**[ESMA Solicits Feedback on Tokenized Collateral Liquidity During Crises]** Odaily Planet Daily reports that the European Securities and Markets Authority (ESMA) has released a consultation paper seeking industry feedback on the legal, liquidity, and operational risks of tokenized collateral. The aim is to assess whether clearing institutions can access and liquidate such assets under market stress and determine if additional EU regulatory measures are necessary. ESMA Chair Verena Ross stated that legal certainty, infrastructure interoperability, and appropriate regulation are needed to create conditions for the cross-border secure operation and scalable development of tokenized markets. Tokenized collateral is entering European clearing operations, enabling banks and investors to access securities more quickly to meet margin requirements. The assessment will also examine whether current EU rules support clearing institutions in accessing and liquidating tokenized collateral in the event of member defaults. In July 2025, Eurex Clearing will launch a collateral service based on distributed ledger technology, and JPMorgan has already completed its first real-time transaction for Dutch pension investor PGGM. ESMA will also evaluate the tokenization of assets held by traditional financial infrastructures, assets natively issued on distributed ledgers, and their relationship with stablecoins, central bank money, and tokenized deposits. In September 2025, the European Central Bank system will launch Pontes, a platform for settling tokenized asset transactions in central bank money, which will connect blockchain infrastructures with existing settlement systems. (Cointelegraph)