Case Study: JPMorgan and Global Banks Achieve Atomic Settlement of Tokenized Bonds and Multi-Currency Cash with Kaleido

JPMorgan enables atomic settlement across 3 currencies with Kaleido

JPMorgan, alongside Citi, BNY Mellon, MUFG, and Societe Generale, faced the challenge of testing atomic settlement of tokenized bonds and multi-currency cash across their institutions. They needed a shared infrastructure that could support multiple custody models, compliance-aware tokens, and privacy-preserving transactions while allowing each bank to retain its own intellectual property. Kaleido provided its technology platform to address this need.

Kaleido implemented a shared EVM-based ledger, which powered the issuance of tokenized bonds and supported atomic delivery-versus-payment and payment-versus-payment settlement flows. The solution successfully connected the five global banks, enabling atomic settlement across EUR, USD, and JPY with real-time pricing and on-chain liquidity. Kaleido's platform demonstrated how the complex requirements could interoperate seamlessly across the participating financial institutions.

JPMorgan