLX SZ Mayer family hotels GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
TRU25 Trumer Bier GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
AZ RAIF I Tokenized Units (Azimut) AZ RAIF I (Azimut) | fund share | EU LU · UNKNOWN | BNP Paribas Securities Services | private:allfunds-blockchain unknown | undisclosed | - | - | Serviced |
Backed IB01 $ Treasury Bond 0-1yr (bIB01) Backed Assets (JE) Limited | structured note | Other JE · OFFSHORE | - | Ethereum custom_erc20 | undisclosed | Coupon-bearing | - | Servicing gap |
Backed xStocks (tokenized equity program) Backed Assets (JE) Limited | structured note | Other JE · OFFSHORE | - | solana:mainnet non_evm | undisclosed | Coupon-bearing | - | Servicing gap |
BNP Paribas AM Natively Tokenised MMF Share Class (Allfunds) BNP Paribas Asset Management | treasury mmf | EU LU · LU_CSSF | BNP Paribas Securities Services (transfer agent) | private:allfunds-blockchain unknown | undisclosed | - | - | Serviced |
rent2buy Wandelanleihe rent2buy AG | bond | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
IQ fairprofit 23/31 IQ fairprofit AG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE1 German Real Estate Token 1 GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
Reederei Kapitän Prüsse GmbH & Co. KG Schuldverschreibung 2023 Reederei Kapitän Prüsse GmbH & Co. KG | bond | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
KF1 KF Immo GmbH & Co. KG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE3 GINCAP-Bestand 1 GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE4 ETEON GROUP AG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
BURG Burgschneider GmbH | other | EU DE · DE_EWPG | Smart Registry GmbH | - unknown | undisclosed | - | - | Unknown |
GRE7 Teichelmann - Vermögensverwaltung GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE9 BlackReal. Grethen - Projekt GmbH & Co. KG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE10 Erich-Köhn-54 Projekt GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE6 R&R Heinrich-Budde-Strasse - Leipzig GmbH & Co. KG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE8 EMIRATES Investment GmbH (ehemals EMAAR Investment GmbH) | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
ATTRICHTER#03 arttrade custody 001 UG | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
Immotoken Serie A Eterna Real Estate – Tokenized Investments GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
GRE2 Welcome Home MG GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
19,47 % Unternehmensanleihe 2022 / 2023 HCC Rheinhausen GmbH | bond | EU DE · DE_EWPG | Gesellschaft für Kryptoregisterführung mbH (GfK) | - unknown | undisclosed | Coupon-bearing | - | Servicing gap |
14,00 % Unternehmensanleihe 2023 / 2024 Consus GmbH | bond | EU DE · DE_EWPG | Gesellschaft für Kryptoregisterführung mbH (GfK) | - unknown | undisclosed | Coupon-bearing | - | Servicing gap |
ATTRICHTER#04 arttrade custody 002 UG (haftungsbeschränkt) | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
Conservation Forest Canada Tier 1 Ridge Invest ONE GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
Ridge Vineyards Azores Islands Ridge Invest TWO GmbH | other | EU DE · DE_EWPG | Cashlink Technologies GmbH | - unknown | undisclosed | - | - | Unknown |
Row → open full instrument record. Sort any column. Provenance marker: ● on-chain observed · ○ curated / registry.
€11.2B
across the 43 of 313 instruments that disclose a size · native amounts · ECB rates 2026-08-28
of disclosed notional · 6% unserviced
This market needs infrastructure.
We build it.
One engine, delivered in phases. Servicing runs today; collateral and credit build on the same rails.
01Now
Servicing
Registers, coupons, redemptions and audit-ready reporting.
→
02Next
Collateral
Vaults, LTV tracking and enforcement workflows.
→
03Next
Credit
Permissioned lending across licensed partners.