Tokenised Bonds
Tokenised bonds evaluated on what the token legally conveys in a default, who may legally buy it and where, the published exit route and whether any dated evidence shows a holder used it, and the all-in cost against buying the bond or the ETF directly.
17providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
29 September 2026oldest read · due 13 NovIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
Set your country and amount to see your costs ·
Your setup
What your country changes
Pick a country to see which tokenised bonds serve it. Nothing is hidden — any that does not is listed with that reason.- 🇺🇸 United States
- 🇨🇦 Canada
- 🇲🇽 Mexico
- 🇬🇧 United Kingdom
- 🇩🇪 Germany
- 🇫🇷 France
- 🇮🇹 Italy
- 🇪🇸 Spain
- 🇳🇱 Netherlands
- 🇨🇭 Switzerland
- 🇸🇪 Sweden
- 🇳🇴 Norway
This affects provider availability.
Requirements (0)
Preferences (0)
Preferences re-weight Fit for you, which needs your country.
More filters
Funding & access
7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: tokenised bonds for professional, qualified or institutional buyers looking for term debt in token form, compared on what the token conveys in a default, who may buy and the exit route.Not ranked here: cash equivalents such as sub-one-year government paper and money-market wrappers, issuance platforms and advisers, and bonds with neither a public tariff nor an onboarding route.7 of the 17 assessed are ranked; 10 were turned away by name. Who, and whyRequirements narrow the list; they never change a published ChainChoice Score. How the ranking works
BondbloX Bond Exchange
How BondbloX Bond Exchange was chosen
Leads this ranking on What does the token route cost me over just buying the bond or the ETF?MAS-recognised Singapore bond exchange
79 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Legal claim in defaultAll in cost vs direct route
Why it leads
- BondbloX Bond Exchange is 21 points ahead of Obligate, mainly on where it is available, not on the published criteria.
- Best among the 2 listed here on who may buy where and redemption tested not promised
- Ahead of Obligate on availability, outside the published criteria (+13.0 points; +8.4 points on the criteria)
Tradeoff
Who may buy where: 1 point below the best of all 7 ranked
Share
Term debt — a maturity and a coupon you can look up (2)The instrument this page exists to score.
#ProviderPriceCompare
2
#6 of all 7
Overall rank #6 in the published rankingSwiss-law primary issuance venue
58 / 100 out of 100
#6 of all 7
Overall rank #6 in the published rankingA licensed venue with no bond admitted (1)Correctly regulated and correctly priced, with nothing on the board to buy.
#ProviderPriceCompare
3
#5 of all 7
Overall rank #5 in the published rankingBaFin-licensed EU DLT Pilot Regime...
60 / 100 out of 100
#5 of all 7
Overall rank #5 in the published rankingBond-price exposure — no maturity a buyer can look up (4)Tracker certificates and vaults. Some have a term; none publishes one you can check.
#ProviderPriceCompare
4
#2 of all 7
Overall rank #2 in the published rankingMexican issuer
69 / 100 out of 100
#2 of all 7
Overall rank #2 in the published ranking5
#3 of all 7
Overall rank #3 in the published rankingTLTon, TIPon and AGGon are live, contract-addres...
68 / 100 out of 100
#3 of all 7
Overall rank #3 in the published ranking6
#4 of all 7
Overall rank #4 in the published rankingOP
Not a bond
68 / 100 out of 100
#4 of all 7
Overall rank #4 in the published ranking7
BA
Four Jersey-SPV tracker certificates on bond...
47 / 100 out of 100
Compare providers (0)
See key differences in features, fees, security and more.
All in cost vs direct route
What does the token route cost me over just buying the bond or the ETF?
20% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | All in cost vs direct route (0–10) | ChainChoice Score |
|---|---|---|
| BondbloX Bond Exchange | 9 | 79 |
| 21X | 8 | 60 |
| Etherfuse (Stablebonds) | 6 | 69 |
| Obligate | 6 | 58 |
| Ondo Global Markets (bond ETF line) | 5 | 68 |
| OpenTrade (Fixed Income Yield Vaults) | 3 | 68 |
| Backed bTokens fixed income (wind-down) | 3 | 47 |
Legal claim in default
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Legal claim in default (0–10) | ChainChoice Score |
|---|---|---|
| BondbloX Bond Exchange | 9 | 79 |
| Obligate | 9 | 58 |
| Ondo Global Markets (bond ETF line) | 7 | 68 |
| 21X | 7 | 60 |
| Backed bTokens fixed income (wind-down) | 7 | 47 |
| Etherfuse (Stablebonds) | 4 | 69 |
| OpenTrade (Fixed Income Yield Vaults) | 2 | 68 |
Who may buy where
Am I allowed to buy this at all - in my country, at my wealth level, today?
25% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Who may buy where (0–10) | ChainChoice Score |
|---|---|---|
| OpenTrade (Fixed Income Yield Vaults) | 7 | 68 |
| BondbloX Bond Exchange | 6 | 79 |
| 21X | 6 | 60 |
| Etherfuse (Stablebonds) | 5 | 69 |
| Obligate | 5 | 58 |
| Ondo Global Markets (bond ETF line) | 4 | 68 |
| Backed bTokens fixed income (wind-down) | 3 | 47 |
Redemption tested not promised
What is the published exit route - and is there any dated evidence a holder used it?
25% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Redemption tested not promised (0–10) | ChainChoice Score |
|---|---|---|
| BondbloX Bond Exchange | 7 | 79 |
| OpenTrade (Fixed Income Yield Vaults) | 7 | 68 |
| Ondo Global Markets (bond ETF line) | 6 | 68 |
| 21X | 6 | 60 |
| Etherfuse (Stablebonds) | 5 | 69 |
| Obligate | 5 | 58 |
| Backed bTokens fixed income (wind-down) | 5 | 47 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | BondbloX Bond Exchange | 9 | 6 | 7 | 9 | 79 |
| 2 | Etherfuse (Stablebonds) | 4 | 5 | 5 | 6 | 69 |
| 3 | Ondo Global Markets (bond ETF line) | 7 | 4 | 6 | 5 | 68 |
| 4 | OpenTrade (Fixed Income Yield Vaults) | 2 | 7 | 7 | 3 | 68 |
| 5 | 21X | 7 | 6 | 6 | 8 | 60 |
| 6 | Obligate | 9 | 5 | 5 | 6 | 58 |
| 7 | Backed bTokens fixed income (wind-down) | 7 | 3 | 5 | 3 | 47 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which tokenised bonds were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads 3 of 4
Published criterionWtScore, and the best hereGap/10 out of 10Pts
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?7.2·98.6
Am I allowed to buy this at all - in my country, at my wealth level, today?6−164.8
What is the published exit route - and is there any dated evidence a holder used it?6·75.6
What does the token route cost me over just buying the bond or the ETF?4.8·95.8
Σ methodology points24.8/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why BondbloX Bond Exchange leads this category right now
MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian. Strongest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (9/10): BondbloX's Information Memorandum (1 September 2025) holds the underlying bonds on a bare trust for holders, records holdings in a Companies Act debentures register and gives holders a claim to their allocated bonds if BBXPL is wound up. One entity is obligor, bare trustee and market operator. Weakest on “Am I allowed to buy this at all - in my country, at my wealth level, today?” (6/10): BondbloX deals directly only with expert, professional and accredited investors and publishes Singapore's accredited-investor thresholds as numbers, such as net personal assets above $2 million. For other countries it tells buyers to contact it, and its individual sign-up button leads nowhere. Published price: Fetched 2026-09-29 from the BondbloX Market Information page (https://bondblox.com/trade-bonds/market-information), section Fees: "The exchange adopts the following fee schedule for all trading participants." / "Applicable Fees relevant to non-institutional…
Best for
Legal claim in default — 9/10
Main tradeoff
Ranked first, and NOT an onchain instrument in the sense this site normally means. BondbloX runs a PRIVATE PERMISSIONED Hyperledger Sawtooth ledger: no public chain, no token standard, no contract address, no wallet, no self-custody. Its own FAQ disclaims the category outright — 'No. BondbloX is a debenture within the definition of securities in the SFA and is not linked to any cryptocurrencies.' The four scored criteria measure what the instrument conveys, who may buy it, how you exit and what it costs, and BondbloX answers those better than the rest of this pool; none of them asks whether you can hold the thing yourself. If that is why you came, the ranking is not answering your question. You almost certainly cannot buy this yourself. The exchange 'is licensed to deal with Expert, Professional and Accredited Investors ... directly', the only membership classes published on https://bondblox.com/join-the-bond-exchange are institutional (Direct Agent Member Participant, Direct Principal Member Participant, Designated Market Maker), the application form is 'available on request', and the site's own 'Get Started as an Individual' and 'Sign Up' buttons are served as href="#" — so an individual reaches this product only as a client of a member bank or broker, whose insolvency, not BBXPL's, is then the claim the FAQ tells you to chase: 'you must look to the liquidator or administrator of your Direct Agent Member Participant in relation to your rights arising under the BondbloX.' The second sting: BBXPL states plainly that 'no diligence has been performed on the Underlying Bonds' and that it 'has not published, and does not intend to publish, any financial statements.'
Verify before signup
Fetched 29 September 2026 from the BondbloX Market Information page (https://
Recommendation summary
What should decide this category
Do you need a stated maturity date, or is exposure to bond prices enough?
What is your investor class, and does this issue admit you at your ticket size?
If you need cash before maturity, what is the published exit route — and has anyone ever used it?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
BondbloX Bond Exchange
MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian.
MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian. Strongest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (9/10): BondbloX's Information Memorandum (1 September 2025) holds the underlying bonds on a bare trust for holders, records holdings in a Companies Act debentures register and gives holders a claim to their allocated bonds if BBXPL is wound up. One entity is obligor, bare trustee and market operator. Weakest on “Am I allowed to buy this at all - in my country, at my wealth level, today?” (6/10): BondbloX deals directly only with expert, professional and accredited investors and publishes Singapore's accredited-investor thresholds as numbers, such as net personal assets above $2 million. For other countries it tells buyers to contact it, and its individual sign-up button leads nowhere. Published price: Fetched 2026-09-29 from the BondbloX Market Information page (https://bondblox.com/trade-bonds/market-information), section Fees: "The exchange adopts the following fee schedule for all trading participants." / "Applicable Fees relevant to non-institutional…
Best for: Legal claim in default — 9/10
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · weight 30%9/10Am I allowed to buy this at all - in my country, at my wealth level, today? · weight 25%6/10What is the published exit route - and is there any dated evidence a holder used it? · weight 25%7/10What does the token route cost me over just buying the bond or the ETF? · weight 20%9/10
Quick pick
Etherfuse (Stablebonds)
Mexican issuer (Etherfuse Mx, S.A. de C.V.) selling Reg S 'Stablebond' tokens that convey a contractual credit right on the NAV of a segregated pool of sovereign debt held at Category I Mexican brokerages - on 2026-09-29 its storefront lists five lines (CETES, USTRY, TESOURO, GILTS, EUROB), KTB having been dropped from it though its API still serves KTB, US persons expressly excluded, and EUROB float stands at EUR 347.
Mexican issuer (Etherfuse Mx, S.A. de C.V.) selling Reg S 'Stablebond' tokens that convey a contractual credit right on the NAV of a segregated pool of sovereign debt held at Category I Mexican brokerages - on 2026-09-29 its storefront lists five lines (CETES, USTRY, TESOURO, GILTS, EUROB), KTB having been dropped from it though its API still serves KTB, US persons expressly excluded, and EUROB float stands at EUR 347. Strongest on “What does the token route cost me over just buying the bond or the ETF?” (6/10): Etherfuse publishes a wrapper fee of 0.25% to 1.5%, set by the yield of the underlying bond, and a separate ramp-fee page. A partner fee of up to 5.00% is folded into the same fee field, and neither tariff carries a version or a date. Weakest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (4/10): Etherfuse describes each Stablebond as a proportional economic claim on the NAV of a segregated sovereign-debt pool held at named Mexican custodians. No prospectus, key information document or ISIN is published, and Mexico's CNBV has said the tokens do not constitute securities. Published price: Etherfuse Stablebonds Overview, https://app.etherfuse.com/legal/stablebonds-overview, fetched 2026-09-29 (HTTP 200).
Best for: All in cost vs direct route — 6/10
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · weight 30%4/10Am I allowed to buy this at all - in my country, at my wealth level, today? · weight 25%5/10What is the published exit route - and is there any dated evidence a holder used it? · weight 25%5/10What does the token route cost me over just buying the bond or the ETF? · weight 20%6/10
Quick pick
Ondo Global Markets (bond ETF line)
TLTon, TIPon and AGGon are live, contract-addressed Swiss ledger-based securities issued off an FMA-Liechtenstein-approved base prospectus - but they are open-ended tracker certificates over bond ETFs, not term debt, and primary onboarding is institutional-only.
TLTon, TIPon and AGGon are live, contract-addressed Swiss ledger-based securities issued off an FMA-Liechtenstein-approved base prospectus - but they are open-ended tracker certificates over bond ETFs, not term debt, and primary onboarding is institutional-only. Strongest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (7/10): Ondo's FMA-approved Base Prospectus makes the tokens ledger-based securities under art. 973d CO and names Ankura Trust Company as security agent. The ISIN is left to Final Terms, and no Final Terms are published for the TLTon, AGGon or TIPon bond-ETF tokens. Weakest on “Am I allowed to buy this at all - in my country, at my wealth level, today?” (4/10): Ondo states that onboarding is open only to institutional participants, with retail and individuals coming soon. It publishes numeric thresholds per jurisdiction, but its EEA row admits only professional investors while another page says some tokens are open to EEA retail. US and Canadian persons are barred. Published price: Ondo Global Markets Base Prospectus (FMA-approved 11.11.2025), https://cdn.sanity.io/files/8k2tqa6n/production/ae1f1ca8ce2c2197a45b563e3e9add041924a249.pdf, fetched 2026-09-29 (210 pages; still the "Base Prospectus - current and valid version" linked from the…
Best for: Legal claim in default — 7/10
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · weight 30%7/10Am I allowed to buy this at all - in my country, at my wealth level, today? · weight 25%4/10What is the published exit route - and is there any dated evidence a holder used it? · weight 25%6/10What does the token route cost me over just buying the bond or the ETF? · weight 20%5/10
Quick pick
Same score, not joint · ordered by weighted total (39.60 against 39.50)
OP
OpenTrade (Fixed Income Yield Vaults)
Not a bond and not a bond fund: an English-law secured LOAN to a Cayman SPC that buys a corporate-bond or CLO ETF, where the vendor's own docs say the ERC-20 you hold 'confer[s] no legal rights or obligations' and the platform operator states it is 'not a party to the Master Loan Agreements'.
Not a bond and not a bond fund: an English-law secured LOAN to a Cayman SPC that buys a corporate-bond or CLO ETF, where the vendor's own docs say the ERC-20 you hold 'confer[s] no legal rights or obligations' and the platform operator states it is 'not a party to the Master Loan Agreements'. Strongest on “Am I allowed to buy this at all - in my country, at my wealth level, today?” (7/10): OpenTrade's Platform Terms publish the UK gate as numbers: certified high-net-worth individuals must have earned at least £100,000 or held net assets of at least £250,000. Other countries get only 'the equivalent', no US-person rule is published, and onboarding starts with a contact form. Weakest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (2/10): OpenTrade's docs say its vault tokens confer no legal rights or obligations, and its terms say the platform is not a party to the loans. The holder lends to OpenTrade SPC under an English-law loan agreement with a security trustee; no prospectus, key information document or ISIN is published. Published price: OpenTrade FAQ, https://www.opentrade.io/faq, fetched 2026-09-29 (HTTP 200), answer to "What fees are involved?": "Fees are paid by Borrowers to the Platform Provider and Investment Advisor at a specific rate set for each vault." The same answer continues:…
Best for: Who may buy where — 7/10
If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · weight 30%2/10Am I allowed to buy this at all - in my country, at my wealth level, today? · weight 25%7/10What is the published exit route - and is there any dated evidence a holder used it? · weight 25%7/10What does the token route cost me over just buying the bond or the ETF? · weight 20%3/10
Considered and not ranked
10 products we looked at and left out
A shortlist is only honest if it says who it turned away. Each of these was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 17 products here and rank 7 — 41% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
Societe Generale FORGE (EUR digital bonds)· Limited audienceFranklin Templeton BENJI / FOBXX· Ranked elsewhereSecuritize, Steakhouse Financial, BitbondSpiko (spiko_bonds_mmf_tok)· Ranked elsewhereOndo OUSG (ondo_ousg_bonds_tok)· Ranked elsewhereSwarm SwarmX TBONDS01 (swarm_bonds_tok)· Ranked elsewhereSuperstate / Invesco USTB and Opening BellJanus Henderson Anemoy JAAA· Ranked elsewhereDigiFTMercado Bitcoin tokenised fixed income· Ranked elsewhere
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Ranked on four questions
- If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · 30%
- Am I allowed to buy this at all - in my country, at my wealth level, today? · 25%
- What is the published exit route - and is there any dated evidence a holder used it? · 25%
- What does the token route cost me over just buying the bond or the ETF? · 20%
Data checked Sep 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best tokenised bond in 2026?
BondbloX Bond Exchange ranks #1 overall for tokenised bonds on ChainChoice. MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU? · 30% (BondbloX Bond Exchange 9/10, Etherfuse (Stablebonds) 4/10, Ondo Global Markets (bond ETF line) 7/10)
- Regulatory failure: no licence where you are, or a forced market exit.Scored by Am I allowed to buy this at all - in my country, at my wealth level, today? · 25% (BondbloX Bond Exchange 6/10, Etherfuse (Stablebonds) 5/10, Ondo Global Markets (bond ETF line) 4/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by What is the published exit route - and is there any dated evidence a holder used it? · 25% (BondbloX Bond Exchange 7/10, Etherfuse (Stablebonds) 5/10, Ondo Global Markets (bond ETF line) 6/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: What does the token route cost me over just buying the bond or the ETF? (20%).
FAQs
3 questions readers ask before choosing tokenised bonds.
Frequently asked
Questions people ask before choosing tokenised bonds
Five of these seven do not sell term debt. How is this a bonds ranking?
Because hiding them would be the worse answer. Four of the seven sell exposure to bond prices through tracker certificates or vaults with no maturity a buyer can look up, and one is a licensed venue that has admitted no bond yet. A reader searching for tokenised bonds meets these products anyway, marketed in the same language, so the table names what each one is and groups it accordingly. Segments are ranked internally on the same evidence, and no rank is ever printed across segments.
Why does a private permissioned ledger rank first on a page about tokenised instruments?
Because the four criteria score what the instrument conveys, who may buy it, how you exit and what it costs — and BondbloX answers those better than the rest of this pool. It is a MAS Recognised Market Operator issuing fractional debentures over real ISIN-identified bonds. But it runs a private Hyperledger Sawtooth: no public chain, no token standard, no contract address, no wallet, no self-custody. Its own FAQ states that BondbloX is a debenture within the definition of securities in the SFA and is not linked to any cryptocurrencies. If you came for an onchain instrument you can hold yourself, the ranking is not answering your question and the row says so.
Where are Societe Generale FORGE and SIX Digital Exchange?
Excluded by name, with the reason published. Both issue genuine digital bonds in law, but only into institutional primary placements with no public tariff and no onboarding route of any kind — the conjunctive test this pool applies. That test is stated as a conjunction deliberately: BondbloX is also institutional-only, but it publishes a tiered fee schedule and is reachable through a Direct Agent Member Participant, while Societe Generale FORGE publishes no price at all. Franklin Templeton BENJI and Securitize are excluded too, the first as a money market fund with no maturity or credit exposure, the second as issuance infrastructure rather than an instrument.
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Best picks
Best tokenised bonds in 2026
Decide first whether you actually want term debt, because most of this market is not selling it. Two of the seven ranked here sell an instrument with a maturity date and a coupon you can look up; four sell exposure to bond prices with no maturity a buyer can look up; one is a licensed venue that has not yet admitted a bond. That is why the table is split into labelled segments rather than presented as a single list — the top-ranked product did not beat the fourth at a question the fourth was never asked. Then check eligibility before anything else: not one of the seven is retail-open in a named jurisdiction, and the highest-ranked is institutional-only.
Best overall
BondbloX Bond Exchange
MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian.
Data checked Sep 2026
MAS-recognised Singapore bond exchange (register-matched, RMO since 2 Oct 2020) that issues BondbloX — fractional debentures over real ISIN-identified corporate and sovereign bonds, in $1,000 denominations against a conventional $200,000, on a private Hyperledger Sawtooth ledger; its FAQ, as edited on 2026-09-07, names Citibank as its only custodian. Strongest on “If the issuer goes under, what paper do I actually hold - a bond, a certificate, or an IOU?” (9/10): BondbloX's Information Memorandum (1 September 2025) holds the underlying bonds on a bare trust for holders, records holdings in a Companies Act debentures register and gives holders a claim to their allocated bonds if BBXPL is wound up. One entity is obligor, bare trustee and market operator. Weakest on “Am I allowed to buy this at all - in my country, at my wealth level, today?” (6/10): BondbloX deals directly only with expert, professional and accredited investors and publishes Singapore's accredited-investor thresholds as numbers, such as net personal assets above $2 million. For other countries it tells buyers to contact it, and its individual sign-up button leads nowhere. Published price: Fetched 2026-09-29 from the BondbloX Market Information page (https://bondblox.com/trade-bonds/market-information), section Fees: "The exchange adopts the following fee schedule for all trading participants." / "Applicable Fees relevant to non-institutional…
Best for: Legal claim in default — 9/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research