This is the first part of a two-part article that examines the emergence of digital bond offerings. This part I provides a high-level overview of digital bonds and the growing digital bond market. Part II will provide an overview of the technology powering this market shift, as well as certain regulatory and other considerations for capital markets participants.

Introduction

Bonds present perhaps the most promising use case for blockchain technology and smart contracts in securities offerings. The bond market is the largest securities markets with an estimated $141 trillion dollars of bonds outstanding at the end of 2022—and that market continues to operate pursuant to archaic processes.

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