# States Move Core Settlement Onto Ledgers

Finance ministries and central banks keep committing to ledger-based settlement for sovereign debt and equities, so the tokenization contest expands from private markets into government-run infrastructure and sets the standards that private chains must interoperate with.

- Conviction: 36 / 100 (weakening)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-08-26T00:00:00.000Z
- Last updated: 2026-08-28T06:23:07.647Z
- Canonical: https://polylog.news/crypto/trends/sovereign-settlement-infrastructure-onchain
- Publisher: Polylog
- Affected regions: Global

## Recent score history

- 2026-08-27: 38
- 2026-08-28: 36

## Recent evidence

- [confirms] Japan's regulators, finance ministry and central bank open a study of instant blockchain settlement for stocks and government bonds (2026-08-26): Japan's Financial Services Agency, finance ministry and the Bank of Japan opened a joint study of instant blockchain settlement for stocks and government bonds, with a development plan expected around the start of 2027; Tokyo equities currently settle in two days and JGBs in one. A central bank and finance ministry jointly scoping instant settlement for sovereign debt is the government-infrastructure step the thesis predicts, and it puts a dated plan behind it.