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.