Municipal bonds · delivery versus payment · sandbox
City bonds that settle in seconds, not days.
A bond recorded on a ledger can swap against a stablecoin in one atomic step: the investor gets the bond and the city gets the cash, or neither happens. Coupons then pay out automatically.
Today vs. on-ledger
Same bond, same rules, faster rails.
| Step | How it works today | On a ledger with stablecoins |
|---|---|---|
| Settlement | T+1 through DTC after the trade | Seconds, delivery versus payment in one transaction |
| Ownership record | Book-entry at DTC and dealer ledgers | Registrar-controlled token, mirrored to the official record |
| Coupon payments | Paying agent, then DTC, then brokers, then investors | Paid in stablecoin straight to holders on the due date |
| Disclosure | Filed on MSRB EMMA | Still filed on EMMA, with a document hash anchored on-chain |
| Who is involved | Issuer, underwriter, bond counsel, municipal advisor, paying agent | The same parties. UnyKorn provides the ledger and settlement software |
Rules still apply. Municipal bonds are exempt from SEC registration but not from anti-fraud rules, Rule 15c2-12 disclosure, or MSRB dealer rules. They are sold through registered dealers. Nothing on this page is an offer of any bond.
Settlement simulator · sandbox
Buy a demo bond with a stablecoin.
The bond below is fictional and exists only in this demo.
Demo City Resilience Bond 2036
Coupon 4.10% · semiannual · $5,000 per bond · matures Oct 1, 2036 · SANDBOX
Coupon 4.10% · semiannual · $5,000 per bond · matures Oct 1, 2036 · SANDBOX
Settlement
- Investor is on the approved holder list
- Stablecoin locked in escrow
- Bonds locked by the registrar
- Atomic swap: both legs move together
- Official record updated, receipt issued
Coupons paid automatically
| Payment date | Paid to | Amount |
|---|