Frontier AdoptionEvidence-graded tracking of what's actually live

Deployments · Digital Asset Canton applications · platform by Digital Asset

MUFG on-chain Japanese government bond repo (Canton)Updated 8 Nov 2026

Four MUFG group companies, with Digital Asset, Progmat and Secured Finance, are starting a proof of concept for JGB repo on the Canton Network. One track links the JGB book-entry register to the ledger for DvP against digital money (tokenised deposits or stablecoins are under consideration). The other runs the whole repo lifecycle through a smart-contract lending protocol. It is part of the Japan FSA's Payment Innovation Project.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Announced since 13 Aug 2026[1] — Proof of concept launched as a collaboration in August 2026; no test transactions reported yet, so the weaker status is used. · Reviewed today

Assets
Debt securityUndisclosed[1]
JGBs kept as book-entry bonds with the register synchronised to the ledger
[1]
Tokenised deposits or stablecoins considered for the cash leg
Networks
Canton Network Public, permissioned[1]
Use cases
Repo[1]Intraday repo[1]Delivery versus payment (DvP)[1]
Jurisdictions
Japan

Participants

Timeline

  1. Expected 22 Oct 2026 · Scope expansion · recorded 8 Nov 2026
    Progmat's Digital Asset Co-Creation Consortium publishes the working group's interim report (register the existing book-entry JGBs on a ledger rather than reissue them) and plans to move to a "Live Verification Phase" sandbox on Canton, linked to several repo and collateral platforms, with real-device testing to begin in November 2026.[5]
  2. Happened 13 Aug 2026 · Announcement · recorded 11 Oct 2026
    MUFG group companies announce the JGB repo proof of concept with Digital Asset, Progmat and Secured Finance.[1][2]

Sources

  1. [1]Announcement of the Launch of a Proof-of-Concept for On-Chain Japanese Government Bond Repo Transactions — MUFG, 13 Aug 2026. Accessed 11 Oct 2026.B
  2. [2]Announcement of the Launch of a Proof-of-Concept for On-Chain Japanese Government Bond Repo Transactions — Mitsubishi UFJ Financial Group, 13 Aug 2026. Accessed 14 Oct 2026.B
  3. [3]Secured Finance provides lending protocol for Mitsubishi UFJ Trust and Banking's proof of concept bringing Japanese government bond (JGB) repo transactions on-chain — Secured Finance AG (PR TIMES), 13 Aug 2026. Accessed 14 Oct 2026. In Japanese; our summary is translated.B
  4. [4]Canton Network Powers MUFG's New JGB Repo Pilot — UseTheBitcoin, 30 Sep 2026. Accessed 7 Nov 2026.C
  5. [5]Tokenization of Government Bonds to Undergo 'Economic Rationality' Testing with Real Devices: Insights from Progmat's Saito — CoinPost (via iolite), 22 Oct 2026. Accessed 8 Nov 2026.C

Spotted something out of date or missing? Suggest a correction, ideally with a source.