Which governments, cities and public agencies have issued digital or tokenized bonds?
34 digital bonds from 15 public issuers in our data, 20 still outstanding: Canton of Basel-Stadt; Canton of Zurich; City of Lugano; City of St. Gallen; European Investment Bank; Grand Duchy of Luxembourg; Grand Duchy of Luxembourg (State Treasury); HKSAR Government; KfW DLT I 12/2025; KfW DLT II 11/2024; Ministry of Finance, Public Debt Management Office; Export Development Canada; KfW; Republic of Slovenia; Republic of the Philippines (Bureau of the Treasury). All were placed with institutions; the bond, its credit and its rating are those of the issuer — the ledger changes how it is registered and settled, not what it is.
Public issuers were among the first to put real bonds on distributed ledgers: the European Investment Bank in 2021, Swiss cities on SIX Digital Exchange, Hong Kong’s government with three rounds of multi-currency green bonds, Luxembourg with a benchmark on Clearstream’s D7. These are ordinary bonds in law — same credit, same rating — whose register or settlement runs on a ledger. They are sold to institutions, so a retail investor reaches them, if at all, through a bank. Matured issues are kept and marked, because for most of them this is the only public record of the terms.
Figures from our live dataset · data as of 2026-10-16 · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| CH1265890678 1.3 Bond 23-27 Kt. BS | Canton of Basel-Stadt | 1.30% (register description; BKB result notice) | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1306117073 1.45 Kt ZH 23-34 | Canton of Zurich | 1.45% | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1433241267 0.6125 StLug 32 | City of Lugano | 0.6125% (final rate) | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1562934682 0.95 St. LUG 26-36 | City of Lugano | 0.95% (final rate) | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1462229902 0.9525 Lug 35 TOK | City of Lugano | 0.9525% (register description) | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1392903543 1.0 St. LUG 24-33 | City of Lugano | 1.00% | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1319968462 1.415 St. LU 24-34 | City of Lugano | 1.415% | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1232107172 1.625 St. LU 23-29 | City of Lugano | 1.625% (register description) | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| CH1331113444 1.25 St SG 27 | City of St. Gallen | 1.25% | CHF 5,000 | Not stated | SDX DLT (private permissioned ledger, SIX Digital Exchange CSD) |
| EIB-DIGI-2024-EUR-HSBC EUR 100m 3-year fixed rate digital bond (Eurosystem exploratory work) | European Investment Bank | fixed rate | — | Not stated | HSBC Orion (private) with DL3S settlement |
| EIB-DIGI-2024-EUR-GOLDMA EUR 100m 5-year fixed rate digital bond (Eurosystem exploratory work) | European Investment Bank | fixed rate | — | Not stated | GS DAP with DL3S settlement |
| LU-DLT-BENCH-2036 Grand Duchy of Luxembourg — Luxembourg 3.70% 10-year DLT-native sovereign benchmark bond | Grand Duchy of Luxembourg | 3.7% coupon | — | Not stated | Issued through LuxCSD on Clearstream's D7 DLT platform; Spuerkeess lead manager |
| LU-DLT-2036-EUR Grand Duchy of Luxembourg EUR 1.7bn 3.70% DLT-native sovereign bond 2036 | Grand Duchy of Luxembourg (State Treasury) | 3.70% | — | Not stated | Clearstream D7 DLT |
| HKGB-DIGI-2025-EUR HKSAR Government — Digital Green Bond 2025 (EUR 4-year tranche) | HKSAR Government | 2.512% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2025-HKD HKSAR Government — Digital Green Bond 2025 (HKD 2-year tranche) | HKSAR Government | 2.5% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2025-RMB HKSAR Government — Digital Green Bond 2025 (RMB 5-year tranche) | HKSAR Government | 1.9% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2025-USD HKSAR Government — Digital Green Bond 2025 (USD 3-year tranche) | HKSAR Government | 3.633% coupon | — | Not stated | HSBC Orion |
| DE000A383BJ9 KfW DLT I 12/2025 | KfW DLT I 12/2025 | Coupon not stated on chain | — | Not stated | Polygon |
| DE000A383P06 KfW DLT II 11/2024 | KfW DLT II 11/2024 | Coupon not stated on chain | — | Not stated | Polygon |
| TH-GTOKEN-2025 Thailand G-Token (government investment token) | Ministry of Finance, Public Debt Management Office | Not stated by the source | — | Not stated | — |
| EIB-DIGI-2021-EUR-SGFORG EIB EUR 100m 0% 2-year digital bond (2021) | European Investment Bank | 0.000% annual | — | Not stated | Ethereum (public) |
| EIB-DIGI-2026-EUR-CLEARS EUR 77.5m DLT-native commercial paper (10 business days) | European Investment Bank | Not stated by the source | — | Not stated | Clearstream D7 (DLT-native) |
| EIB-DIGI-2023-GBP-HSBC GBP 50m SONIA+0.12% digital bond 2025 | European Investment Bank | Compounded SONIA Index + 0.12%, quarterly | — | Not stated | Private permissioned (HSBC Orion) + public mirror |
| EIB-DIGI-2022-EUR-GOLDMA Project Venus EUR 100m 2.507% digital bond 2024 | European Investment Bank | 2.507% annual | — | Not stated | Private blockchain (GS DAP) |
| EIB-DIGI-2023-SEK-SOBOND SEK 1bn digital Climate Awareness Bond (2-year) | European Investment Bank | fixed rate | — | Not stated | PoCR Network (public permissioned) |
| CA-EDC-SAMARA-2026 Export Development Canada — EDC tokenized bond (Project Samara) | Export Development Canada | Coupon not stated | — | Not stated | Samara Platform (Hyperledger Fabric |
| HKGB-DIGI-2024-EUR HKSAR Government — Digital Green Bond 2024 (EUR tranche) | HKSAR Government | 3.647% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2024-HKD HKSAR Government — Digital Green Bond 2024 (HKD tranche) | HKSAR Government | 3.8% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2024-RMB HKSAR Government — Digital Green Bond 2024 (RMB tranche) | HKSAR Government | 2.9% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2024-USD HKSAR Government — Digital Green Bond 2024 (USD tranche) | HKSAR Government | 4.749% coupon | — | Not stated | HSBC Orion |
| HKGB-DIGI-2023 HKSAR Government — Tokenised Green Bond 2023 | HKSAR Government | 4.05% coupon | — | Not stated | Goldman Sachs GS DAP (private blockchain) |
| DE-KFW-D7-2024 KfW EUR 20m 2.381% first electronic security on D7 (2022-2024) | KfW | 2.381% | — | Not stated | Clearstream D7 |
| SI-DIGI-2024-EUR EUR 30m 3.65% inaugural digital bond 2024 | Republic of Slovenia | 3.65% | — | Not stated | Canton (Daml), settled in wholesale CBDC via DL3S |
| PH-TOKBOND-2023 Republic of the Philippines (Bureau of the Treasury) — Tokenized Treasury Bonds 2023 | Republic of the Philippines (Bureau of the Treasury) | Coupon not stated | — | Not stated | Tokenized issue of the Bureau of the Treasury |
More questions
Can I buy a tokenized government bond as a private investor?
Usually not directly. These issues are placed with banks and institutional investors and held in their custody. A private investor reaches them through a bank or broker that holds them, like any other bond — or gets similar exposure through a tokenized money market or treasury fund.
Is a digital bond riskier than a normal one?
The credit risk is the same — it is the same issuer’s debt. What is new is operational: the ledger, the platform operator and the settlement arrangement. Issuers keep that risk small by using regulated platforms such as SIX Digital Exchange, Clearstream D7, HSBC Orion or Euroclear.
Which of them can I buy without KYC?
None of them is stated as buyable without KYC.
Are these yields fixed?
None is stated as fixed. The figures on this page were last checked between 2026-10-15T10:00:00.000Z and 2026-10-16T16:00:00.000Z.