Defining a standardized conceptual framework for the next generation of debt instruments, where legal obligations are translated into self-executing, autonomous code.
A Smart Bond is not merely a tokenized representation of a traditional bond; it is a digital native financial instrument. Unlike legacy systems where the "bond" is a static record and "servicing" is a manual process, a Smart Bond embeds its own lifecycle rules within a Smart Contract.
"The transition from information-based assets to execution-based assets represents the most significant shift in capital markets since the 1970s dematerialization."
The DCM Core Smart Bond Framework (SBF) relies on a modular architecture to ensure flexibility and compliance.
Handles the primary market minting, defining parameters like ISIN, face value, and currency.
Automated logic for calculating and triggering interest payments based on time or external oracles.
Embedded ERC-3643 standards to enforce white-listing and cross-border regulatory constraints.
Enables atomic Delivery-versus-Payment (DvP) in wCBDC or tokenized deposits.
Coding terms & KYC rules
Primary minting to ID
Secondary T+0 trading
Auto-coupon payments
Burn & auto-repayment
The European Investment Bank issued its first digital bond on a public blockchain, demonstrating T+0 settlement and wCBDC integration.
A €60M digital bond issued under the German eWpG Act, reducing intermediation costs and settlement risk.
Issuance of the first institutional stablecoin (EURCV) used for atomic settlement of digital bonds.
@techreport{dcmcore2025smartbond,
author = {DCM Core Institute},
title = {Smart Bond Contract Framework},
institution = {DCM Core Institute},
year = {2025},
url = {https://dcmcore.com/research/smart-bond-framework}
}