Tokenization Platforms for Banks in 2026: Issuance, Custody and Settlement Compared

How we evaluated

We applied 6 criteria to every provider:

1. Layer: issuance, custody, network or settlement.
2. Deployment: on-premise, private cloud or SaaS, and who holds the keys.
3. Networks: public, permissioned and private chains.
4. Regulatory footprint: the provider's licences, and what stays with the bank.
5. Integration: APIs, custody connections and SLAs.
6. Track record: banks that have named the provider publicly, with dates.

Bitbond builds Token Tool and Offering Manager. We included our own products and applied the same criteria to every platform. Facts about other platforms come from their own public materials, linked in the sources, as of September 2026. Some facts come from regulators and news reports instead. For issuer-side platforms, see our buyer's guide to tokenization platforms.

What banks ask for that retail tools don't

• Deployment control. On-premise, private cloud or SaaS, and who holds the keys; custody vendors below differ on both.
• Permissioned chains. Taurus-CAPITAL lists Hyperledger Besu, Canton, RL1 and Swift's ledger [9]. Bitbond's enterprise license adds EVM-compatible private chains.
• API and SLA in the contract. Under DORA, applicable since January 17, 2025, an EU bank's ICT services contract must include the service level agreements, and services supporting critical or important functions need exit strategies [10].
• Audit and change control. Ask for independent assurance and approval workflows for minting and burning; Taurus lists ISAE 3402 Type II and ISO 27001 [11]. CertiK and AuditOne audited Bitbond's contract templates.
• Custody integration. Issuance software must plug into the bank's custody stack; Token Tool integrates with Fireblocks and Safe.
• The bank's own licences. In Germany, safekeeping clients' keys for crypto securities is qualified crypto custody under the KWG [12], and under MiCA an EU credit institution can offer crypto custody after notifying its supervisor [13]. Counsel confirms the scope; our eWpG guide covers the German framework.

Layer 1: Issuance and lifecycle software

Bitbond

Best for: banks that want no-code and API issuance software for security tokens on public chains or a private EVM chain.

Bitbond, founded in 2013 in Berlin, builds Token Tool for no-code token creation and management, and Offering Manager for primary offerings with KYC onboarding and multi-rail payments. It reports $1.2B+ assets tokenized, 7,000+ tokens deployed and 300+ offerings managed.

• Standards and chains: 11 public blockchains. ERC-1400 style security tokens with transfer restrictions and allowlisting run on the 8 EVM chains and Stellar, and enterprise plans add EVM-compatible private chains (ERC-1400 vs ERC-3643).
• Regulatory footprint: Bitbond issued BB1 in 2019, the first BaFin-approved security token bond. Custodian and registrar roles stay with the bank or its licensed partners.
• Notable deployments: customers include ABN AMRO and Raiffeisen Bank International. In early 2021 Vonovia issued a EUR 20M, 3-year registered bond (Namensschuldverschreibung) represented by security tokens on Stellar, privately placed via the firstwire platform with M.M. Warburg as investor; per Bitbond's case study, Bitbond provided the tokenization and digital asset custody tech stack and expertise (case study). Bitbond also worked with Bankhaus von der Heydt on the KlickOwn issuance.
• Consider it if: you want issuance software that plugs into your custody stack.
• Look elsewhere if: you need Canton or another non-EVM permissioned ledger, which Token Tool does not list.

Tokeny

Best for: banks and fund managers that want permissioned ERC-3643 tokens from the standard's creator.

Tokeny, based in Luxembourg, created ERC-3643 in 2018 and sells the T-REX Platform and T-REX Engine; Apex Group took a majority stake in May 2025 [14][15]. It reports $32 billion tokenized and 120+ customers (September 2026, per its site) [14].

• Standards and chains: ERC-3643 on private and public EVM chains [14].
• Regulatory footprint: a technology provider in Apex Group, with SOC 2 Type II compliance since March 2025 [14].
• Notable deployments: ABN AMRO's EUR 5 million green bond, issued as ERC-3643 tokens on Polygon (September 2023) [16].
• Consider it if: you want eligibility checks enforced in the token contract.
• Look elsewhere if: your network is not EVM-based [14].

Layer 2: Custody and key management with tokenization modules

Custody vendors sell software; the licence stays with the bank or a licensed custodian. Our custody guide compares more providers.

Taurus

Best for: banks that want custody and tokenization software inside their own infrastructure.

Taurus, a Swiss technology provider, sells Taurus-PROTECT (custody), Taurus-CAPITAL (tokenization) and Taurus-NETWORK (interbank settlement). Banks deploy it on-premise, managed or hybrid, with HSM or MPC keys, and remain custodian of record [11][17].

• Standards and chains: CMTAT, ERC-3643, ERC-1400, SPL, Stellar and Canton standards on 35+ chains, including Besu, Canton and RL1 [9].
• Regulatory footprint: a FINMA securities firm license for Taurus SA and a CySEC MiFID license for Taurus (Europe) Ltd [11].
• Notable deployments: Deutsche Bank (September 2023) and State Street (August 2024, subject to regulatory approval) [1][2]; ClearBank (January 2026) and KBC (March 2026) chose Taurus-PROTECT [18][19].
• Consider it if: keys and issuance must stay in house.
• Look elsewhere if: you want a hosted tool for one issuance [9].

Ripple Custody

Best for: banks that want to run self-custody for tokenized securities, stablecoins and crypto-assets.

Ripple Custody, formerly Metaco, which Ripple acquired in May 2023, is self-custody technology for transferring, settling and tokenizing digital assets, with MPC or HSM keys, on-premise or as cloud SaaS [20][21].

• Standards and chains: not listed on its product page [21]; SG-FORGE uses it for EUR CoinVertible on the XRP Ledger (February 2026) [22].
• Regulatory footprint: self-custody technology, so the bank remains the custodian [21].
• Notable deployments: DZ BANK (February 2023) [3], HSBC for tokenized securities custody (announced November 2023) [23], BBVA in Spain (September 2025) [4] and Kbank (April 2026) [24].
• Consider it if: you want in-house custody with a choice of key technology.
• Look elsewhere if: you need investor onboarding and offering workflows, which its product page does not describe [21].

Fireblocks

Best for: banks that want MPC wallets, a tokenization engine and counterparty connections on one hosted platform.

Fireblocks provides wallet and key management infrastructure and a tokenization engine for minting, burning and transfers under policy-based approvals [25]. It says it is trusted by 100+ banks (September 2026, per its site) and offers cloud, hybrid or key on-prem models [26].

• Standards and chains: pre-built or the bank's own contracts on 35+ chains, with Canton support since February 2026 [25][27].
• Regulatory footprint: its affiliate Fireblocks Trust Company is a qualified custodian regulated by the New York Department of Financial Services [28].
• Notable deployments: Banking Circle mints and burns its EURI stablecoin with the Fireblocks Tokenization Engine (case study, October 2025) [29]. Qivalis, announced by 12 banks including ING and UniCredit, plans to use Fireblocks, subject to authorisation by the Dutch central bank (April 2026) [5].
• Consider it if: you want a managed platform with policy controls.
• Look elsewhere if: the whole platform, not only the keys, must run in your own data center [26].

Licensed custodians in Germany. BaFin's database (data version September 28, 2026) shows qualified crypto custody and MiCA custody permissions for Tangany, Boerse Stuttgart Digital Custody, BitGo Europe, Crypto Finance (Deutschland) and Hauck Aufhäuser Digital Custody [30][31][32][33][34].

Layer 3: Networks and ledgers banks use

Canton Network (Digital Asset)

Best for: banks that need privacy between counterparties on a shared network used by DTCC and repo markets.

Digital Asset created Canton and its smart contract language, Daml, and describes Canton as a public blockchain with configurable privacy [35][36][37].

• Standards and chains: Daml on Canton; Taurus and Fireblocks support Canton assets [9][27].
• Regulatory footprint: DTC received an SEC no-action letter for the tokenization service it is building on Canton [38].
• Notable deployments: DTCC and Digital Asset agreed to tokenize DTC-custodied US Treasuries on Canton (December 2025), and BNP Paribas and Société Générale have tested transactions in that service (per Canton's site, September 2026) [38][39]. DTC then launched the service on October 28, 2026, on Canton and DTCC's private Besu chain, with 20 participants and 34 eligible securities at launch [56]. Broadridge's Distributed Ledger Repo, built on Canton, processed $7.4 trillion of repo in August 2026 [6][7], and Société Générale executed intraday repo on DLR in May 2023 [40].
• Consider it if: your counterparties use DTCC's service or Broadridge's repo platform.
• Look elsewhere if: your tooling is EVM-based, since Canton's native contract language is Daml [36].

RL1 (Regulated Layer One)

Best for: European banks that want a member-governed, private permissioned network for tokenized securities and money.

RL1, a Luxembourg-based European Cooperative Society, took over SWIAT's DLT network on July 28, 2026, with SWIAT as technology partner [41]. Its 10 founding institutions include DZ BANK, DekaBank, LBBW and Natixis CIB [41].

• Standards and chains: private and permissioned [42]; SWIAT describes its Layer 1 as EVM-compatible [43].
• Regulatory footprint: SWIAT GmbH has held BaFin crypto securities registrar permission since November 2025 [44].
• Notable deployments: SWIAT reports more than 50 transactions worth more than EUR 700m in 3 years of production (July 2026) [41]. On September 23, 2026, KfW moved the register of its EUR 100 million crypto security from Polygon to SWIAT, with DekaBank taking over as registrar [45].
• Consider it if: you want equal decision-making rights in the network [41].
• Look elsewhere if: you need distribution to wallets on public chains [42].

Shared ledgers. Swift's shared ledger, built on Besu, opened for initial use on July 9, 2026, with 17 banks including Citi, HSBC and UBS preparing to pilot tokenized deposit payments [46].

Layer 4: Settlement in tokenized deposits and central bank money

Kinexys by J.P. Morgan

Best for: banks and corporates that want 24/7 settlement in J.P. Morgan deposit money.

Kinexys is J.P. Morgan's blockchain business, which J.P. Morgan says averages more than $5 billion a day [47]. Its USD deposit token, JPM Coin (JPMD), opened to institutional clients on Base on November 12, 2025 [48].

• Standards and chains: Kinexys Digital Payments and a private Kinexys network [47]; JPMD on Base, with native issuance on Canton planned through 2026 [48][49].
• Regulatory footprint: JPMD is a digital representation of a J.P. Morgan bank deposit [48].
• Notable deployments: FirstRand Bank works with Kinexys Digital Payments on programmable and cross-border payments (2026 milestones) [47].
• Consider it if: you or your clients bank with J.P. Morgan.
• Look elsewhere if: you want to issue deposit tokens in your own name [48].

Deposit tokens at other banks. Citi Token Services is live in 7 markets after adding Japan and the UAE on September 28, 2026 [50], and HSBC's Tokenised Deposit Service expanded from Hong Kong to the United States in April 2026 [51].

Central bank money. The Eurosystem launched Pontes on September 21, 2026, linking market DLT platforms to TARGET Services to settle wholesale tokenized transactions in central bank money [8][52]. Deutsche Bank, Santander, Société Générale and KfW were among the first participants, and Cashlink, Clearstream and SWIAT among the first DLT operators [8]; DLT Pilot Regime settlement systems can also connect [52]. In BIS Project Agorá, with Kaleido as technology provider, 28 private institutions and central banks completed real-value transactions of about CHF 800,000 in July 2026 [53].

Comparison table

How to choose

• If you are issuing your own digital bond or fund token, shortlist Bitbond or Tokeny; our eWpG digital bond guide covers German crypto securities.
• If keys must stay in your own infrastructure, shortlist Taurus and Ripple Custody, or Fireblocks for a managed MPC platform.
• If your counterparties use DTCC's service or tokenized repo, look at Canton, including Broadridge DLR.
• If you are a European bank that wants a member-governed network, look at RL1.
• If you need 24/7 cash settlement, compare deposit token services such as Kinexys with Pontes for euro central bank money.

FAQ

What is the best tokenization platform for a bank?

There is no single best platform, because banks buy in layers: issuance software such as Bitbond or Tokeny, custody such as Taurus, Ripple Custody or Fireblocks, a network such as Canton or RL1, and a settlement asset such as tokenized deposits or euro central bank money through the Eurosystem's Pontes service.

Does a bank need a licence to hold tokenized securities in Germany?

It depends on its role. Safekeeping clients' private keys for crypto securities is qualified crypto custody, a licensed financial service under the German Banking Act (KWG), and keeping a crypto securities register needs its own licence [12]. Banks without them can use licensed custodians such as Tangany or BitGo Europe [30][32]. Counsel should confirm the scope.

Can a bank offer crypto custody under MiCA without a CASP licence?

Generally, yes. Under Article 60 of MiCA, an EU credit institution may provide crypto-asset services, including custody, after notifying its home supervisor at least 40 working days before it first provides them [13]. MiCA does not cover crypto-assets that qualify as financial instruments, so tokenized bonds typically stay under securities law [13].

Do banks use public or permissioned blockchains for tokenization?

Both. J.P. Morgan's JPM Coin deposit token runs on Base, SG-FORGE's euro stablecoin runs on Ethereum, Solana and the XRP Ledger, and ABN AMRO issued a green bond on Polygon [48][22][16]. Permissioned networks also carry volume: Broadridge's Canton-based repo platform processed $7.4 trillion in August 2026 [6].

How can tokenized securities settle in central bank money?

In the euro area, through Pontes, which the Eurosystem launched on September 21, 2026 to link market DLT platforms with TARGET Services [8][52]. KfW plans to use it for an interest payment in December 2026 [45]. The Swiss National Bank has provided wholesale CBDC on SDX since the end of 2023, with its Helvetia pilot running until at least June 2028 [54][55].

Building a tokenization stack for your bank? Bitbond's team has supported 300+ token offerings since issuing the first BaFin-approved security token bond in 2019. Talk to us about your structure, or try Token Tool on a testnet for free.

Sources

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