Alle Insights

The Gold Stays in the Vault. The Rights Move: Why Tokenised Commodities Need an Asset Passport

The UK Financial Conduct Authority is exploring whether tokenised gold can improve how bullion is traded, transferred, pledged and held, with wholesale collateral identified as a particularly important use case. The consultation exposes a deeper infrastructure problem: the token is not the gold. A serious institutional record must connect the physical bullion, vault and custodian, legal ownership, digital representation, redemption rights, encumbrances, transfers and collateral state....

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The Bond Was Already Digital: What India’s First Tokenised Bond Actually Changes

REC’s ₹500 crore issuance under India’s regulatory sandbox is the country’s first tokenised corporate bond, but the underlying bond market was already dematerialised. The important change is therefore not that a paper bond became digital. Demat 2.0 moves the securities record onto distributed-ledger infrastructure while the RBI’s wholesale CBDC provides a digital cash leg, allowing atomic delivery-versus-payment and same-day pay-in, allotment and listing. The experiment exposes a broader...

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The Token Cannot Have Its Own Reality: What the SEC’s New Stock Rules Reveal About Asset Identity

The US Securities and Exchange Commission has created a five-year conditional exemption allowing limited on-chain trading of tokenised NMS stocks on Tokenized Securities Venues. The conditions make the underlying infrastructure lesson unusually explicit: a tokenised stock must provide the same rights and privileges as the equivalent traditional share, issuers can object to unaffiliated third-party tokenisation, smart contracts must be public and auditable, and trading in the tokenised stock...

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The Token Is Not the Product: $351 Billion-a-Day Repo Shows Where Digital Securities Actually Matter

Broadridge’s Distributed Ledger Repo platform processed an average of $351 billion of repo transactions per day in August 2026 and is expanding from tokenised US Treasury collateral to G7 securities and cross-border repo. The significance is not that a bond received a token. Repo is exposing the more valuable use case: real-time collateral identity, encumbrance, eligibility, intraday mobility and synchronized delivery-versus-payment across existing institutional workflows.

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