Wave 13 · Guide Hub

Wholesale Tokenized Settlement — Cash & Cross-Network Layer

The cash/money layer for tokenized markets — the bottleneck holding back the $2–9T RWA tokenization stack. Wave 13 covers three converging forms of tokenized money: tokenized commercial bank deposits / deposit tokens (JPMD/Kinexys, UK Regulated Liability Network); tokenized central bank money (BIS Project Agorá — real-value testing May 2026; ECB Pontes — TARGET-link pilot end-Q3 2026); and regulated stablecoins (GENIUS Act / MiCA) as a settlement-asset option to be classified against the others.

These tools validate deposit-token compliance, classify settlement-asset finality (SFD designation / PFMI / UCC Art.12 / contractual), check cross-network atomic DvP/PvP (the Agorá / Pontes / DTCC Collateral AppChain coordination patterns), model 24/7 collateral mobility, stress intraday liquidity, screen settlement participants, and emit a hash-anchored audit pack — agent-native end-to-end via OpenChainGraph v0.4 Compute Binding.

Distinct from Wave 8 Canton (asset layer): Wave 8 covers tokenized assets (Daml DvP, tokenized collateral/securities on Canton, a single network). Wave 13 covers the tokenized cash and cross-network settlement seam — how tokenized money achieves legal finality, how it moves across networks, and how a cash leg and an asset leg settle atomically when they live on separate ledgers.

DTCC full production: Oct 2026 ECB Pontes pilot: end-Q3 2026 BIS Agorá real-value: 2026 JPMD on Canton: phased 2026 UK RLN pilot: mid-2026 RWA TAM: McKinsey ~$2T / BCG ~$9.4T by 2030

Educational estimators — not settlement, legal, or regulatory advice · Verify all finality/regime claims against current primary sources

Tools — 4 new (start with ART-56)

All four emit verifiable OpenChainGraph v0.4 artifacts and compute server-side over MCP (Compute Binding). Run ART-56 first — it grades your firm/desk across the cash layer and routes to the right wts-* chain.

ART-56 · D0 · start here

Wholesale Tokenized Settlement Fit Diagnostic

12-question A–F readiness diagnostic across 6 weighted dimensions: settlement-asset type, finality regime, cross-network atomicity, asset-leg type, deposit-token issuer, intraday liquidity, and reconciliation controls. Routes to the right wts-* chain.

run_tokenized_settlement_fit

ART-57 · W-B flagship

Deposit-Token Compliance Validator

3-test validator for bank-liability deposit tokens (JPMD/RLN model): at-par redemption, on-balance-sheet liability, holder eligibility. Classifies DEPOSIT_TOKEN_CONFIRMED / CBM_TOKEN / EMT_STABLECOIN / MISCLASSIFIED. US/UK/EU regime notes.

validate_deposit_token_compliance

ART-58 · W-A flagship

Cross-Network Atomic Settlement Validator

Validates atomic settlement across 2+ networks: cash-leg finality on the money ledger, asset-leg delivery on the asset ledger, FX-leg PvP. Detects finality mismatch, non-atomic risk, PvP gaps per CPMI-IOSCO PFMI P.8 + P.12. Models BIS Agorá / ECB Pontes / DTCC Collateral AppChain.

validate_cross_network_settlement

ART-59 · W-C

Settlement-Asset & Legal-Finality Classifier

Classifies the settlement asset (CBM token / tokenized deposit / stablecoin / e-money) against its finality regime (SFD 98/26/EC / PFMI P.8 / UCC Art.12) → finality tier 1–4 + singleness-of-money verdict. Gates ART-58 cross-network atomicity check.

classify_settlement_asset_finality

Chains — 8 workflows (~75% reuse)

Each chains the new Wave-13 tools with the existing capital-markets, AML, crypto-integrity, and Canton stack. Terminal artifacts carry the full provenance chain and can be exported via export_artifact.

wholesale-settlement-fit

Single-node diagnostic — grades your settlement desk and routes to the right Wave-13 chain.

art-56

W-A · flagship

wholesale-settlement-cross-network-dvp

Will this DvP be atomic across networks? Cross-network atomicity + finality-compat → asset-leg DvP → FX-leg PvP.

art-58 → 507 → 511

W-B

wholesale-settlement-deposit-token

Is this a redeemable bank-liability deposit token? Deposit-token classification → regime classifier → Merkle integrity.

art-57 → 510 → cry-04

W-C

wholesale-settlement-settlement-asset

What settlement asset, what finality tier? Finality classification → regulatory classifier → on-chain cash-leg finality.

art-59 → 510 → 506

W-D

wholesale-settlement-collateral-mobility

24/7 cross-network collateral movement (DTCC AppChain wedge). Eligibility → mobilization → haircut/valuation.

505 → 513 → 508

W-E

wholesale-settlement-intraday-liquidity

Intraday liquidity and capital under 24/7 tokenized settlement vs RTGS windows. Educational estimator.

504 → sim-01 → ml-03

W-F

wholesale-settlement-participant-onboarding

KYC/sanctions/AML for a wholesale tokenized-settlement participant across the cash and asset networks.

509 → 110 → art-10

W-G · convergence

wholesale-settlement-audit-pack

Convergence terminal — Merkle integrity over settlement decisions + audit receipt + regulator/custodian memo.

cry-04 → cry-05 → ptg-01

Cross-chain topology

wholesale-settlement-fit (ART-56)
  ├──→ wholesale-settlement-settlement-asset (ART-59 → 510 → 506) ← gates wholesale-settlement-cross-network-dvp via finality_tier
  ├──→ wholesale-settlement-cross-network-dvp (ART-58 → 507 → 511) ← W-A flagship
  ├──→ wholesale-settlement-deposit-token (ART-57 → 510 → cry-04) ← W-B
  ├──→ wholesale-settlement-collateral-mobility (505 → 513 → 508)
  ├──→ wholesale-settlement-intraday-liquidity (504 → sim-01 → ml-03)
  ├──→ wholesale-settlement-participant-onboarding (509 → 110 → art-10)
  └──→ (all) → wholesale-settlement-audit-pack (cry-04 → cry-05 → ptg-01) ← W-G convergence terminal

ART-59 finality_tier gates ART-58 atomicity check: pass ART-59 execution_hash as ART-58 parent_hashes[0].

Key citations & standards

No content on this page or the linked tools fabricates regulatory requirements. All rules cited below trace to published primary sources. Verify each against current sources before relying on jurisdiction-specific treatment.

EU Settlement Finality Directive 98/26/EC — Designated-system finality (Tier 1 / SFD designation); basis for ART-59 finality tier 1

UCC Article 12 — Controllable electronic records (2022 amendments); basis for UCC-Art12-control finality designation (US)

CPMI-IOSCO PFMI — Principle 8 (settlement finality); Principle 12 (exchange-of-value / DvP). Basis for ART-58 + ART-59 finality/atomicity logic

BIS Project Agorá — Shared programmable platform for wholesale cross-border payments; advances to real-value testing (announced May 2026). Unifying-ledger pattern in ART-58. Verify: bis.org/publ/othp110.htm + bis.org/press/p260527.htm

ECB Pontes / Appia — Pontes: TARGET-link DLT settlement (pilot end-Q3 2026); Appia: ≈2028. Basis for ECB Pontes reframe on ART-58 chain page. Verify: ecb.europa.eu/paym/target/pontes

DTCC Collateral AppChain — SEC 3-yr pilot approved Dec 2025; limited production Jul 2026; full production Oct 2026; Chainlink + Canton + Stellar multi-chain. Basis for wholesale-settlement-collateral-mobility. Verify at dtcc.com

Kinexys / JPMD (J.P. Morgan) — Tokenized deposit native to Canton (phased 2026). Deposit-token model for ART-57. Verify via prnewswire.com JPMD/Canton announcement

UK Regulated Liability Network (RLN) — Tokenised sterling deposits (UK Finance pilot to mid-2026). RLN-member issuer type in ART-57. Verify: ukfinance.org.uk / regulatedliabilitynetwork.org

MiCA EMT / Art. 2(6) carve-out — Deposit tokens are NOT e-money tokens under MiCA if the token represents a deposit liability of a credit institution. Basis for EU regime note in ART-57

BIS singleness of money — 1 unit of tokenized money settles at par with central bank money. Basis for singleness_test in ART-59. Verify current BIS source