Today the world’s three largest central securities depositories (CSDs), Deutsche Börse’s Clearstream, DTCC and Euroclear, published a whitepaper with BCG addressing interoperability issues for digital assets securities. It follows a previous tokenization and digital asset framework for risk management published in 2024.
The authors note the increasing number of new blockchains, potentially creating the very fragmentation that distributed ledgers were meant to address. Stablecoin companies Circle (Arc) and Stripe (Tempo) are working on new chains as well as more securities focused startups such as Securitize (Converge) and Ondo Finance (Ondo Chain). While the BIS had envisaged a unified ledger, both central banks and market participants increasingly acknowledge a network of networks is the more likely outcome.
The challenge is ensuring this fragmentation of networks doesn’t significantly impact the mobility, liquidity, security and fungibility of assets. And the issue is not just between blockchains but also between on-chain and off-chain securities and assets.
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