Clearstream, The Depository Trust & Clearing Corporation (DTCC), and Euroclear, in collaboration with Boston Consulting Group (BCG), have published a white paper titled “Building the Path Towards Digital Asset Securities Interoperability”.
The paper examines the challenges of achieving interoperability within the decentralised finance (DeFi) ecosystem. It also proposes a framework for industry collaboration on data standardisation, process harmonisation, and consistent role allocation.
It identifies five foundational areas necessary for interoperability in digital asset securities. These are: assets and liabilities, ownership recognition, asset lifecycle and movement protocols, ledgers, and legal and regulatory compliance.
The paper highlights that industry participants must address fragmentation across distributed ledger technology (DLT) networks.
The paper notes that achieving interoperability could simplify use cases and enable new business models. It could also help preserve asset mobility, liquidity, security, and fungibility.
The framework builds on a 2024 joint publication, “Building the Digital Asset Ecosystem”.
The publication established the Digital Asset Securities Control Principles (DASCPs), which cover legal certainty, regulatory compliance, resilience and security, safeguarding customers’ assets, connectivity, interoperability, and operational stability.
Jens Hachmeister, Head of Issuer Services and New Digital Markets at Clearstream, added:
“The framework presented in this white paper is testament to our ongoing engagement for interoperability, enabling harmonisation, driving adoption, and unlocking value.”
Isabelle Delorme, Head of Product Strategy and Innovation at Euroclear, said:
“Through shared collaboration and deep market expertise, we can provide the intelligence and practical solutions needed to unlock real value, accelerate adoption of DLT rails, and support seamless, global participation at scale.”
The authors encourage industry participants to consider the framework in their strategy roadmaps to support issuers and investors while maintaining the safeguards that underpin trust in global financial markets.
Featured image credit: Edited by Fintech News Switzerland, based on image by topntp26 via Freepik
