Deployments · platform by Cashlink

KfW blockchain bonds (crypto securities under the eWpG)Updated 15 Oct 2026

KfW's series of bonds issued as German crypto securities, registered by Cashlink on the public Polygon blockchain rather than held at a securities depository. The first, EUR 100 million in July 2024, was billed as the first syndicated crypto security in Germany. A EUR 50 million three-month bond followed in August 2024 and settled in central bank money through the Bundesbank's Trigger Solution during the ECB trials. A third, EUR 100 million due December 2027, came in June 2026; in September 2026 its register moved from Cashlink on Polygon to DekaBank on SWIAT. The first two bonds have matured.

Live (limited) since Jul 2024^[1]i — Repeated live issuance to a small group of German bank investors. · Reviewed 24d ago i

Assets

Debt security^[1]

KfW bearer bonds issued as crypto securities

Networks

Polygon Public, permissionless^[1]

The second bond's chain is not named in the opened sources; the third starts on Polygon with a planned move to SWIAT.

SWIAT Private, permissioned^[6][4]

The third bond's register moved from Polygon to SWIAT on 23 September 2026.

Use cases i

Primary issuance^[1]Delivery versus payment (DvP)^[3]Asset servicing^[6]

Jurisdictions

Germany

Participants

• KfWIssuer^[1]Germany
• CashlinkPlatform provider, Transfer agent or registrar, Technology provider^[3][6]Germany
• Deutsche BankArranger or dealer, Distributor^[2]Germany
• DZ BANKArranger or dealer, Distributor, Depositary or trustee, Investor^[3][4][6]Germany
• LBBWArranger or dealer, Distributor^[2][4]Germany
• Bankhaus MetzlerArranger or dealer, Distributor^[2][4]Germany
• DekaBankInvestor, Arranger or dealer, Distributor, Transfer agent or registrar^[4][6]Germany
• Union InvestmentInvestor^[4]Germany
• Boerse Stuttgart DigitalCustodian^[3]Germany
• Deutsche BundesbankCash leg provider^[3]Germany
• Hengeler MuellerLegal or professional adviser^[2]Germany

Operates under

• Electronic Securities Act (eWpG), GermanyGermany · Primary legislation^[2]

Likely relevant regulation i

• Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014European Union
• EU DLT Pilot RegimeEuropean Union

Assets

• IssuesKfW EUR 100m 3.125% crypto security bond on Polygon, 2024^[1]
• IssuesKfW EUR 50m 3-month crypto security bond settled via the Trigger Solution, 2024^[3]
• IssuesKfW EUR 100m crypto security bond (third blockchain bond), 2026^[6]

Moves across networks

• viaBundesbank Trigger Solution^[3][5]August 2024 trial bond, and the third bond's payments in central bank money until Pontes takes over.

Metrics i

• over €150mCrypto security bonds issued · as of Aug 2024^[3]
  Sum of the EUR 100 million and EUR 50 million bonds. The June 2026 issue (EUR 100 million, due 7 December 2027) was disclosed later and is counted in the 2026-06 figure.
• €250mCrypto security bonds issued · as of Jun 2026^[6][3][1]
  EUR 100m (Jul 2024) + EUR 50m (Aug 2024) + EUR 100m (Jun 2026); two of the three have matured.
• €100mCrypto security bonds outstanding · as of Sep 2026^[6]
  Only the third bond remains outstanding.
• 3 issuesCrypto security bond issues · as of Jul 2026^[5]

Timeline

1. Expected Dec 2026 (month only) · Scope expansion · recorded 15 Oct 2026
   KfW plans to pay the third bond's December coupon in central bank money through the Eurosystem's Pontes, its first use of Pontes.^[6]
2. Expected Nov 2026 (month only) · Scope expansion · recorded 11 Oct 2026
   KfW plans to switch the third bond's registrar from Cashlink to DekaBank and its ledger from Polygon to SWIAT during the bond's life.^[4]
3. Happened 23 Sep 2026 · Scope expansion · recorded 15 Oct 2026
   DekaBank takes over as registrar of the third bond and the register moves from Polygon to SWIAT; new tokens are minted on SWIAT and the Polygon tokens deleted, with no effect on investors. This completes the switch planned for autumn 2026.^[6]
4. Happened Jun 2026 (month only) · Production milestone · recorded 11 Oct 2026
   KfW issues its third crypto security, with payments in central bank money first via the Trigger Solution and later via Pontes.^[5]
5. Happened 10 Dec 2025 · Production milestone · recorded 15 Oct 2026
   The first crypto security bond (EUR 100 million, July 2024) reaches its scheduled maturity.^[1]
6. Happened 28 Nov 2024 · Production milestone · recorded 11 Oct 2026
   The trial bond is redeemed at maturity.^[3]
7. Happened 28 Aug 2024 · Production milestone · recorded 11 Oct 2026
   A EUR 50 million three-month bond settles in central bank money through the Bundesbank Trigger Solution in the ECB trials; investors are DekaBank, DZ BANK and Union Investment.^[3]
8. Happened 4 Jul 2024 · Launch · recorded 11 Oct 2026
   KfW issues a EUR 100 million 3.125% crypto security on Polygon maturing December 2025, with Deutsche Bank, DZ BANK, LBBW and Metzler as bookrunners.^[1]

Sources i