Morgan Stanley is using DTCC’s Tokenization Service. We examine what is live, what margin and financing workflows require, and where Treasuries and equities could deliver commercial value.

Tokenized assets can move around the clock. This Strategic Edge analysis examines what must happen before that mobility becomes usable institutional collateral.

Visa stablecoin monetization spans card network fees, payment orchestration and issuance infrastructure. With settlement surpassing a $25 billion annualized run rate, we examine where Visa already earns revenue, where new fee pools could emerge, and what remains undisclosed.

How crypto vaults are evolving from DeFi lending pools into capital allocation and securities financing infrastructure—and what institutions need next.

The Clearing House and Quant are bringing tokenized-deposit interoperability to America's $2 trillion-a-day wholesale payment infrastructure. We examine CHIPS's 26:1 liquidity efficiency, Swift's global connectivity advantage and why Fnality's common settlement asset could reshape institutional payments, securities settlement and collateral mobility.

How tokenized Treasuries and MMFs could fund 24/7 corporate payments AND why settlement timing and revenue capture determine the economics.

Visa and Mastercard are stitching together the infrastructure for 24/7 stablecoin-funded corporate payments, connecting blockchain transfers, payment orchestration and fiat payouts. But who provides the liquidity that makes funds available in recipients' bank accounts, and who bears the financing cost? Using a $50 million cross-border treasury transaction, we examine the three critical layers of global payments, compare liquidity funding costs against transaction revenues and

Stablecoins can move £50 million across borders in seconds, but that doesn't guarantee usable liquidity in a corporate bank account. Our £50M Treasury Test examines how stablecoins, tokenized deposits, Mastercard Move, Swift and Fnality address the gap between 24/7 settlement and fiat availability, who bears the liquidity costs, and where the commercial value lies.

NYSE parent ICE and OKX are preparing to launch one of the first large-scale tests of the SEC’s third-party custodial tokenization model for U.S. equities. The structure could help determine which tokenization model scales public stocks onchain the fastest.

Hong Kong’s HK$20 billion digital green bond offering on HSBC Orion reveals what scaling tokenised capital markets requires: bank money that works across institutions, dependable interbank settlement and payment linked to bond delivery. We unpack the infrastructure and what remains before it can operate around the clock.

Tokenized payments are becoming enterprise software. Where can infrastructure providers build scale and capture market share—and what will customers pay for? This Strategic Edge examines how interoperability, integration and distribution shape competition, and how providers can translate connectivity into payment, liquidity and treasury products that meet customer demand.

UK banks have put tokenized deposits to work in real customer transactions. Scaling those services depends on connecting banks, currencies and settlement systems. We examine the emerging interoperability models and where banks should invest.

The SEC has recognised permissioned AMMs as potential securities-market infrastructure. Uniswap already has much of the technical architecture. The question now is whether it can turn that advantage into a regulated venue, institutional liquidity and value accrual.

Nasdaq, NYSE and LSEG are building tokenized stock businesses around different commercial bets. We compare their approaches to shareholder rights, settlement, extended trading and crypto-native distribution and what those choices reveal about the customers they want to reach.

What does 1,000% surge in a single product category signal about the future of exchanges? We unpack the numbers, acquisition strategy and ownership logic behind the Robinhood and Crypto.com partnership and the opportunity to earn beyond crypto trading.

The SEC’s transfer agent proposal could bring blockchain into official securities ownership records. This Strategic Edge note examines what the reforms enable for tokenized securities and digital-asset transfer agents—and what remains unresolved around identity, ledger control, regulatory access and transfer finality...

Citi’s live tokenized deposit transactions with FAB and OCBC reveal how institutional digital money could scale across banks. This Strategic Edge note examines Swift’s DLT ledger as the coordination layer, global banks as distribution hubs, and the emerging hub-of-hubs model for interbank payments, liquidity and tokenized asset settlement...

Tokenized money market funds are moving beyond product launches. Stablecoin reserves, embedded distribution, treasury automation and collateral utility will determine which asset managers capture the market’s next wave of growth...

Standard Chartered has disclosed that its tokenised-money activity reached an approximately $11 billion monthly run rate...

Clearstream D7 has processed over €80 billion in digital securities. Discover why its model is scaling capital markets tokenization...