Atomic DvP. In Production.

Bank of England

A six-month pilot with eighteen participating firms testing DvP and PvP flows between RT2 — the Bank of England's Real-Time Gross Settlement core ledger — and external DLT platforms. The Synchronisation Lab is designed to test whether atomic settlement is feasible at scale in central bank money, with results expected in late 2026. The pilot builds directly on the technical and legal groundwork established by Project Meridian.

The most comprehensive institutional test of atomic DvP in central bank money currently underway. Eighteen firms across buy-side, sell-side, and infrastructure categories — representing a cross-section of the UK wholesale market.

Bank of England + BIS Innovation Hub

Project Meridian demonstrated atomic DvP settlement for tokenized securities in central bank money, proving the technical feasibility of synchronizing an RTGS system with an external DLT platform. Project Meridian Securities extended the work to securities settlement specifically, establishing the legal and technical architecture that the Bank of England's Synchronisation Lab now takes into live testing with market participants.

Foundational proof-of-concept for RTGS-to-DLT synchronization. The architecture documented in Meridian underpins the Bank of England's operational approach to atomic settlement in central bank money.

JPMorgan · Chainlink · Ondo Finance

The first institutional-grade cross-chain atomic DvP executing in production. Ondo OUSG — tokenized US Treasuries — serves as the asset leg. Kinexys Digital Payments, JPMorgan's institutional blockchain payment network, serves as the payment leg. The Chainlink Runtime Environment acts as the cross-chain settlement orchestrator, coordinating the atomic swap across independent ledgers. Neither leg settles without the other.

The first major US bank to operate atomic DvP in production. Demonstrates that cross-chain atomic settlement is not a theoretical construct — it is executing at institutional scale.

DTCC · Fnality

Integration of the Fnality Payment Rail into DTCC Digital Launchpad for DvP and PvP settlement. Fnality operates a regulated DLT-based wholesale payment system in which participating banks hold tokenized balances representing digital representations of central bank reserves — not commercial bank obligations. This integration positions Fnality as the institutional-grade digital cash layer for atomic settlement on the DTCC platform.

Fnality's use of digital representations of central bank reserves — rather than commercial bank stablecoins — places this infrastructure inside the perimeter of central bank money. Settlement risk characteristics are materially different from commercial stablecoin-based alternatives.

21X · Frankfurt · Stellar Network

The first EU-regulated DLT trading and settlement system to operate under the EU DLT Pilot Regime. 21X runs an on-chain central limit order book with atomic DvP settlement executed in MiCAR-compliant stablecoins. The platform has subsequently integrated with the Stellar network, expanding its reach beyond the initial EU-regulated perimeter. Atomic DvP is the native settlement mechanism — not an optional upgrade to a legacy rail.

First live demonstration of atomic DvP within an EU regulatory framework. The MiCAR-compliant stablecoin settlement structure is now an operational capital markets architecture, not a conceptual proposal.

BIS · Multi-Central-Bank Consortium

A multi-central-bank consortium coordinated by the Bank for International Settlements exploring atomic cross-border payment settlement using tokenized commercial bank deposits on a shared platform. Project Agorá is working toward the DvPvP architecture — the multi-leg atomic transaction structure required for cross-border, multi-currency tokenized asset settlement. Participating central banks include the Federal Reserve, Bank of England, Bank of Japan, Bank of Korea, Banque de France, Banco de México, and Swiss National Bank.

The broadest multi-central-bank collaboration on atomic settlement infrastructure. Agorá's architecture, if operationalized, would establish atomic DvP as the settlement standard for cross-border wholesale payments.

Digital Dollar Project · DTCC

A simulated CBDC was used as the payment leg for atomic DvP in US wholesale markets. The pilot demonstrated the core atomic property: either both the securities token and the CBDC token transfer simultaneously, or both revert. No settlement window. No counterparty exposure. The pilot established the technical framework for CBDC-based atomic DvP in the US context in advance of any formal Federal Reserve digital dollar program.

Established that atomic DvP is technically feasible within the US market structure and DTCC operational environment, using a CBDC payment leg — the most likely institutional-grade digital cash structure for future US wholesale settlement.