Market infrastructure firms warn tokenized securities face higher costs, split liquidity without interoperability

The DTCC, Euroclear, and Clearstream, in a joint white paper with Boston Consulting Group, argue that interoperability is essential for the scaled adoption of digital asset securities (DAS). Without agreed-upon connections between distributed ledger technology (DLT) networks and traditional finance systems, tokenized assets risk being trapped on isolated blockchains, leading to high operational costs and fragmented liquidity.

The firms reject the idea of a single dominant ledger, instead advocating for a "network-of-networks" model linked by standards and regulated service providers. They stress that assets must move across platforms while maintaining "the asset’s integrity, ownership rights and lifecycle," adhering to the principle: “same asset, same rights, same outcome.”

The warning comes as tokenization gains traction, noting that current workflows often rely on legacy systems for cash settlement and record-keeping. The paper calls for collective action from regulators and market participants to establish governance, standards, and resilience across technical, legal, and regulatory layers to ensure efficiency gains are realized.

(Source：CoinDesk)