Maturity matrix

Which assets are being used for what, and how far each combination has got. Each cell takes the colour of its most mature deployment; the number is how many deployments sit there. Empty cells are gaps nobody has evidenced yet.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)160 of 368 combinations evidenced

Rows

Use cases

Legal form ↓ · Use case →	Repo	Intraday repo	Term repo	Collateral mobility	CCP margin	Securities lending	Secured lending	Delivery versus payment (DvP)	Delivery versus delivery (DvD)	Payments	Cross-border payments	Domestic payments	Programmable payments	Card settlement	Merchant payments	Payouts	FX settlement	Investment and trading	Fund subscription and redemption	Secondary trading	Treasury management	Primary issuance	Asset servicing
Debt security	7	4	1	6	1	2	1	33	1	3		2	1				1	12	1	11	3	50	8
Structured note	1							3										9	1	8		7
Fund interest	2			12	1	1	1	3	1	2	1		1					57	55	9	4	41	4
Pool share							2											1
Equity	3	1		3	1	2		3	1									7		7		8	2
Derivative																		2	1	1		1
Tokenised money	5	4		8	2		1	33		103	49	25	15	3	15	6	9	12	4	7	16	78
Central-bank money								10		15	6	12	4		6	2	3	3		3		9
Wholesale central-bank money								10		7	3	4	1		1		3	3		3		9
Retail central-bank money								1		8	2	8	3		4	2						1
Bank deposit	2	2		4	2		1	12		21	14	6	9		1		4	4	2	1	9	6
Stablecoin	4	3		5				15		70	30	8	3	3	9	4	3	7	2	5	7	67
Commodity title				3														7
Loan interest							1											1		1			1
Beneficial interest				2				1										5	2	4		2	2
Other claim							1			1					1			1		1		6	1

What the use cases mean

Repo: Repurchase agreements of any tenor.
Intraday repo: Repo opened and closed within the same day, often timed to the hour or minute, to manage intraday liquidity.
Term repo: Repo lasting overnight or longer, with a fixed maturity date.
Collateral mobility: Pledging or transferring assets as collateral, including margin.
CCP margin: Tokenised cash or securities posted as margin to a central counterparty.
Securities lending: Lending securities against collateral, with the loan and its collateral recorded on a ledger.
Secured lending: Lending money or stablecoins against pledged collateral (loans, fund tokens or other assets), with the loan or the pledge recorded on a ledger, e.g. on-chain lending pools and lending markets that take tokenised assets as collateral. Moving or posting collateral without a loan is collateral mobility; lending securities is securities lending.
Delivery versus payment (DvP): Asset and cash legs settle together; atomic where on one ledger.
Delivery versus delivery (DvD): Two assets exchanged so that each moves only if the other does, with neither leg in cash.
Payments: Moving money between parties over a ledger, in stablecoins, deposit tokens or wholesale central-bank money. Covers the payment types below; used on its own where a source shows payments without saying which kind.
Cross-border payments: Moving money between jurisdictions or currencies over a ledger rather than through correspondent banking chains.
Domestic payments: Payments between parties in the same country and currency over a ledger, often around the clock, e.g. transfers between corporate clients' deposit-token accounts.
Programmable payments: Payments that execute or release automatically when coded conditions are met, e.g. escrow-style locked funds or rule-based treasury sweeps.
Card settlement: Settling card-network obligations between the network, card issuers and acquirers on a ledger, e.g. in stablecoins instead of bank wires.
Merchant payments: Businesses accepting payment from customers at checkout or by invoice in tokens such as stablecoins.
Payouts: Businesses or platforms paying out to recipients (workers, sellers, creators, agents) in tokens such as stablecoins.
FX settlement: Settling both currency legs of a foreign exchange trade together on a ledger.
Investment and trading: Buying, holding, trading and redeeming tokenised exposure to an asset (fund units, shares, bonds, commodities such as gold). Used on its own where a source shows investors holding and trading a token without a more specific activity below.
Fund subscription and redemption: Investors buying into or cashing out of a fund, with the fund units issued or cancelled on a ledger.
Secondary trading: Buying and selling tokenised securities on a trading venue, exchange order book or on-chain market after issuance.
Treasury management: Moving liquidity between a company's own accounts or entities on a ledger, e.g. intra-group transfers with tokenised deposits.
Primary issuance: Raising money by creating a new asset on a ledger, such as issuing a bond, launching a fund or minting a stablecoin, and delivering it to the first buyers.
Asset servicing: What happens over an asset's life, such as coupon and dividend payments, corporate actions, record-keeping and redemption at maturity.

Parent rows and columns include their children, so a wholesale central-bank money deployment also counts under central-bank money. Click a cell to see its deployments.