Tokenisation, at Scale: Why Trusted Market Infrastructure Matters

For years, the industry has debated the promise of tokenisation. On 15 July, that promise became more tangible, as DTCC converted DTC-held assets into tokens used in real production trades across multiple asset classes, use cases, market participants and blockchains. As DTCC moves toward production in October, the next phase of the conversation is clear: tokenisation’s success will depend not only on digitising assets, but on the trusted infrastructure needed to connect markets, manage risk and support scale. DTCC is uniquely positioned to serve this role because it already sits at the centre of the post-trade ecosystem, bringing the scale, governance, risk management expertise and industry connectivity needed to help tokenised markets move from experimentation to broad institutional adoption. 

Key Takeaways: 

• Tokenisation’s real value comes from the infrastructure and market connectivity that support it, not just digitising assets. 
• Interoperability and risk management are essential to scaling tokenised markets responsibly. 
• Tokenisation should modernise market functions, not replace the safeguards markets rely on today. 

As digital and traditional financial markets continue to converge, tokenisation is moving from concept to real-world application. At SIFMA Ops 2026, I shared my perspective on how tokenisation must evolve to deliver meaningfully value for capital markets during the Tokenisation & Digital Assets – The Next Wave of Financial Services Transformation panel discussion. 

Much of the public conversation around tokenisation focuses on innovation at the asset level. That innovation is important. But the real conversation should also focus on infrastructure, interoperability and risk management. Tokenisation is not about replacing the financial system. It is about evolving it responsibly and at scale, building on the strengths of today’s markets while enabling new efficiencies and capabilities. 

Click here to learn more about how DTCC is Transforming Finance Through Secure Tokenisation 

Tokenisation Is More Than a Technical Upgrade

Tokenisation introduces capabilities such as 24x7 asset mobility, embedded programmability through smart contracts and composability across workflows and services. These features can enable new operating and settlement models, more efficient collateral management and improved capital efficiency. 

But technology alone is not the full story. Many of these capabilities could theoretically be replicated in traditional systems with sufficient investment. What truly differentiates tokenisation is the shared ecosystem and interoperability it can enable across assets, markets and participants. 

Read More: Tokenisation Moves from Theory to Reality 

In a tokenised environment, the infrastructure used to move securities can also support the movement of cash, collateral and related data across market participants and financial market infrastructures. That shared foundation creates the conditions for interoperability, enabling assets, cash and data to move more seamlessly across market participants and infrastructures, which is a core pillar of DTCC’s digital-asset strategy. 

Trusted Market Infrastructure Is the Source of Real Value

Scale and resilience are built deliberately into market infrastructure over time. Tokenisation must strengthen these attributes, not erode them. This perspective differs from narratives that suggest intermediaries will simply disappear in a tokenised world. As was noted during the panel, functions such as multilateral netting, financing, settlement finality and legal novation do not vanish when assets move on chain. They become programmable. Infrastructure still matters, and in many respects, its role becomes even more important. 

We saw this principle put into practice on 15 July, when DTCC converted DTC-held assets into tokens that were used in real production trades across multiple asset classes and use cases on two blockchains. More than 30 traditional and digital market participants took part, demonstrating that tokenised assets can be integrated into existing trusted market infrastructure while supporting interoperability and activity at institutional-scale. 

Learn more: DTCC Turns Tokenisation Into Reality 

Closing the 24x7 Risk Gap

As futures markets move toward 24x7 trading and crypto markets already operate continuously, traditional assets and collateral largely remain constrained by market hours. That creates a growing disconnect between trading activity and the ability to manage associated risk in real time. 

If positions can be established at any time, but margin and collateral cannot be adjusted until markets reopen, systemic exposure increases. I view tokenisation as a potential solution rather than a complication. When applied thoughtfully, tokenisation can help markets adapt to evolving trading patterns while maintaining the risk management disciplines that support market stability. 

By enabling assets to move, be pledged, and be managed continuously, tokenised infrastructure could better align risk management with the realities of increasingly around-the-clock markets. 

Interoperability Over Fragmentation

Multiple blockchains, token standards and regulatory regimes could easily recreate the silos that market infrastructure has spent decades working to eliminate. FMIs such as DTCC can play an important role in connecting emerging on-chain ecosystems, helping to expand market choice and innovation while enabling capital and liquidity to move efficiently across networks and jurisdictions.

Learn Why Blockchain Does Not Eliminate Intermediaries 

If digital cash is treated as a regulated stablecoin in one market, a commercial paper equivalent in another and a fund in a third, interoperability breaks down. That fragmentation would significantly limit the ability of tokenised assets to move seamlessly across markets and infrastructures, undercutting many of their promised benefits. Progress will depend on sustained dialogue between traditional market participants, crypto‑native firms and regulators. Greater alignment across legal, regulatory and market frameworks, rather than fragmentation, will be critical to unlocking scale. 

Asset Servicing Still Matters And May Matter Even More 

Tokenisation does not eliminate asset servicing. Corporate actions, tax processing, identity, compliance, and reporting all remain essential to how markets function. 

Tokenisation creates an opportunity to build and automate many of these activities directly into the asset itself, rather than requiring each market participant to support them independently across fragmented systems. When designed this way, servicing becomes more consistent, more efficient and easier to scale. Rather than eliminating servicing, tokenisation creates an opportunity to modernise how it is delivered, while preserving the controls, governance and oversight that markets depend on. 

Learn What Tokenised Collateral Really Means for Markets 

Servicing must evolve alongside issuance and settlement to enable true straight‑through processing across the asset lifecycle. Without that alignment, manual handoffs and redundant processes introduce friction, increase error risk, and drive unnecessary cost across critical points in the transaction lifecycle. That is why our work exploring tokenised deposits, payment stablecoins and other digital cash models is so important. When securities and cash move in lockstep, markets can reduce rework, improve resiliency and deliver greater end‑to‑end operational efficiency. 

A Measured Path Forward

The opportunity in tokenisation is real and significant, particularly around interoperability across financial market infrastructures. But realising that opportunity will require regulatory alignment, resilient infrastructure and continued collaboration across the industry.

Tokenisation is not a race to replace the existing system. It is a multiyear effort to modernise it responsibly, while extending its reach to new asset classes, new market participants and new generations of investors. The focus should be on delivering meaningful innovation while preserving the trust, resiliency and risk management foundations that underpin global markets. The greatest opportunity lies not simply in digitising assets, but in doing so in a way that strengthens how markets connect, operate and manage risk. That is the path we are focused on at DTCC.