Podcast
Published 28 Jan 2026

Xchange episode 5: ECB and tokenised collateral: take-off?

What could the European Central Bank's (ECB) collateral decision mean for tokenised securities in Europe?

Xchange episode 5: ECB and tokenised collateral: take-off?
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In episode five of Xchange, Barnaby Nelson, Emma Johnson and Mark Brannigan discuss the ECB’s acceptance of tokenised securities as eligible collateral, what it changes for market participants and why it may accelerate the case for collateral tokenisation across Europe. 

Speakers

Barnaby Nelson

Barnaby Nelson

Chief Executive Officer

VX
Emma Johnson

Emma Johnson

Head of Industry Advocacy and Insight

VX
Mark Brannigan

Mark Brannigan

Head of Xchange Product

VX

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The European Central Bank (ECB)'s acceptance of tokenised securities as eligible collateral is a significant step for Europe's digital asset and collateral landscape. The decision brings greater credibility to tokenised collateral, while also raising practical questions around market structure, risk management and the pace of adoption. 

In this episode of Xchange, Barnaby Nelson, Emma Johnson and Mark Brannigan examine what this development means, why it matters now and how it could affect collateral efficiency, market integration and the broader path for tokenised finance in Europe.

The episode highlights:

  • Why the ECB decision is a meaningful signal for tokenised collateral

  • How collateral inefficiency and opportunity cost shape the case for change

  • What firms need to consider around adoption, market structure and risk management

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