Assets Layer
Tokenized Bonds
Digital Securities
The top layer representing the financial instruments themselves. This includes the legal definition
of
debt, ownership rights, and the specific economic attributes of the security mapped into digital
tokens.
Execution Layer
Smart Bond Contracts
Programmable Workflows
The programmable "brain" of the market. Smart Bond Contracts (SBC) orchestrate the entire lifecycle:
from automated issuance and coupon distribution to corporate actions and redemption.
Settlement Layer
Wholesale CBDC
Tokenized Deposits
Stablecoins
The cash-on-chain component required for atomic Delivery vs. Payment (DvP). This layer ensures that
the transfer of assets is perfectly synchronized with the transfer of payment, eliminating
settlement risk.
Infrastructure Layer
DLT Networks
Interoperability
Standards
The underlying distributed ledger technology and communication protocols. This layer manages data
integrity,
transaction validation, and the technical standards (like ISO/ICMA BDT) that ensure scalability.