Every argument for tokenization is an argument about who holds the authoritative record. That is your business. The only question is whether the tokenized instrument settles through you, or around you.
Your power comes from being the single place the record lives. A shared ledger offers the same property — which makes it either the biggest threat to your mandate or the largest expansion of it.
Much of post-trade cost exists because ledgers disagree. Infrastructure that removes the disagreement removes the cost — and some of that cost is your income.
Whether you may hold, settle or register a tokenized instrument is usually left open in your governing statute. That is the first thing to fix.
Anchoring a hash to a chain is cheap and changes little. Making the on-chain record the authoritative one changes everything, your legal exposure included. Most programmes never make the choice explicitly.
A tokenized instrument has to settle against cash, meet your existing DvP model, and appear correctly in participants' books. Parallel rails are a migration problem, not a launch problem.
Your participants' operations, not your architecture, will set the pace. Any design that requires them all to change at once will not launch.
Highlighted steps are the ones we carry end to end. A first asset runs 14–24 weeks — phases overlap where they can. Each subsequent asset in the same class reuses most of the work.
Decide what you want to be in a tokenized market — registrar, settlement layer, or both.
The single decision that determines everything downstream, taken with its legal consequences on the table.
Chain topology, record authority, settlement model, participant interface.
Statutory changes, supervisory approval and participant rulebook amendments.
One instrument, one participant cohort, real settlement, bounded exposure.
Parallel running, participant onboarding, and the path off the legacy rail.
Our board includes the architect of a national securities depository and its KYC registry, and a former head of distributed systems for a national payments and CBDC programme.
A national register taken from an authoritative database to an authoritative on-chain record — legislation included.
What a depository becomes when the record it holds is the asset, not a claim on one, is part of our Asset State series.
Tell us the asset and the market. You will get back a route, a sequence and a time to market — not a proposal deck.
You hold the authoritative record for a national asset class. It is digitised — you now need it financeable.
How we help →Your capital is not scarce, its velocity is. You now need rails that turn the same book more times a year — and reach clients you cannot reach today.
How we help →You have the licence and the users. You now need an admitted product to list.
How we help →You own the asset. You now need a wrapper a regulator will admit and a channel that can sell it.
How we help →You have the users and the app. You now need supply, and permission to carry it.
How we help →