Clearstream, DTCC, and Euroclear, in collaboration with Boston Consulting Group, have released a joint white paper titled ‘Building the Path Towards Digital Asset Securities Interoperability’. The report identifies significant fragmentation across emerging Distributed Ledger Technology (DLT) networks as a primary obstacle to the growth of the decentralised finance ecosystem. To address this, the authors propose a structured path forward focused on data standardisation, process harmonisation, and consistent industry roles.
The paper outlines five essential foundations required to achieve interoperability at scale: assets and liabilities, ownership recognition, asset lifecycle and movement protocols, ledgers, and legal compliance. By establishing these pillars, the industry aims to preserve the mobility, liquidity, and fungibility of digital assets. This framework builds upon the 2024 Digital Asset Securities Control Principles, which set baseline standards for security, resilience, and customer asset safeguarding.
Ultimately, the white paper serves as a call for collective action across the financial sector. The authors encourage industry participants to integrate these interoperability standards into their strategic roadmaps to simplify digital use cases and unlock new market models. By fostering a unified approach, the FMIs seek to ensure that the transition to digital asset securities maintains the same level of trust and regulatory oversight found in traditional global financial services.
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