Came across this on Cointelegraph: On Friday, ESMA launched a call for evidence to clarify one thing first—when a clearing house faces default stress, can it get hold of tokenized collateral in its possession in time and convert it into cash?
The concerns are practical: legal title, liquidity, interoperability, and whether redemption or transfers could cause delays. Even assets that are normally liquid in traditional form may face extra friction once they’re on-chain. The consultation covers both “tokenized representations of traditional assets” and “natively issued on-chain assets,” and will also look at how stablecoins, central bank money, and tokenized deposits can work together.
There are real-world examples in the background: Eurex Clearing launched a DLT collateral service in July 2025, and JPMorgan once carried out the first live transaction for Dutch pension fund PGGM. In September, the Eurosystem also launched Pontes, aiming to connect the settlement of tokenized assets to central bank money.
Chair Verena Ross put it plainly: for this to work across borders and at scale, there must first be legal certainty, interoperable infrastructure, and regulation that keeps pace.
#ESMA #代币化 #RWA
The concerns are practical: legal title, liquidity, interoperability, and whether redemption or transfers could cause delays. Even assets that are normally liquid in traditional form may face extra friction once they’re on-chain. The consultation covers both “tokenized representations of traditional assets” and “natively issued on-chain assets,” and will also look at how stablecoins, central bank money, and tokenized deposits can work together.
There are real-world examples in the background: Eurex Clearing launched a DLT collateral service in July 2025, and JPMorgan once carried out the first live transaction for Dutch pension fund PGGM. In September, the Eurosystem also launched Pontes, aiming to connect the settlement of tokenized assets to central bank money.
Chair Verena Ross put it plainly: for this to work across borders and at scale, there must first be legal certainty, interoperable infrastructure, and regulation that keeps pace.
#ESMA #代币化 #RWA