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 7 September 2026, 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 29 September 2026 from the BondbloX Market Information page (https://
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.
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.
Show the arithmetic
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
Ranked on 4 published criteria weighted 30/25/25/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18 (constant here), ease of use 10 (constant here), institutional trust 8 (constant here). Profile match is shown in breakdowns but carries no weight.
- 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)
What matters most before choosing in this category
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.
The #1 overall and the scoring weights
How this category is reviewed
Reviewed on what the token legally conveys in a default (30%), who may legally buy it and where (25%), the published exit route and any dated evidence a holder used it (25%), and the all-in cost against the untokenised route (20%). Only two of the seven sell an instrument with a maturity and a coupon a buyer can look up, so the table is segmented by instrument shape. Five of the seven hold no financial licence at all. Re-open bar: the first ranked provider to publish a dated, holder-level maturity repayment fires the term-debt tie-break and requires a re-rank pass within the 45-day review cadence.