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The Settlement Clock Behind a 24/7 Token

Pontes connects tokenised wholesale transactions with central bank money, but a settlement process still has a calendar, a cash leg and defined completion points. Its published pilot design makes the distinction concrete: technical access to a token and the ability to complete the intended exchange are different operational questions.

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The Bond Was Already Digital: What India’s First Tokenised Bond Actually Changes

REC’s ₹500 crore issuance under India’s regulatory sandbox is the country’s first tokenised corporate bond, but the underlying bond market was already dematerialised. The important change is therefore not that a paper bond became digital. Demat 2.0 moves the securities record onto distributed-ledger infrastructure while the RBI’s wholesale CBDC provides a digital cash leg, allowing atomic delivery-versus-payment and same-day pay-in, allotment and listing. The experiment exposes a broader...

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