dBonds team made an agreement with UK based custodian

Great news for the dBonds project! Recently we have made an agreement with authorized UK based custodian Queen Street Finance to issue tokenized bonds under dBonds standard, which are collateralized with high quality fiat bonds.

It works as follows. Such a USD nominated fiat bond is bought and locked within the custodian escrow account, then the dbond nominated in stablecoin (at this moment it is DUSD stablecoin by thedeposbank contract) is issued. Then this dbond is locked within thedeposbank contract and new DUSD are issued respectively, so that the dbond is considered as DUSD collateral.

Using the token metadata it will be easy to check, what kind of fiat bond is under this token and that it is indeed exists and locked within the custodian.

This is an important step towards bringing fixed income instruments into EOS ecosystem and building transparent decentralized bank with stablecoin fully collateralized by high valuable on-chain assets including tokenized bonds, which is one of the main goals of Depos project.

Keep in touch and welcome to our Telegram discussion!

P.S. on the picture there is a custodian office building