DTCC CTO says trusted intermediary is vital in tokenized finance
- Tokenization Insight
- Apr 27
- 1 min read
Updated: Jun 8
DTCC CTO, Dan Doney: "a trusted intermediary CSD layer such as DTCC is vital in tokenized finance"
"There are many layers of participants in the current financial system based on the need for scale and efficient transactions. Blockchain transactions will compress those layers. But the securities industry is a trust industry. A trustless network isn't able to solve every trust problems."
👉 Translation: Blockchain can automate workflows and unify recordkeeping on shared ledgers, but it cannot replace governance, oversight, or institutional decision-making.
Why?
Because blockchains cannot be held accountable for operational failures, disputes, exceptions, or systemic disruptions.
You still need a dedicated institution to:
- set standards
- govern market rules
- coordinate participants
- manage exceptions
- act as the ultimate backstop for market infrastructure
Blockchain may modernize the technology layer. It does not eliminate the need for institutional governance.
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