The Depository Trust and Clearing Corporation (DTCC) said it has jointly published a white paper with Citi and Swift titled "The Connecting Organization of Digital Finance." The paper says tokenization is moving from experimentation to implementation and that markets need interoperability across platforms to allow assets, cash, and data to move efficiently between traditional and emerging financial infrastructure. According to Foresight News, the paper argues that the future financial system will be a hybrid model in which traditional systems, private networks, and public blockchains operate together.

It says programmability can embed rules and automation directly into digital assets, supporting automated asset services, compliance controls, and event-driven payments. Combined with interoperability, this could improve collateral liquidity, liquidity management efficiency, and market resilience, especially during periods of market stress. The paper also says institutional digital markets still need regulatory clarity, legal certainty, investor protection, operational resilience, and sound governance.