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Unified Blockchain" for Capital Markets: The Unified Ledger Concept as the Core Infrastructure Trend of 2026
From isolated private blockchains to a shared settlement environment — how the BIS Unified Ledger is reshaping capital markets with atomic T+0 settlement, programmable compliance, and cross-border interoperability.
Unified Blockchain" for Capital Markets: The Unified Ledger Concept as the Core Infrastructure Trend of 2026
From 2020 to 2024, many large banks attempted to use blockchain technology in their products. However, each company built its own separate system. One example is JPMorgan. The bank developed the Onyx platform (later renamed Kinexys) for:
• issuing bank debt instruments and commercial paper;
• settlements using tokenized deposits;
• real corporate transactions.
HSBC created its Orion platform, through which it issued sovereign and corporate digital bonds in Hong Kong, China, and the Middle East. Ultimately, instead of a single network, hundreds of "closed clubs" emerged that have almost no interoperability with one another.
By 2026, the market converged on a single solution formulated by the Bank for International Settlements (BIS) — the concept of a "Unified Ledger." Its essence is that three key elements coexist on a single platform:
• wholesale central bank digital currency (CBDC);
• commercial bank digital money;
• tokenized securities.
This enables atomic settlement (T+0), i.e., instant settlement: the transfer of money and the change of asset ownership occur simultaneously in a single transaction.
The Trap of Private Blockchains: How Fragmentation Burned Capital
While each bank built its own "island," the securities of each company became locked within its proprietary system. The main problem arose during settlement. If a security was held in one system and the cash for its payment in another — or in the traditional banking network (SWIFT) — atomic settlement (Delivery versus Payment, or DvP) was impossible.
This:
created time gaps;
delayed settlements;
increased operational costs;
fragmented liquidity.
According to a BIS report from April 2025, approximately $1.4 trillion was at risk of failed settlements daily in the FX market alone. We see a huge volume of money that "flowed" between financial institutions daily. Banks had to maintain large liquidity buffers to cover delays. Due to fragmented liquidity and infrastructure, the industry lost over $100 billion annually in costs and frozen capital.
Unified Ledger Architecture: Convergence of Money and Assets
In the Unified Ledger concept, central bank digital money, commercial bank money, and tokenized securities reside on a single platform. This enables instant settlement. The transfer of money and the change of asset ownership occur simultaneously in a single transaction — either both actions execute, or neither. This approach completely eliminates the risk where one party has already transferred money while the other has not yet delivered the asset.
According to DTCC estimates, the transition from T+2 to T+1 settlement saves the industry approximately $3 billion annually in margin costs. The largest project in this area is Project Agorá, launched by the BIS together with seven central banks (including the Federal Reserve, ECB, Bank of England, Bank of Japan) and more than 40 private institutions such as JPMorgan, UBS, and Deutsche Bank.
In mid-2026, participants moved to testing with real transactions and money. A group of 28 banks has already conducted transactions of $1 million in six currencies, which were settled in approximately 80 seconds instead of the usual several days. According to BIS data, the platform also enables sanctions and fraud checks on counterparties to be performed in parallel (rather than sequentially, as is currently done), reducing false positives and accelerating payment processing.
The entire architecture is designed as two-tiered: central banks retain full control over their currencies on separate ledgers, while commercial banks interact through a common layer. This resolves the issue of national currency sovereignty, which had been the main obstacle to creating a single global settlement system.
Institutional Compliance and Privacy on a Shared Ledger
When transferring money and securities, data privacy is one of the most complex issues. In the Unified Ledger concept, this is solved at the architectural level. Banks and other capital market participants operate in a shared network but can only see their own transactions.
This is achieved through two technologies:
• zero-knowledge proofs (ZKPs), which allow the verification of transaction condition fulfillment without revealing its content;
• partitioning of access rights, where each transaction is visible only to the transacting parties and the regulator.
In this model, rules are part of the software code. Anti-money laundering (AML), know-your-customer (KYC) requirements, and position limits are embedded directly into the smart contracts of the shared ledger. If a transaction does not meet regulatory requirements, it is automatically rejected without ever being recorded on the blockchain.
As demonstrated by the BIS's Project Agorá, this approach does not alter the legal nature of money: central bank digital reserves and tokenized commercial bank deposits remain money, and settlement finality is achievable within existing legal frameworks. The technology enables "always-on" compliance: checks are performed in real time for every transaction, rather than post-factum through reports.
| Criterion | Traditional System (TradFi / Central Depository) | Isolated Private DLT Networks | Unified Ledger |
|---|---|---|---|
| Liquidity Topology | Fragmented (depositories, CSDs) | Fragmented (across networks) | Unified (shared ledger) |
| Settlement Speed | T+2-3 days | Network-dependent (varying standards) | T+0 (atomic settlement) |
| Counterparty Risk | High (settlement gap) | Medium (different networks) | Minimal (atomic DvP) |
| Collateral Costs | High (liquidity buffers) | Medium | Low (instant clearing) |
| Regulatory Standardization Level | High (established rules) | Low (each network differs) | Unified (programmable compliance) |
Executive Summary for Capital Markets Leaders
By 2026, the Unified Ledger concept has definitively prevailed over the idea that each bank should build its own private blockchain. Financial institutions are now shifting their approach: instead of developing proprietary isolated platforms, they are integrating their internal systems with unified, regulated shared ledgers.
The transition to a common settlement environment unlocks trillions of dollars in capital that was previously frozen as collateral and liquidity buffers, while reducing operational costs across the global financial system. According to BIS General Manager Agustín Carstens, "by embedding digital innovation into the existing financial architecture, authorities can shape the future of money and the financial system, preserving trust and serving the public interest."
FAQ – Frequently Asked Questions
Does "Unified Ledger" mean that all global banks must use a single public network like Ethereum?
No. The Unified Ledger is not a single blockchain but an architectural principle. As noted by the BIS, it involves a federated permissioned architecture with multiple jurisdictional ledgers connected through a unifying layer, while preserving the sovereignty of national central banks. Transactions may flow through private channels, and public networks may be used for certain stages.
What is the difference between the BIS Unified Ledger concept and the Regulated Liabilities Network (RLN) project?
RLN is one implementation of the Unified Ledger concept at the level of commercial banks. In the United Kingdom, RLN explores tokenized deposits (RWA) and programmable payments for retail and wholesale settlements, while the BIS, through Project Agorá, focuses on interbank and cross-border settlements involving central banks.
How does the Unified Ledger architecture address the issue of sovereignty for national central banks and their monetary policy?
The two-tier architecture of Agorá preserves legal autonomy: each jurisdiction manages its own central bank ledger, while the common layer ensures interoperability. As the BIS notes, this structure allows central banks to retain control over money issuance and interest rates while benefiting from atomic settlement in cross-border transactions.
