The world’s largest market infrastructure operators warn that tokenized securities will struggle to scale unless the industry agrees on how blockchains and traditional financial systems connect.
In a joint white paper, the Depository Trust and Clearing Corporation (DTCC), Euroclear and Clearstream, in collaboration with Boston Consulting Group, argued that “interoperability is a prerequisite for scale adoption of digital asset security (DAS).” Without it, they wrote, assets risk becoming trapped in isolated networks, leaving “high operating costs” and fragmented liquidity as trading volumes grow.
The group stopped short of endorsing any particular technology. Rather, he framed the problem as structural. Dozens of public and permissioned blockchains now host pilots and live products. Each uses its own standards, smart contract logic, and settlement design. This diversity, the document says, makes integration difficult and increases operational and regulatory risk.
The authors rejected the idea of a dominant ledger emerging. The operating model, they said, is shifting toward a “network of networks, with standards, gateways and regulated service providers” linking digital and traditional systems. In that environment, assets must move across platforms while preserving what the document calls “the integrity, property rights and life cycle of the asset, with full legal and regulatory compliance.”
They summarized the objective in a short phrase: “same asset, same rights, same result.”
The warning comes as tokenization gains traction in repo markets and in pilot programs in the United States and Europe. While on-chain securities remain small compared to global equity and currency markets, the paper notes that large-scale infrastructure is already in motion, including more than $300 billion in daily repo activity on major platforms.
Still, many workflows depend on legacy rails. Tokenized bonds can be traded on-chain, but cash is often settled through real-time gross settlement systems or bank payment networks. Custodians and central securities depositories still maintain record books. The document assumes that this coexistence will last for years.
The framework also extends beyond technical bridges. Interoperability, the authors argued, should cover assets and liabilities, ownership recognition, life cycle events, general ledger purpose, and legal applicability. Without alignment between those layers, cross-chain or cross-border transactions may require additional reconciliation steps that erode promised efficiency gains.
The group called on regulators and market participants to develop working groups focused on governance, standards and resilience. “Collective action today will shape the resilient markets of tomorrow,” the document states.
That push comes as major Wall Street firms argue that tokenization could reshape financial markets by enabling 24/7 trading, faster settlements and more efficient use of collateral. Executives at large banks and asset managers have said that blockchain-based rails can eventually reduce administrative costs and free up capital tied up in multi-day settlement cycles. Some have described tokenized assets as a path to more integrated global markets, where cash and securities move in near real time.
The document does not question that view. Rather, it suggests that achieving it depends less on launching new chains and more on aligning the rules that govern them.
