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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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