At the SmartCon conference in New York, executives from Citi, the Depository Trust and Clearing Corporation (DTCC), and Taurus said that cross-asset tokenized collateral has been tested in many places around the world, but the regulatory system has not kept up with technological developments.
Ryan Rugg, head of digital assets at Citi, noted that its "Citi Token Services" system, which supports real transactions such as supply chain payments and capital markets settlement, has been launched, with volumes reaching billions of dollars. However, global expansion has been slow due to a lack of uniform legal standards across jurisdictions.
Nadine Chakar, head of digital assets at DTCC, says the recent "Great Collateral Experiment" has validated that tokenised Treasuries, equities and money market funds can be used as collateral across time zones, but the real bottleneck is the legal feasibility and market trust, not the technology itself.
Taurus co-founder Lamine Brahimi called on the United States to follow Switzerland's lead in developing a national legal and technical framework for tokenized assets, or risk fragmentation and compliance of the financial system.
Citi and DTCC: Tokenized collateral technology has matured, and regulatory lag is a major obstacle
2025-11-05 23:00:38
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