PCM — Applied Research Program

Digital DCM

Applied application program of the Programmable Capital Markets framework: institutional analysis of DLT bond issuance, tokenized bonds, and programmable debt infrastructure.

Digital Bonds Live Feed

Real-time data from the DCM Observatory.

$14.2B Bonds Market Cap
42 Institutional Pilots
T+0 Avg. Settlement
Full Observatory

Architecture Stack

Analyzing the 4-layer model: Assets, Execution, Settlement, and Infrastructure layers of a tokenized market.

View Stack Model

Digital Bond Infrastructure

Comprehensive analysis of the 8-stage DLT bond lifecycle, from initiation to tokenized redemption.

Explore Framework

Smart Bond Contracts (SBC)

The SBC as a "Single Source of Truth": orchestrating orchestration, automation, and programming debt instruments.

Technical Deep-Dive

Institutional Outlook

Key takeaways from major institutional trial groups: regulatory readiness, liquidity, and CBDCs.

Read Summary

Standards & Scalability

Analyzing ICMA BDT and protocol-level standards as the backbone of institutional bond market scalability.

Review Standards

Institutional Ecosystem

Global mapping of institutional actors (BIS, ECB, IMF) and their role in tokenization.

View Ecosystem Map