Global post-trade infrastructure moved to tokenized issuance and settlement in Q1 2026

DTCC, Euroclear, Clearstream, LSEG, HSBC, BMO/CME, BNY, State Street, and SIX all launched or advanced tokenized infrastructure products in Q1 2026

DTCC, Euroclear, Clearstream, LSEG, HSBC, BMO/CME, BNY, State Street, and SIX all launched or advanced tokenized infrastructure products in Q1 2026

The shift spans issuance (DTCC, Euroclear/Clearstream), settlement (LSEG, Kinexys), custody (BNY, State Street), and government mandates (HSBC Orion DIGIT)

Regulatory frameworks are catching up: Australia's comprehensive bill, UK cryptoasset regulations, ECB DLT collateral, MiCA transition, HK SFC institutional access The missing piece is interoperability -- platforms are live but siloed, cross-border settlement finality is unresolved, and the cash-leg question has no single answer yet

DTCC, Euroclear, Clearstream, LSEG, HSBC, J.P. Morgan, BMO, BNY, and State Street all launched or advanced tokenized products in a single quarter. Meanwhile Australia passed a digital-asset framework, the UK enacted cryptoasset regulations, and the ECB opened DLT collateral eligibility. The post-trade layer is no longer piloting.