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.
Africa Finance Corporation raised CHF 350m of five-year paper on 12 August, listed on SIX Swiss Exchange and deposited with SIX Digital Exchange under its existing $5bn note programme. About 90 per cent of demand was Swiss domestic.
Distributed Ledger Repo moved an average of $365bn of repurchase agreements a day against tokenized collateral, which Broadridge reports as a 28 per cent rise year on year.
Eleven institutions will secure the stablecoin issuer's own layer-one network before its 16 September mainnet, and the DTCC will make Arc a supported chain for tokenizing the assets it custodies from the second half of 2027.
The fourth-largest US bank says corporate and commercial clients will move, program and settle funds around the clock on its own blockchain, starting with a limited dollar to pound exchange and widening through 2027.
The BIS says twenty-eight institutions and central banks moved around CHF800,000 of live tokenized deposits across borders, the first time the project has put real value at stake.
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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