Banks, Telcos, and Utilities Put Blockchain to Work as MAS, Euroclear, ClearX Announce New Deployments

In the past six weeks, tokenization and enterprise DLT moved from pilot to production across finance, telecom, and energy. Singapore’s MAS advanced Project Guardian, Euroclear expanded tokenized fund workflows, and ClearX launched commercial roaming settlement—signaling cross-industry momentum.

Published: December 17, 2025 By Sarah Chen, AI & Automotive Technology Editor Category: Blockchain

Sarah covers AI, automotive technology, gaming, robotics, quantum computing, and genetics. Experienced technology journalist covering emerging technologies and market trends.

Banks, Telcos, and Utilities Put Blockchain to Work as MAS, Euroclear, ClearX Announce New Deployments
Executive Summary
  • Singapore’s Monetary Authority of Singapore (MAS) advanced Project Guardian with new asset tokenization pilots across funds, deposits, and wholesale CBDCs announced on November 13, 2025, highlighting production-grade interoperability between institutions (MAS media release).
  • Euroclear expanded tokenized fund settlement workflows with partners including Goldman Sachs and Société Générale, announced November 21, 2025, indicating operational efficiency gains in cross-border distribution (Euroclear press newsroom).
  • Telecoms platform ClearX launched a commercial blockchain-based roaming settlement service on December 2, 2025, with Tier-1 operators, bringing automated dispute resolution and faster inter-operator payments (ClearX announcement).
  • Energy blockchain specialist Energy Web unveiled new utility-scale renewable certificate tokenization enhancements on November 18, 2025, supporting grid flexibility and verifiable decarbonization claims (Energy Web news).
  • Analysts say tokenization platforms are consolidating, with institutions prioritizing compliance-grade DLT stacks and interoperability; industry sources suggest near-term adoption will be driven by settlement efficiency and regulatory clarity (Reuters institutional tokenisation coverage; Gartner research library).
Finance Leads, but Telecom and Energy Step In Singapore’s MAS said on November 13, 2025 that it is expanding Project Guardian into new pilots spanning tokenized funds, deposits, and wholesale CBDCs, underscoring cross-border interoperability as banks test settlement across public and permissioned rails (MAS announcement). The pilots include global participants such as JPMorgan, UBS, Deutsche Bank, and regional institutions working to standardize on-chain identity, collateral, and compliance messaging (MAS details). In Europe, Euroclear announced on November 21, 2025 that it is broadening tokenized fund settlement workflows, building on integrations with platforms such as Goldman Sachs’ GS DAP and SocGen’s Forge to reduce post-trade friction and improve distribution transparency (Euroclear press newsroom). According to industry sources, operational savings are estimated in the single-digit percentage range per transaction, driven by automated reconciliation and shared ledgers (Reuters coverage). Telecom is moving beyond proofs-of-concept. On December 2, 2025, ClearX launched commercial blockchain-based roaming settlement with Tier-1 carriers, automating usage records and disputes to compress settlement windows from weeks to days (ClearX release). The company says settlement automation reduces leakage and manual errors, aligning with GSMA specifications on inter-operator settlements (ClearX technical note). Supply Chains, Credentials, and ESG Reporting Beyond capital markets, blockchain-backed traceability and digital product passports are gaining traction as manufacturers face new compliance mandates. On November 26, 2025, sustainability traceability firm Circulor announced expanded pilots with automotive and battery suppliers to meet emerging EU passport requirements, using permissioned ledgers to anchor provenance and Scope 3 emissions data (Circulor newsroom). Enterprise platforms such as SAP are integrating partner-led ledger modules to support auditable supply chain credentials in procurement and PLM systems (SAP News). Energy and sustainability are also in focus. On November 18, 2025, Energy Web detailed enhancements that tokenize renewable energy certificates and enable verifiable grid flexibility dispatch, designed to support utilities and corporate buyers with machine-readable claims (Energy Web announcement). This builds on broader Blockchain trends where enterprises prioritize interoperable, compliance-ready stacks over bespoke pilots, aiming for measurable decarbonization and audit-ready reporting (McKinsey analysis). Interoperability, Compliance, and Institutional Rails Institutions continue to stress interoperability across public and permissioned chains, as seen in MAS pilots and Euroclear’s settlement extensions. On November 25, 2025, the Bank for International Settlements (BIS) Innovation Hub reported progress on cross-border wholesale CBDC experiments and multi-chain messaging standards, aiming to reduce fragmentation in on-chain settlements (BIS press updates). According to analysts, compliance-grade identity, transaction screening, and audit trails are now must-have features for deployment (Gartner briefings). Telecom’s roaming launch via ClearX demonstrates a template many industries can follow: standard data schemas, automated dispute logic, and shared-state ledgers with permissioned access (ClearX announcement). In finance, Goldman Sachs and Société Générale are integrating tokenization with existing post-trade infrastructures, enabling “same-day” fund transfer scenarios where permitted by regulatory regimes (Euroclear newsroom; Reuters analysis). For more on latest Blockchain innovations. Key Cross-Industry Blockchain Deployments (Nov–Dec 2025)
InitiativeIndustryScopeSource
MAS Project Guardian pilotsFinancial ServicesTokenized funds, deposits, wholesale CBDCMAS media release (Nov 13, 2025)
Euroclear tokenized fund workflowsCapital MarketsExpanded settlement across partnersEuroclear press (Nov 21, 2025)
ClearX roaming settlement launchTelecomCommercial inter-operator settlementClearX announcement (Dec 2, 2025)
Energy Web REC tokenization updateEnergy & UtilitiesRenewable certificates, grid flexibilityEnergy Web news (Nov 18, 2025)
Circulor digital product passport pilotsManufacturing & AutomotiveTraceability and ESG dataCirculor newsroom (Nov 26, 2025)
BIS cross-border CBDC updatesPublic SectorInteroperability standards & experimentsBIS press (Nov 25, 2025)
Timeline infographic highlighting cross-industry blockchain deployments in Nov–Dec 2025 across finance, telecom, energy, manufacturing, and public sector.
Sources: MAS, Euroclear, ClearX, Energy Web, BIS, November–December 2025
What Businesses Should Watch Next Enterprises evaluating cross-industry DLT should track three fronts: standardization, compliance tooling, and integration into existing ERP and network systems. MAS’s pilots, Euroclear’s fund workflows, and ClearX’s roaming deployment illustrate that tokenization succeeds when it coexists with current messaging and reconciliation stacks rather than displacing them (MAS; Euroclear; ClearX). According to industry research, institutions are estimated to prioritize platforms with enterprise-grade observability, on-chain compliance screening, and audit-ready data retention—features increasingly offered by vendors integrating with SAP, IBM, and cloud providers (Gartner research). Energy and manufacturing use cases will likely accelerate as digital product passports mature and renewable certificate tokenization aligns with corporate reporting mandates (Energy Web update; Circulor pilots). FAQs { "question": "What did MAS announce under Project Guardian in November 2025?", "answer": "On November 13, 2025, MAS advanced Project Guardian with new pilots spanning tokenized funds, tokenized deposits, and wholesale CBDC experiments focused on cross-border interoperability and compliance. The initiative involves global banks collaborating on standardized on-chain identity, messaging, and settlement. MAS emphasized production-grade trials rather than lab-only proofs, signaling readiness to test integration into existing post-trade and treasury systems. See the MAS media release for details and participating institutions." } { "question": "How does Euroclear’s tokenized fund workflow impact cross-border distribution?", "answer": "Euroclear’s November 21, 2025 announcement highlighted expanded operational workflows that integrate tokenized fund issuance and settlement with partners, including Goldman Sachs and Société Générale. The approach aims to reduce reconciliation steps and settlement latency while maintaining regulatory controls. Industry coverage suggests operational cost reductions in a single-digit percentage range per transaction through automated ledger-based synchronization. This supports scaling tokenized products without disruptive changes to existing infrastructure." } { "question": "Why is the ClearX telecom deployment a pivotal cross-industry milestone?", "answer": "ClearX’s December 2, 2025 commercial launch of blockchain-based roaming settlement demonstrates a production-grade, standards-aligned application outside finance. It automates inter-operator usage records, dispute resolution, and payments, compressing settlement cycles from weeks to days. This template—shared-state ledgers plus automated business logic—can translate to freight, energy balancing, and healthcare claims processing. It shows how DLT can reduce leakage and manual intervention while integrating with existing operational support systems." } { "question": "What role do digital product passports and renewable certificates play in ESG reporting?", "answer": "Digital product passports anchor traceability and emissions data, helping manufacturers meet evolving compliance requirements. Renewable energy certificates, when tokenized with verifiable attributes, support companies in asserting carbon claims and grid flexibility contributions. November 2025 updates from Circulor and Energy Web show progress toward machine-readable, audit-ready datasets backed by permissioned ledgers. These tools align ESG reporting with standardized, interoperable infrastructures, enabling assurance across supply chains and utilities." } { "question": "What should enterprises prioritize when selecting blockchain platforms?", "answer": "Enterprises should prioritize interoperability with existing ERP and network systems, robust compliance tooling (identity, screening, audit trails), and observability across multi-tenant deployments. Recent MAS, Euroclear, and ClearX developments favor platforms that integrate with established messaging and reconciliation layers rather than replacing them. Vendor selection should include evidence of production deployments, regulatory alignment, and support for standardized data schemas to avoid vendor lock-in and to streamline cross-industry collaboration." } References

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Sarah Chen

AI & Automotive Technology Editor

Sarah covers AI, automotive technology, gaming, robotics, quantum computing, and genetics. Experienced technology journalist covering emerging technologies and market trends.

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Frequently Asked Questions

What did MAS announce under Project Guardian in November 2025?

On November 13, 2025, MAS advanced Project Guardian with pilots focused on tokenized funds, tokenized deposits, and wholesale CBDC experiments that emphasize cross-border interoperability and regulatory compliance. Participating banks are testing standardized identity, messaging, and settlement across different ledger types. MAS highlighted integration with existing post-trade and treasury systems, signaling a shift from small pilots to production-grade trials. For specifics, refer to the MAS media release and partner details.

How does Euroclear’s tokenized fund workflow impact cross-border distribution?

Euroclear’s November 21, 2025 update expands operational workflows for tokenized fund issuance and settlement with partners such as Goldman Sachs and Société Générale. The approach aims to streamline reconciliation and reduce settlement latency while preserving regulatory oversight. Industry reporting suggests single-digit percentage cost improvements per transaction due to ledger-based synchronization. This model allows tokenized products to scale without replacing core infrastructure, enabling smoother cross-border distribution.

Why is the ClearX telecom deployment a pivotal cross-industry milestone?

ClearX’s December 2, 2025 commercial launch delivers blockchain-based roaming settlement that automates inter-operator usage records, disputes, and payments. By compressing settlement cycles from weeks to days, it demonstrates how shared-state ledgers and automated business logic can tangibly reduce leakage and manual processing. This blueprint is applicable to sectors like freight invoicing, energy balancing, and healthcare claims, proving blockchain’s value outside finance when integrated with established operational systems.

What role do digital product passports and renewable certificates play in ESG reporting?

Digital product passports provide a consistent, verifiable record of provenance and emissions data, helping manufacturers meet regulatory requirements. Tokenized renewable energy certificates add machine-readable attributes that support corporate carbon claims and grid flexibility contributions. November 2025 updates from Circulor and Energy Web show the move toward audit-ready datasets on permissioned ledgers. These tools align ESG reporting with interoperable infrastructure, improving assurance for supply chains and utilities.

What should enterprises prioritize when selecting blockchain platforms?

Enterprises should prioritize interoperability with ERP and network systems, robust compliance tooling including identity and screening, and observability across multi-tenant deployments. Recent developments at MAS, Euroclear, and ClearX favor platforms that integrate with existing messaging and reconciliation layers rather than attempting rip-and-replace strategies. Buyers should demand evidence of production use, regulatory alignment, and support for standardized data schemas to reduce vendor lock-in and enable cross-industry collaboration.