White Paper: Building the Path Towards Digital Asset Securities Operability
As digital asset securities move from experimentation to scale, interoperability has emerged as one of the industry’s most critical challenges. Fragmentation across distributed ledger technology (DLT) networks risks limiting asset mobility, liquidity and market efficiency.
In response, Clearstream, DTCC and Euroclear (together with Boston Consulting Group) have released a new white paper proposing a shared framework to enable trusted, scalable interoperability across the digital asset securities ecosystem.
Key takeaways
- Interoperability is a cornerstone for adoption and scalability of digital asset securities.
- Fragmentation across DLT networks presents a material risk to market efficiency and asset mobility.
- The paper introduces a five-pillar interoperability framework spanning ownership, asset movement and compliance.
- Industry collaboration on data standards, processes and roles is essential to unlock value at scale.
A framework for interoperability
The white paper identifies five foundational components required to enable trusted interoperability across the digital asset securities value chain.
- Assets and liabilities
- Ownership recognition
- Asset lifecycle and movement protocols
- Ledgers
- Legal and regulatory compliance
This framework builds on the 2024 publication "Building the Digital Asset Securities Ecosystem", which introduced the Digital Asset Securities Control Principles (DASCPs) as a foundation for safe and scalable digital markets.
Together, the two papers provide a coherent blueprint for control, interoperability and adoption across global financial market infrastructures.
