Market infrastructure firms warn tokenized securities face higher costs, split liquidity without interoperability

The DTCC, Euroclear and Clearstream argue that the principle of “same asset, same rights, same outcome” must apply across both distributed ledger technology networks and traditional finance systems. What to know : The DTCC, Euroclear and Clearstream warn that tokenized securities will not scale without robust interoperability between blockchains and traditional market infrastructure. They published a white paper on Wednesday which argues that a "network-of-networks" model, rather than a single dominant ledger, will require common standards, gateways and regulated service providers to preserve asset integrity, ownership rights and legal compliance across platforms. The authors urge regulators and market participants to coordinate on governance, standards and resilience so tokenization can deliver promised benefits like faster settlement and more efficient collateral use without fragmenting liquidity or raising operational risk.