KFW, issued by the KfW bond sponsor and tokenized by CASHLINK Technologies GmbH, is a tokenized crypto security representing a digital security recorded under Germany's Electronic Securities Act (eWpG) [S1][S2].

The token represents economic exposure to a KfW corporate bond, with the holder's claim recorded as a crypto security legally equivalent to a traditional security [S1][S3]. Smart contracts automate lifecycle events including coupon and redemption payments, with cash legs settleable in FIAT, stablecoins, or central bank money [S4]. Investors with active holdings are granted interest payment rights [S1]. Cashlink does not publish end-investor fees on its domain, framing value as settlement cost reduction of up to 85% [S2].

The tokenization provider is CASHLINK Technologies GmbH, a German limited company (GmbH) formed in Frankfurt am Main and supervised by the German Federal Financial Supervisory Authority (BaFin) [S5][S2]. Cashlink holds a license under Section 32 (1) KWG to maintain a crypto securities register under Section 16 eWpG, plus a crypto custody license [S1][S5]. The holder's claim is a crypto security (Kryptowertpapier) under Section 4 (3) eWpG [S1]. KYC and AML verification is mandatory before investing, and PEP investments may be rejected [S6]. Holdings may be safekept via a qualified custodian bank supervised by BaFin or via self-custody [S6][S3]. Register entries record holder rights and impediments to disposal [S3].

The token follows the ERC-20 standard and is issued on EVM-compatible public-permissioned networks, currently Ethereum, Polygon, and Stellar [S7]. The issuer submits holder data and a wallet address via API; once validated, the recipient is added to a whitelist and the token is minted [S1]. Transfers are restricted to whitelisted wallets, and settlement can occur within T+1 or in real time at T+0 [S1][S4].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://cashlink.de/en/ewpg-crypto-securities/" },
    { id: "S2", url: "https://cashlink.de/en/" },
    { id: "S3", url: "https://cashlink.de/en/custodian-banks/" },
    { id: "S4", url: "https://cashlink.de/en/token-based-bond/" },
    { id: "S5", url: "https://cashlink.de/en/imprint/" },
    { id: "S6", url: "https://cashlink.de/en/compliance/" },
    { id: "S7", url: "https://cashlink.de/en/core/" },
  ]}
/>


Tokenized funds

website

Real-world asset (RWA) issuers

Cashlink

KFW DLT I (KFW) is a tokenized fund share issued by Cashlink.

Its transfer agent is Cashlink Technologies GmbH.

KFW has been issued on Polygon as an ERC-20 token since July 2024.

KFW DLT IKFW

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