Minted Protocol · Asian Opportunity Map

Asian Canton-Native & Canton-Adjacent Securities.

Comprehensive map of Asian institutional tokenized securities, validators, venues, and convergence platforms positioned for Phase 1 mUSD distribution. Each entry tagged by Canton-status, jurisdiction, native yield baseline, and how mUSD plugs in as cash leg + yield facilitation layer.

20
Named Counterparties
~$10B+
HKSAR Sovereign Tokenized
$3.5B+
HSBC Orion Issuance
9-12%
smUSD Scale-State APY
Tier 1 · Day-One Canton-Native

Live Canton-Native Asian Issuers, Validators, and Venues.

Asian financial-market participants: issuers, validators, and trading venues that are already operating on the Canton Network today, not on a different rail.

01HKEX SynapseHong Kong
What
DLT settlement acceleration platform for Northbound Stock Connect post-trade.
Tech
Built on DAML, partnered with DTCC, live since 2023.
Status
Operational; future improvements scheduled 2026-2027 (real-time SI matching). First settlement: Citi (2023).
Native yield
~2% (Stock Connect dividend yield reference).
Cash legStock Connect post-trade settlement cash coordination.
Yield facilitationTokenized Stock Connect security holders at ~2% native deposit positions and route flow into smUSD sleeves for uplift to the 9-12% scale-state target.
02SBI Digital Asset HoldingsJapan / Singapore
What
Canton Network founding partner, Super Validator, GSF member.
Joint venture
Startale Group ($63M Series A from SBI + Sony, March 2026); building "Strium" blockchain for tokenized securities + RWA.
Plus
SBI / SIX Singapore-based joint exchange venture (SDX); JV with DigiFT to link Japanese RWA tokenized assets globally.
Targeting
Tokenized Japanese equities late 2026 / early 2027.
Native yield
~0.5% (JPY tokenized MMF / sovereign rate).
Cash legNative cash leg for SBI Digital Markets, Strium, and SDX Singapore tokenized issuances.
Yield facilitationJapanese institutional accounts at ~0.5% native yield deposit collateral, mint mUSD, and route into smUSD sleeves (SP1 Kairos 15% / SP2 Obligate 10% / SP3 Fasanara 14%) for uplift to the 9-12% scale-state target.
03AlloyX GroupAsia-headquartered
What
Officially integrated into Canton Network as of December 15, 2025.
Status
NASDAQ-listed (AXG); Asia-based RWA + stablecoin infrastructure.
Products
RYT tokenized money market fund (with Standard Chartered + Polygon).
Hong Kong
Aligned with HKMA stablecoin licensing framework.
Native yield
~4.5% (RYT tokenized USD MMF).
Cash legDirect Canton-native distribution channel for RYT and other AlloyX tokenized products.
Yield facilitationRYT holders at ~4.5% native MMF yield deposit as collateral, mint mUSD, AND access smUSD vault uplift to 9-12% scale-state APY without rotating out of the underlying position.
04Hydra XSingapore
What
Singapore MAS-regulated broker, exchange, custodian.
Canton history
First licensed APAC custodian for Canton Coin (Nov 2024).
Live product
Sigma Value Token — first tokenized structured product on Canton (April 2025).
Initiative
GRADE (Regulated Digital Asset Venues "passport") for cross-border tokenized securities.
Native yield
~5% (Sigma Value Token structured product, low-end tranche).
Cash legNative cash leg for Sigma Value Token and future Hydra X structured-product redemptions.
Yield facilitationStructured-product holders at ~5% native deposit positions and access smUSD vault uplift to 9-12% scale-state APY through Canton-native sleeve routing.
05QCP GroupSingapore
What
Approved Canton Network Super Validator (2026).
Scale
$2B+ digital asset trading firm; Asia-leading.
Initiative
Building on-chain collateral and margin management on Canton with DRW, Cumberland, IMC, Optiver, Virtu Financial.
Native yield
~4% (USDC / USYC institutional collateral, low-end).
Cash legNative cash leg for the on-chain collateral / margin management initiative QCP is co-leading.
Yield facilitationInstitutional collateral posted at ~4% native yield captures smUSD vault yield uplift on the collateral allocation when routed through Minted.
06FCX / FinClearAustralia
What
First ASIC + RBA Australian Market Licence + Clearing & Settlement Facility Licence (combined).
Status
First regulated DLT-enabled private capital market globally.
Native yield
~4% (AUD tokenized private-market issuances, low-end).
Cash legAustralian institutional private-market settlement.
Yield facilitationPrivate-market issuance holders at ~4% AUD native yield access mUSD-mediated smUSD yield uplift to the 9-12% scale-state target without exiting the underlying position.
07Texture CapitalUS · Asian Distribution
What
Canton-integrated since Jan 2025. Already a signed-LOI Phase 1 counterparty for Minted; included here for Asian distribution context — Texture's BD/ATS perimeter handles Reg S offshore distribution into Asian institutional channels.
mUSD wedgeDistribution backbone that routes Asian institutional flows into mUSD / smUSD via the Reg S offshore perimeter.
Tier 2 · Live Tokenized Asian Securities

Canton DLT and Canton-Adjacent Issuance.

Tokenized securities that are already issued and live in Asia, where the issuance either runs on Canton (DAML / Digital Asset infrastructure) or runs on Canton-tech rails that are tightly coupled to the Canton Network.

08HSBC OrionHong Kong CMU + UK
Scale
>US$3.5B in digitally native bond issuance across sovereign, supranational, central bank, financial institution, corporate.
Hong Kong
Operates within Hong Kong CMU; enables digitally native bond issuance through CMU.
TDS pilot
Live 2025; pilot on Canton April 2026 (first time HSBC TDS issued on a public blockchain).
UK DIGIT
Awarded February 12, 2026.
Native yield
~3% (Orion-issued multi-currency digital bonds, sovereign / financial low-end).
Cash legCleanest entry — HSBC Orion holders in Hong Kong CMU mint mUSD against existing Orion-issued digital bonds. Tokenized Deposit Service Canton-pilot path opens broader institutional rail.
Yield facilitationOrion bondholders at ~3% native yield deposit positions as collateral, retain native bond yield via encumbrance, AND access smUSD vault uplift to 9-12% scale-state APY — net pickup of 6-9 percentage points without rotating out of the bond.
09HKSAR Government Digital Green BondsHong Kong Sovereign
Issuance scale
1st (Feb 2024): $800M-equivalent multi-currency. 2nd (later 2024). 3rd (Nov 2025): HK$10 billion total across USD/EUR/HKD/CNY tranches, largest digital bond globally to date. Total ~$10B+ tokenized HK sovereign paper outstanding.
Settlement
Cleared via CMU; integrates e-HKD and e-CNY CBDC settlement.
Buyer profile
Asset managers, banks, insurance companies, private banks (institutional + many first-time digital-bond investors).
Native yield
~2.5% (sovereign HKD/CNY tranches, low-end).
Cash legSovereign-grade digital bond holders are exactly the institutional set that needs a non-bank cash leg. HKSAR digital green bonds become eligible mUSD reserve collateral.
Yield facilitationInstitutional and private-bank holders earning ~2.5% on HKSAR sovereign digital green bonds deposit positions, retain sovereign-grade native yield via encumbrance, AND access smUSD vault uplift to 9-12% scale-state APY — yield pickup without sovereign-credit rotation.
10CMU OmniClearHong Kong Sovereign Infrastructure
What
HKMA wholly-owned subsidiary; dedicated tokenized bond platform.
Status
Announced February 2026 budget; permanent infrastructure (not pilot); launches 2026.
Mandate
Link with regional Asia-Pacific tokenization hubs.
Native yield
Settlement infrastructure (yield baseline = whatever underlying bond settles, typically 2.5-3.5% sovereign).
Cash legThis IS the future Hong Kong tokenized-bond settlement infrastructure. mUSD positions as the neutral cash leg before competitors.
Yield facilitationHolders of CMU OmniClear-settled tokenized bonds at ~2.5% sovereign yield route into smUSD sleeves for uplift to 9-12% scale-state APY.
11UBS uMINTSingapore
Launched
November 2024 (tokenized USD MMF).
Tech
Built on Ethereum (NOT Canton).
Distribution
Through DigiFT (Singapore MAS + Hong Kong SFC regulated).
Recent
Used as collateral in KuCoin and Secured Finance (Feb 2026).
Native yield
~4.5% (UBS USD Money Market Investment Fund Token).
Cash legCross-rail via DigiFT distribution channel. uMINT holders in Asia route into smUSD vaults via partner-of-record stack.
Yield facilitationuMINT holders earning ~4.5% native USD MMF yield deposit as collateral and access smUSD vault uplift to 9-12% scale-state APY (honest carve: Ethereum-deployed, Canton-roadmap pending).
12OCBC-LionGlobal Physical Gold Fund Token (GOLDX)Singapore
What
Southeast Asia's first tokenized physical gold fund on a public blockchain.
Launched
April 2026.
Issuer
OCBC + Lion Global Investors via DigiFT.
Native yield
0% (gold-backed; commodity, no native coupon).
Cash legTokenized gold as eligible HQLA collateral category in mUSD's broader Phase 2 admittance set.
Yield facilitationGOLDX holders at 0% native yield (gold-backed) gain access to smUSD vault uplift to 9-12% scale-state APY by encumbering the position — yield generation without selling gold exposure.
13SG-FORGE (Société Générale)Asia + Europe
What
First U.S. tokenized bond on Canton (Nov 18, 2025) — Broadridge tokenization, BNY paying agent.
Cross-border
Multi-currency tokenized notes; Asia-distributed.
Native yield
~3% (multi-currency tokenized note, low-end).
Cash legDirect Canton-native institutional bond issuance. Cash leg for SG-FORGE-issued multi-currency tokenized notes.
Yield facilitationSG-FORGE noteholders at ~3% native yield deposit collateral and access smUSD vault uplift to 9-12% scale-state APY through Canton-native sleeve routing.
14EIB Digital BondsEuropean Investment Bank · Asian Distribution
What
European Investment Bank; 6 digital bond issuances since 2021.
Platforms
HSBC Orion (multiple), Goldman DAP, Project Venus.
Notable Asia
EIB GBP cross-border digital bond £50M (2023, HSBC Orion); EIB multi-issuer digital bond €200M (Nov 2024, HSBC Orion + GS DAP).
Native yield
~2.5% (sovereign-grade EUR/USD digital bond, low-end).
Cash legSovereign-grade tokenized HQLA already held by Asian institutional accounts.
Yield facilitationEIB digital bondholders at ~2.5% native yield access smUSD vault uplift to 9-12% scale-state APY without rotating out of supranational paper.
15DBS Digital Exchange (DDEx)Singapore
What
First Security Token Offering on DDEx (May 31, 2021): SGD $15M, 6-month tenor, 0.60% coupon.
Status
Active in own tokenized bonds.
Project Guardian
DBS participates in MAS Project Guardian alongside Standard Chartered, JPMorgan.
Native yield
~3% (DBS-issued tokenized SGD bonds, low-end).
Cash legDBS-issued tokenized SGD bonds become eligible reserve collateral once DBS rails connect to Canton (Project Guardian convergence path).
Yield facilitationDBS tokenized SGD bondholders at ~3% native yield deposit positions and access smUSD vault uplift to 9-12% scale-state APY.
Tier 3 · Rail-Convergence Path

Adjacent Asian Tokenization Platforms.

Asian tokenization platforms that are actively integrating with Canton, making their tokenized securities accessible to mUSD via cross-rail bridges in Phase 2.

16MUFG ProgmatJapan
What
Japan's largest tokenization platform; MUFG owns 49%.
Stablecoin
Progmat Coin — Japan's first regulated yen-pegged stablecoin.
Tokenized MMF
Planned 2026 (Mitsubishi UFJ AM + Morgan Stanley + Trust Bank).
Tokenized stocks
Planned 2026.
Joint trial
Mizuho + MUFG + Sumitomo Mitsui (FSA-approved, March 2026).
Tech
Built on Corda (NOT Canton-native), but actively tokenizing Japanese institutional securities.
Native yield
~0.5% (JPY tokenized MMF / sovereign rate).
Cash legAs Japanese institutional capital tokenizes via Progmat, the cross-rail bridge into Canton is the addressable Phase 2 layer.
Yield facilitationJapanese institutions earning ~0.5% on Progmat tokenized MMFs access smUSD vault uplift to 9-12% scale-state APY via cross-rail bridge — the largest absolute yield pickup of any Asian channel.
17DigiFTSingapore + Hong Kong
What
Regulated tokenized RWA exchange — MAS + HK SFC dual-licensed.
Distribution
UBS Asset Management, Invesco, Wellington Management, CMB International, Hines (real estate), OCBC + Lion Global (gold fund), Taikang AM (HK).
Strategic backing
SBI Group leads strategic round; JV with SBI to link Japanese RWA tokenized assets globally.
Funding
$25M total raised.
Native yield
~3% (blended across DigiFT-distributed tokenized fund products, low-end).
Cash legLargest regulated Asian RWA distribution platform. Multiple tokenized fund products, regulated cross-border.
Yield facilitationDigiFT-distributed product holders earning ~3% native blended yield route through Minted for smUSD vault uplift to 9-12% scale-state APY across the entire DigiFT institutional buyer base.
18Sygnum BankSwitzerland + Singapore
What
World's first regulated digital asset bank.
Singapore
MAS Capital Markets Services (CMS) license.
Precedent product
Float / Fasanara tokenized facility under Swiss DLT framework (Oct 2023; Polygon-deployed; matured ~April 2025; 14% fixed coupon, 18-month tenor) — the structural precedent for SP3 Fasanara sleeve.
Native yield
~5% (Sygnum tokenized institutional product baseline, low-end).
Cash legSygnum's Singapore presence is the bridge between SP3 Fasanara structuring and Asian distribution.
Yield facilitationSygnum institutional clients holding tokenized assets at ~5% native yield route Asian capital into the SP3 Fasanara sleeve precedent (14% fixed coupon, 18-month tenor) for smUSD vault uplift to 9-12% scale-state APY.
19Project Guardian BanksSingapore · Cross-Border
What
MAS Project Guardian — Singapore cross-border tokenization sandbox. Standard Chartered + Citi + UBS + JPMorgan.
Participants
11 institutions including 5 systemically important banks.
Industry consortium
Citi, HSBC, Schroders, Standard Chartered, UOB formed Guardian Wholesale Network to commercialize tokenization trials.
2026 pilot
Tokenized MAS government bills settled via wholesale CBDC; primary dealers.
Native yield
~3% (tokenized SGD government bills, low-end).
Cash legCross-bank Project Guardian network → mUSD cash leg for tokenized SGD government bills + commercial bank tokenization output.
Yield facilitationHolders of Guardian-network tokenized SGD government bills at ~3% native yield route into smUSD vault sleeves for uplift to 9-12% scale-state APY.
20SDX / SIX Digital Exchange SingaporeSBI + SIX JV
What
SIX Group + SBI Digital Asset Holdings Singapore-based joint exchange venture.
Native yield
~3% (anticipated SDX Singapore tokenized institutional product baseline, low-end).
Cash legWhen SDX Singapore launches, mUSD positions as Canton-native cash leg given SBI's Canton Super Validator status.
Yield facilitationSDX Singapore tokenized product holders at ~3% native yield route into smUSD vault sleeves for uplift to 9-12% scale-state APY.
Tier 4 · Day-One Liquidity & Flow

Liquidity Providers + Institutional Trading Counterparties.

Major institutional trading firms and market makers that have an active Asian footprint and are already plugged into the Canton Network, not as issuers of tokenized securities, but as the institutional capital that actually mints, trades, and redeems mUSD on Day 1.

CounterpartyAsian footprintCanton status
DRW TradingGlobal, Asia-activeCanton USDCx qualified custodian launch; Cumberland (DRW arm) on Canton
IMC TradingSingapore HQ for AsiaCanton USDCx launch counterparty
QCP GroupSingapore HQCanton Super Validator
OptiverSydney + Singapore Asia presenceDRW + Cumberland Canton collateral initiative
CumberlandAsian institutional flowDRW arm on Canton
Net Map

How mUSD Plugs Into the Asian Stack.

Phase 1 immediate · Already-tokenized + on-Canton or Canton-validator
  1. HKEX Synapse — Stock Connect cash leg + ~2% → 9-12% yield uplift
  2. HSBC Orion — Hong Kong digital bond holder mint flow + ~3% → 9-12% yield uplift
  3. HKSAR Digital Green Bonds — sovereign HQLA collateral + ~2.5% → 9-12% yield uplift
  4. SG-FORGE — Canton-native multi-currency tokenized notes + ~3% → 9-12% yield uplift
  5. Hydra X — Sigma Value Token structured-product cash leg + ~5% → 9-12% yield uplift
  6. QCP / DRW / IMC — institutional flow + collateral management + ~4% → 9-12% yield uplift
  7. FCX — Australian private-market settlement + ~4% → 9-12% yield uplift
Phase 1.5 · 2026 launches & Canton convergence
  1. CMU OmniClear — Hong Kong sovereign infrastructure 2026
  2. AlloyX — Canton-integrated Dec 2025; Asian RWA stablecoin platform; ~4.5% → 9-12% uplift
  3. SBI Digital Markets / Strium / SDX Singapore — Japan + Singapore tokenized equity launches late 2026 / early 2027
  4. HSBC Tokenised Deposit Service — Canton expansion
Phase 2 · Canton-adjacent rail-convergence
  1. DigiFT — UBS uMINT, OCBC-LionGlobal GOLDX, Hines real estate, Wellington (~3% → 9-12% uplift)
  2. MUFG Progmat — Japanese tokenized MMF + stocks (~0.5% → 9-12% uplift; largest absolute yield pickup)
  3. Sygnum — Swiss DLT bridge (SP3 Fasanara precedent, 14% sleeve)
  4. Project Guardian banks — Standard Chartered, Citi, UBS, JPM, DBS