Clearstream, DTCC, and Euroclear map the course to interoperability and drive widespread adoption of Digital Asset Securities
Today, three of the world’s largest financial market infrastructures (FMIs) — Clearstream, The Depository Trust & Clearing Corporation (DTCC), and Euroclear — in collaboration with Boston Consulting Group (BCG), released their latest collaborative white paper titled “Building the Path Towards Digital Asset Securities Interoperability”, which identifies the current challenges of achieving interoperability within the decentralized finance (DeFi) ecosystem. It also explores the different objects of interoperability across the value chain, and proposes a path forward for the industry to collaborate on data standardization, process harmonization, and roles consistency.
The white paper proposes five key foundations and features that will be required to achieve interoperability at scale and with trust across the digital asset securities ecosystem:
- Assets and liabilities
- Ownership recognition
- Asset lifecycle and movement protocols
- Ledgers
- Legal and regulatory compliance
Additionally, the paper identifies fragmentation across emerging DLT networks as a challenge the industry needs to address and overcome. With interoperability, the paper highlights that the industry will be able to take advantage of the full potential of digital asset securities, simplifying use cases, unlocking new models, and preserving the mobility, liquidity, security, and fungibility of assets. The paper concludes with a call for collective action on data standardization, process harmonization, and accountability to shape resilient markets.
The framework builds on a previous joint publication from 2024, “Building the Digital Asset Ecosystem”, which identified the Digital Asset Securities Control Principles (DASCPs) to serve as standards for a global digital asset ecosystem, including legal certainty, regulatory compliance, resilience and security, safeguarding customers’ assets, connectivity and interoperability and operational stability.
“Interoperability is the cornerstone for digital assets adoption and scalability. Participants must focus on data, standards, and sound risk management as common objectives to bridge TradFi and DeFi with integrity, security, and trust,” said Nadine Chakar, Managing Director and Head of Digital Assets at DTCC. “The security control principles and interoperability framework provide a practical approach to apply shared standards for data, implement uniform processes, and adequately assign roles that the industry can adopt today. Through our continued collaboration with Clearstream and Euroclear, we combine complementary strengths and shared expertise to develop and implement asset interoperability solutions that lower industry costs, accelerate innovation, and help advance global markets toward a resilient, scalable digital future.”
“The framework presented in this white paper is testament to our ongoing engagement for interoperability, enabling harmonization, driving adoption, and unlocking value,” stated Jens Hachmeister, Head of Issuer Services and New Digital Markets at Clearstream. “Our perspective is pragmatic and always focusing on our clients—traditional infrastructures and DLT are likely to need to coexist for years to come, and we believe that industry collaboration remains the most effective way to develop the ecosystem of the future.”
“Interoperability will be essential for DLT markets to scale successfully in the coming years,” added Isabelle Delorme, Head of Product Strategy and Innovation at Euroclear. “To deliver meaningful results for clients, the industry must ensure assets are treated consistently across infrastructures while enhancing the liquidity of digital assets and enabling open access to all market infrastructures. 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.”
“Digital asset securities have the potential to deliver very high value across market. To free that potential, the industry needs to have an intentional approach on interoperability, setting up the right capabilities, controls and risk management along the value chain,” emphasized Frédéric Brugère, Managing Director and Partner at The Boston Consulting Group. “Every actor, from FMIs to local banks, has a role to play and we invite collaboration at every level.”
To accelerate progress, the authors invite industry participants to leverage the framework outlined in the paper and to consider including it in their strategy roadmaps to ensure the best results for issuers and investors while upholding the safeguards that underpin the trust in global financial services.
