The framing in Parts 1 to 4 maps onto a small set of production and pilot programmes that any APAC tokenisation product team will encounter. This part walks through them in the order that builds the clearest picture of how the tiered ledger is actually being run.
Project Ensemble: the worked tiered ledger
Project Ensemble in Hong Kong is the worked tiered-ledger example. The HKMA operates the wholesale central bank digital currency (wCBDC) layer for interbank settlement. Participating commercial banks issue tokenised deposits at the layer above. Tokenised assets settle delivery-versus-payment (DvP) against either layer depending on the trade. The architectural pattern, where wCBDC sits underneath and tokenised deposits sit at the asset and deposit layer, is explicit in the project's published design materials and is the model several APAC jurisdictions are converging on (HKMA Project Ensemble overview; Phase 2 update, August 2025). The SFC HK has been involved on the asset-side regulatory framing.
Project Mariana and Project Agorá: cross-border wCBDC
Project Mariana, the cross-border wCBDC AMM design from the BIS Innovation Hub together with the central banks of France, Singapore, and Switzerland, is the canonical wCBDC-only cross-border example. The design uses tokenised central bank money for both legs of an FX trade, settled atomically through an automated market maker (AMM). The pilot demonstrated technical feasibility; the questions of who operates the AMM, how access is gated, and how the design scales beyond three currencies remain open (BIS Project Mariana, 2023). Project Agorá now picks up those questions with a larger central bank set and a private-sector cohort under the unified-ledger framing (Project Agorá).
Fnality: the hybrid in live use
Fnality has live entities in GBP, with USD, EUR, and JPY variants in various stages of development across 2024 to 2026. The GBP entity has been the most operationally advanced, sitting alongside the Bank of England's omnibus account regime (BoE Omnibus Accounts). Treat the live status of the others as something to verify against current sources before quoting in a memo. The category-defying nature of the construction, central bank reserve backing without central bank issuance, is what makes it instructive: it shows that the binary is not exhaustive and that hybrids can sit in the gap.
Kinexys: single-bank tokenised deposits at scale
JPMorgan Kinexys, formerly Onyx, is the single-bank tokenised deposit operator at the largest scale, running internal cross-currency intraday flows and external participant integrations on the Quorum-derived chain documented in Permissioned blockchains (Kinexys overview). The structure is a single-issuer, single-bank-perimeter tokenised deposit programme, which is the simplest case and the easiest to reason about prudentially. Holders of Kinexys tokens hold a claim on JPMorgan, with the same single-name credit risk and the same Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) treatment as a non-tokenised deposit at the bank.
Partior: multi-bank tokenised deposits across currencies
Partior is the multi-bank tokenised deposit settlement network, originally a DBS, JPMorgan, and Standard Chartered joint venture, running the cross-bank substitution pattern for tokenised deposit flows in USD, SGD, and other currencies. The architecture is the closest production example of the cross-bank deposit-token interoperability problem being solved in a regulated context, and is worth studying for any team working on multi-bank tokenised cash. Cross-currency payment-versus-payment (PvP) commits atomically, with corporate flow building on top.
Payment Innovation Project: Japan's megabank track
The Payment Innovation Project in japan is the megabank tokenised deposit and asset infrastructure work, with Mizuho and Nomura alongside JSCC, coordinated with the Bank of Japan. The architectural shape mirrors Ensemble: tokenised deposits at the asset layer with wholesale central bank settlement work running in parallel. The April 2026 Mizuho, Nomura, JSCC tokenised JGB collateral trial used tokenised deposits or settlement instruments on the cash leg and is the cleanest worked example of the tiered model running on a Japanese stack.
What to read next
Chapter VII goes deeper on tokenised deposits as a category, with the legal mechanics of how a deposit liability gets re-expressed on a chain and how the bank's general ledger reconciles to the chain entry. Chapter IX, 09 agentic commerce tokenized rails, picks up where this chapter ends: once you have decided that client-facing programmable flows want tokenised deposits or stablecoins rather than wCBDC, the next question is whether AI agents can hold and transact in those instruments, and what the regulatory perimeter looks like for agentic flows.
The institutional pages for the HKMA, Bank of Japan, and Bank of Korea track the wCBDC posture of each APAC central bank. The BIS and BIS Innovation Hub pages are where the cross-border wCBDC standards conversation is being shaped, with the Hyun Song Shin and Tommaso Mancini-Griffoli research the closest thing to a policy frame. The basel sco60 cryptoasset standard page is the prudential reference, and the Basel Committee page tracks the supervisory direction under Ben Gully and previously Pablo Hernández de Cos. The Reserve Bank of Australia's CBDC research, including Project Acacia, is the cleanest non-Asia comparator to Ensemble and Guardian (RBA, future of money in Australia, 2024).