Tokenized asset rails · Private beta

Canadian corporate credit,
programmable.

Issue smarter, settle faster, service seamlessly. Smart Bonds is institutional infrastructure for programmable credit. We power the issuance, trading, and settlement of corporate bonds across public and exempt markets. Starting in Canada. Scaling globally.

Frictionless Digital issuance
Atomic DvP settlement
Synchronized Investor records
Automated Lifecycle servicing
Partners & affiliations
01 · Market size
$600B
Canadian IG corporate bond market
02 · Settlement
T+1
Still relies on asynchronous, delayed settlement
03 · Trading venue
OTC
Predominant venue for corporate bonds, with limited transparency
04 · Servicing
Manual
Lifecycle events still reconciled across spreadsheets
01 — The thesis

A major market still running on legacy rails.

Canada's corporate bond market is a $600B+ asset class constrained by legacy infrastructure. While the 2024 move to T+1 was a step forward, the core architecture remains unchanged: issuance is fragmented, trading is opaque, and settlement is delayed. The transition from analog rails to programmable credit is inevitable.

01

Settlement drag

T+1 still ties up balance-sheet capital and leaves residual counterparty exposure on trades that could settle atomically.

02

Opaque secondary markets

Most corporate bonds trade OTC with no continuous order book. Mid-market prices are a phone call, not a feed.

03

Manual lifecycle servicing

Coupons, redemptions, and corporate actions are reconciled across spreadsheets and intermediaries at scale, every quarter.

04

Fragmented stack

Issuers coordinate disconnected providers across documentation, distribution, registry, paying agent, and reporting workflows.

Independent evidence

The data isn't hypothetical.

Hong Kong Monetary Authority (HKMA) research, peer-reviewed and independently corroborated by the European Central Bank (ECB), measured what tokenized bond infrastructure actually delivers versus matched conventional bonds.

22 bps
// Underwriting fees
Average reduction vs. matched conventional bonds
78 bps
// Borrowing costs
Average yield-spread reduction at issuance
+5.3%
// Liquidity
Bid-ask spread improvement in secondary trading

Source: Leung, Wong, Ying & Wan (2023), "An Assessment of the Benefits of Bond Tokenisation," Hong Kong Institute for Monetary and Financial Research / HKMA. Corroborated by ECB Macroprudential Bulletin (Apr 2026). Treat as external evidence of market direction, not a guaranteed Canadian outcome.

Why now

The Canadian tailwinds are here.

Tokenized financial instruments are no longer theoretical. In Canada specifically, the regulatory and capital-markets backdrop has crossed a threshold.

Q4 2023
HKMA research empirically validates tokenization efficiency and liquidity gains, later corroborated by the ECB.
Q2 2024
Canada migrates to T+1 settlement. An important step, and a precedent for further compression toward atomic.
2024-25
BlackRock, JP Morgan, and Apollo launch tokenized funds at institutional scale.
Q1 2026
CIRO publishes the Digital Asset Custody Framework. In parallel, BoC successfully completed $100M tokenized bond experiment, issued by EDC and settled atomically using wholesale CBDC.
02 — The platform

One stack across the corporate bond lifecycle.

Issuance, distribution, settlement, servicing, reporting, and secondary trading on a single programmable rail designed for both public deals and exempt private placements.

/ 01

Tokenized issuance

Convert complex bond terms into self-executing digital securities across multiple blockchain networks. Offer fractional denominations where appropriate to unlock broader qualified demand.
/ 02

Atomic DvP settlement

Delivery-versus-Payment in a single transaction. Reduces the residual exposure that remains under conventional T+1 workflows and frees up balance-sheet capital.
/ 03

Automated servicing

Coupon accruals, payments, redemptions, and selected lifecycle events execute as code. Every approved holder sees the same authoritative state in real time.
/ 04

Embedded compliance

Eligibility, onboarding, and transfer controls are enforced directly within the asset, not bolted on. KYB, AML, and jurisdictional rules travel with the security.
/ 05

Permissioned DEX-style venue

An auditable secondary venue for qualified market participants. Controlled liquidity, not retail speculation.
Trust by design

Designed natively for Canadian regulatory standards.

Institutional adoption depends on governance, auditability, and regulatory discipline as much as technology. Our architecture is deliberately designed to align with evolving CSA and CIRO frameworks, ensuring that transfer controls, custody expectations, and investor eligibility can be managed under the standards Canadian regulators require.

// Access

Qualified counterparties

Strictly permissioned access, ensuring participation can be limited to verified entities onboarded via a structured process.

// Compliance

Automated eligibility

Eligibility checks are built into the workflows, enabling strict adherence to provincial securities requirements.

// Transferability

Programmable restrictions

Issuer and jurisdiction-defined trading rules travel natively within the security, enforced by smart contract code.

// Transparency

Immutable audit trails

A synchronized record of issuance, ownership, and transfers provides immediate, verifiable transparency.

// Not that
Smart Bonds is not a retail crypto venue. We do not list speculative tokens. The platform is built for institutional and qualified market participants under Canadian securities and AML obligations.
03 — For issuers

Issue smarter. Administer less. Reach more investors.

Smart Bonds is designed for issuers that want faster execution, lower operational friction, and a more modern route from structuring to settlement to post-issuance servicing.

→ Execution

Compress timelines

Digital issuance workflows replace serial handoffs across documentation, registry, and distribution.

→ Administration

Servicing as code

Coupons, redemptions, and lifecycle events run automatically. Fewer reconciliation breaks, lower run-cost.

→ Distribution

Broader reach

Distribute across public and exempt markets on a single rail. Utilize fractional denominations to access a broader investor pool.

→ Visibility

Real-time view

Command a real-time cap table. Maintain a single, always-accurate source of truth, accessible instantly.

04 — For investors

A better fixed-income experience for qualified investors.

Smart Bonds is designed for institutional and qualified market participants. Investors gain digital securities with clearer ownership records, automated servicing, faster settlement design, and access to a permissioned secondary venue built for compliant trading.

→ Settlement

Atomic by design

Near-instant settlement instead of conventional next-day completion, with reduced counterparty exposure.

→ Transparency

Real-time records

Synchronized ownership and transaction history visible to approved participants in real time, not end-of-day.

→ Access

Fractionalization

Smaller minimum sizes through fractional structures where appropriate, broadening qualified participation.

→ Workflow

Automated coupons

Coupon payments, redemptions, and corporate actions run automatically. Fewer manual touches, cleaner books.

05 — Build with us

Build with us — modernize Canadian credit.

Smart Bonds sits at the intersection of digital asset innovation and core capital-markets infrastructure. We are actively raising early-stage capital and simultaneously onboarding strategic infrastructure partners. We are seeking forward-thinking dealers, custodians, and wealth platforms ready to capture the upside of a modernized, programmable rail.

/ 01
Massive addressable market: A $600B+ Canadian IG market, plus significant untapped opportunity across high-yield and exempt private placements. The infrastructure gap is vast.
/ 02
Compounding economics: We capture value across the entire lifecycle—issuance, servicing, and secondary trading—creating deep, defensible moats and multiple revenue streams.
/ 03
Unified go-to-market: A single architecture supports both public offerings and exempt placements, dramatically expanding our TAM and accelerating deal cadence.
/ 04
Structural tailwinds: Direct exposure to settlement modernization, CIRO's digital asset custody framework, and broader tokenization adoption.
/ 05
Beachhead with optionality: Canada-first, with international expansion later. The same rail extends to other jurisdictions as regulatory clarity arrives.
06 — Request access

Be among the first to issue, distribute, invest, or partner.

Early access is granted in cohorts. Tell us how you'd use Smart Bonds.

You're on the list.

We'll be in touch within five business days.

Common questions

FAQ.

We are targeting private beta with launch partners in the second half of the year, with broader early access to follow. Waitlist members are onboarded in cohorts based on use case and readiness on our side.
Canada first. The platform is designed around Canadian securities and custody frameworks as the primary regulatory perimeter. International expansion is on the roadmap, but we are deliberately focused on getting Canada right first.
We are in ongoing engagement with legal and regulatory experts to define our formal registration path, with the ultimate goal of operating as a regulated Canadian entity. Our private beta operates strictly as a technical PoC, allowing our partners to validate the technology and workflow in a safe, pre-commercial setting.
Complementary, not a replacement. Smart Bonds is being designed to integrate with the existing institutions that already serve Canadian credit markets. The goal is to upgrade the workflow, not to bypass the parties that make the market work today.
Both. The platform is being built to support public offerings and exempt/private placements through the same institutional workflow. The dual approach meaningfully expands the addressable opportunity and allows us to serve a larger pool of issuers and investors.