DTCC Is Not Tokenizing Stocks: What's Really Changing?
The article clarifies a key distinction in securities tokenization: DTCC's recent SEC approval tokenizes *security entitlements* within the existing indirect holding system, not the underlying shares themselves. This "digital twin" model modernizes the current infrastructure (e.g., enabling 24/7 settlement, reducing collateral needs) but preserves its core structure, including netting efficiency and intermediary layers. In contrast, a separate "direct ownership" model tokenizes the actual shares on a blockchain, enabling true self-custody, peer-to-peer transfers, and DeFi composability, but sacrifices the liquidity and efficiency of the centralized system. The author argues these are complementary, not competing, paths: DTCC's upgrade optimizes the existing market for institutions, while direct ownership enables new functionality for investors seeking autonomy. The real winner is investor choice, as both models will coexist, driving competition and innovation.
marsbit01/04 08:09
