The world's largest market infrastructure operators are warning that tokenized securities will struggle to scale unless the industry agrees on how blockchains and traditional finance systems connect. In a joint white paper, the Depository Trust and Clearing Corporation (DTCC), Euroclear, and Clearstream, working with Boston Consulting Group, argued that interoperability is a prerequisite for digital asset security (DAS) adoption at scale. Without it, assets risk being trapped on isolated networks, leading to high operational costs and fragmented liquidity as trading volumes grow.
The group emphasized that the operating model is shifting toward a "network-of-networks," requiring standards and gateways to link digital and traditional systems. Assets must move across platforms while preserving their integrity, ownership rights, and lifecycle, with full legal and regulatory compliance - summarized as "same asset, same rights, same outcome."
This warning comes as tokenization gains ground, with large-scale infrastructure already in motion, including over $300 billion in daily repo activity. However, many workflows still depend on legacy systems, with tokenized bonds often trading on-chain while cash settles through traditional payment networks. The paper assumes this coexistence will last for years.
Interoperability must extend beyond technical bridges to cover assets, liabilities, ownership recognition, lifecycle events, ledger finality, and legal enforceability. Without alignment, cross-chain or cross-border transactions may require extra reconciliation, eroding efficiency gains. The group called on regulators and market participants to develop working groups focused on governance, standards, and resilience.
Major Wall Street firms see tokenization as a way to reshape financial markets with 24/7 trading, faster settlement, and more efficient collateral use, potentially reducing back-office costs and freeing up capital. Achieving this vision, the paper suggests, depends less on launching new chains and more on aligning the rules governing them.