News, data and analysis on tokenized assets, market design and digital economic systems.
The distance between a trade and a transfer of title: delivery versus payment, finality, atomicity and the settlement systems being rebuilt.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities.
The European Central Bank published a study of the tokenised bond market in Issue 33 of its Macroprudential Bulletin on 13 April 2026, comparing matched samples of tokenised and conventional European corporate bonds.
Legal designation and a cash leg that was already someone's liability separate the wholesale settlement systems now carrying volume from the multi-jurisdiction platforms that handed themselves over or stayed prototypes.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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