Post-trade infrastructure providers—Euroclear, Clearstream, and DTCC—teamed up with Boston Consulting Group to release a new report. Titled “Building the Path Towards Digital Asset Securities Interoperability,” the document sets out a practical roadmap to overcome fragmentation in distributed ledger technology (DLT) networks and accelerate the mainstream uptake of tokenized securities.

Euroclear pointed out in a blog post that the whitepaper builds directly on a 2024 joint study that introduced the Digital Asset Securities Control Principles (DASCPs).

Those principles established baseline standards for legal certainty, regulatory compliance, customer asset protection, and operational resilience.

The new paper takes the next critical step by focusing on interoperability—the missing link that has so far prevented digital asset markets from scaling efficiently.

Fragmentation remains the biggest barrier.

Different DLT platforms operate in silos, creating isolated liquidity pools and complicating asset transfers, lifecycle events, and regulatory oversight.

Without common rules, tokenized bonds, equities, or funds cannot move freely between traditional and decentralized systems.

The authors warn that this limits innovation, reduces liquidity, and raises costs for issuers and investors alike.

To solve these issues, the report proposes a five-pillar interoperability framework grounded in core capital-market functions:

• Recognition of ownership
• Protocols for asset lifecycle management and movement
• Ledger standards
• Legal and regulatory alignment
• Treatment of assets and liabilities

By prioritizing data standardization, harmonized processes, and consistent role definitions across infrastructures, the framework aims to preserve the core qualities that make securities valuable: mobility, liquidity, security, and fungibility.

It also enables simpler use cases today while unlocking entirely new business models tomorrow.

Industry leaders from the partnering organisations emphasised the urgency of collective action. DTCC’s head of digital assets stressed that shared standards and robust risk management are essential to bridge traditional finance and decentralized ecosystems with integrity and trust.

Clearstream’s head of issuer services and new digital markets highlighted the need for pragmatic coexistence between legacy systems and DLT platforms for years to come.

Euroclear’s head of product strategy and innovation noted that consistent asset treatment across infrastructures will be vital for scaling DLT markets and delivering genuine liquidity and open access for all participants.

Boston Consulting Group’s managing director added that every player—from central market infrastructures to local banks—must contribute if the full value of digital asset securities is to be realized.

The report ends with a clear call to action. All market participants are encouraged to integrate the five-pillar framework into their strategic roadmaps.

By doing so, issuers and investors can benefit from lower costs, faster innovation, and stronger safeguards—while the entire industry moves toward resilient, scalable, and globally connected digital markets.

This collaborative effort marks a pivotal moment. With infrastructures aligned on both principles and practical implementation steps, the path toward widespread digital asset adoption has become significantly clearer and more achievable.