Clearstream, DTCC, Euroclear, and BCG release white paper
04 March 2026 Belgium, Luxembourg, US
Image: Best/stock.adobe.com
Clearstream, The Depository Trust & Clearing Corporation (DTCC), and Euroclear — in collaboration with Boston Consulting Group (BCG) — have released their latest collaborative white paper titled ‘Building the Path Towards Digital Asset Securities Interoperability.’
The document identifies the current challenges of achieving interoperability within the decentralised finance (DeFi) ecosystem.
It also explores the different objects of interoperability across the value chain, and proposes a path forward for the industry to collaborate on data standardisation, process harmonisation, and roles consistency.
The white paper proposes five key foundations and features that will be required to achieve interoperability at scale and with trust across the digital asset securities ecosystem including: assets and liabilities, ownership recognition, asset lifecycle and movement protocols, ledgers, and legal and regulatory compliance.
Additionally, the paper identifies fragmentation across emerging distributed ledger technology (DLT) networks as a challenge the industry needs to address and overcome.
With interoperability, the paper highlights that the industry will be able to take advantage of the full potential of digital asset securities, simplifying use cases, unlocking new models, and preserving the mobility, liquidity, security, and fungibility of assets.
The paper concludes with a call for collective action on data standardisation, process harmonisation, and accountability to shape resilient markets.
Nadine Chakar, managing director and head of digital assets, DTCC, remarks: “Interoperability is the cornerstone for digital assets adoption and scalability.
Participants must focus on data, standards, and sound risk management as common objectives to bridge TradFi and DeFi with integrity, security, and trust.
“The security control principles and interoperability framework provide a practical approach to apply shared standards for data, implement uniform processes, and adequately assign roles that the industry can adopt today.”
Jens Hachmeister, head of issuer services and new digital markets, Clearstream, notes: “The framework presented in this white paper is testament to our ongoing engagement for interoperability, enabling harmonisation, driving adoption, and unlocking value.
“Our perspective is pragmatic and always focusing on our clients — traditional infrastructures and DLT are likely to need to coexist for years to come, and we believe that industry collaboration remains the most effective way to develop the ecosystem of the future.”
Isabelle Delorme, head of product strategy and innovation, Euroclear, says: “To deliver meaningful results for clients, the industry must ensure assets are treated consistently across infrastructures while enhancing the liquidity of digital assets and enabling open access to all market infrastructures.”
Frédéric Brugère, managing director and partner, The Boston Consulting Group, adds: “Digital asset securities have the potential to deliver very high value across the market.
“To free that potential, the industry needs to have an intentional approach on interoperability, setting up the right capabilities, controls and risk management along the value chain. Every actor, from FMIs to local banks, has a role to play and we invite collaboration at every level.”
The document identifies the current challenges of achieving interoperability within the decentralised finance (DeFi) ecosystem.
It also explores the different objects of interoperability across the value chain, and proposes a path forward for the industry to collaborate on data standardisation, process harmonisation, and roles consistency.
The white paper proposes five key foundations and features that will be required to achieve interoperability at scale and with trust across the digital asset securities ecosystem including: assets and liabilities, ownership recognition, asset lifecycle and movement protocols, ledgers, and legal and regulatory compliance.
Additionally, the paper identifies fragmentation across emerging distributed ledger technology (DLT) networks as a challenge the industry needs to address and overcome.
With interoperability, the paper highlights that the industry will be able to take advantage of the full potential of digital asset securities, simplifying use cases, unlocking new models, and preserving the mobility, liquidity, security, and fungibility of assets.
The paper concludes with a call for collective action on data standardisation, process harmonisation, and accountability to shape resilient markets.
Nadine Chakar, managing director and head of digital assets, DTCC, remarks: “Interoperability is the cornerstone for digital assets adoption and scalability.
Participants must focus on data, standards, and sound risk management as common objectives to bridge TradFi and DeFi with integrity, security, and trust.
“The security control principles and interoperability framework provide a practical approach to apply shared standards for data, implement uniform processes, and adequately assign roles that the industry can adopt today.”
Jens Hachmeister, head of issuer services and new digital markets, Clearstream, notes: “The framework presented in this white paper is testament to our ongoing engagement for interoperability, enabling harmonisation, driving adoption, and unlocking value.
“Our perspective is pragmatic and always focusing on our clients — traditional infrastructures and DLT are likely to need to coexist for years to come, and we believe that industry collaboration remains the most effective way to develop the ecosystem of the future.”
Isabelle Delorme, head of product strategy and innovation, Euroclear, says: “To deliver meaningful results for clients, the industry must ensure assets are treated consistently across infrastructures while enhancing the liquidity of digital assets and enabling open access to all market infrastructures.”
Frédéric Brugère, managing director and partner, The Boston Consulting Group, adds: “Digital asset securities have the potential to deliver very high value across the market.
“To free that potential, the industry needs to have an intentional approach on interoperability, setting up the right capabilities, controls and risk management along the value chain. Every actor, from FMIs to local banks, has a role to play and we invite collaboration at every level.”
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