Tokenised collateral goes global: report

How tokenised collateral is starting to change cross-border liquidity and repo markets.

In Partnership with

Live repo trades are beginning to show how tokenised collateral can improve mobility across borders, currencies and time zones. Developed in partnership with Digital Asset, this report examines the inefficiencies in current collateral markets, what recent transactions demonstrate in practice and what broader adoption could mean.

Collateral remains idle

Treasury

Pre-funding and over-provisioning continue to trap collateral that could otherwise be mobilised more efficiently.

This is leaving a significant share of collateral idle across time zones, currencies and legal frameworks.

Treasury drag is measurable

Cost

Trapped collateral is no longer just an operational inefficiency — it is a measurable treasury cost.

The cost of idle collateral is already large enough to justify closer attention to mobility and funding design.

Tokenised liquidity ahead

Scale

Recent developments involving European market infrastructures point to a much larger future pool of mobilisable collateral.

Live cross-border repo trades are beginning to show what that future could look like in practice."

Cross-border collateral markets still face significant operational friction as manual settlement, delivery constraints and idle assets continue to limit liquidity usage. The challenge is not only process inefficiency, but the difficulty of moving collateral across time zones, currencies and legal frameworks without tying up capital.

What is holding back collateral mobility in global markets today? What do recent live repo trades reveal about the practical value of tokenised collateral in cross-border funding and liquidity management?

The report examines the current constraints in global collateral markets, the details of recent live tokenised repo transactions and what these developments may mean for broader adoption across North America, the UK and the EU. It also considers the role of tokenised deposits, stablecoins and industry utilities in supporting future scale.

The research, developed in partnership with Digital Asset, highlights:

Up to 25% of collateral remains idle: pre-funding and over-provisioning continue to leave a significant share of collateral unremunerated

USD 1.2 billion in lost nightly interest earnings: trapped collateral is creating a measurable treasury cost across the market

USD 54 million in US operational savings: tokenisation could reduce operational cost materially without weakening risk control

EUR 43 trillion in potential tokenised liquidity: recent developments involving European market infrastructures point to a much larger future pool of mobilisable collateral

Live cross-border repo is already proving the model: recent transactions across the Canton network have demonstrated multi-currency, cross-border and out-of-hours collateral mobility