How gatecrashers could spoil the tokenisation party
Blockchain can curb settlement risks, but that could come at the expense of new third-party risks
In December 2025, the cutting edge of financial technology forced its way into arguably the most systemic financial market on the planet. The Depository Trust & Clearing Corporation (DTCC) announced it would tokenise access to the US Treasuries in its custody. For supporters of blockchain and decentralised finance (DeFi), it’s just one more sign of how much operational advantage the technology can
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