Global Banks & Exchanges: Digital Rails, Real Economics: Digital Assets & the Future of Wholesale Banking

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Global Banks & Exchanges: Digital Rails, Real Economics: Digital Assets & the Future of Wholesale Banking

ized collateral and clearing initiatives: In blockchain networks using tokenized commercial bank

parallel, ICE is advancing tokenization at the clearing layer deposits. To date, activity has been limited to multi‑asset

through partnerships with BNY and Citi, focused on enabling proof of concepts executed on the Canton Network, with no

tokenized deposits and improving collateral mobility across its disclosed live processing volumes. The platform is initially

global clearinghouses. Announced in January 2026, the focused on FX settlement, repo‑style transactions, digital

initiative is designed to allow digital representations of client assets, and collateral flows, positioning DiSH as a wholesale

cash balances held at custodian banks to be used as margin, settlement orchestration layer rather than a trading venue or

supporting more flexible and extended funding workflows CCP. In September 2025, LSEG also launched its Digital

beyond traditional banking hours. The model is intended to Markets Infrastructure (DMI). This is a blockchain‑enabled,

enhance existing clearing infrastructure rather than replace it, institutional platform designed to digitize the full lifecycle of

combining blockchain-based efficiency with established risk private market assets. Live use cases include private equity,

management and governance frameworks. By enabling more private debt and infrastructure funds from early adopters

dynamic movement of cash and collateral, ICE is positioning including StepStone and MembersCap. Together, DMI and

to improve capital efficiency and support evolving market DiSH, alongside its planned Digital Securities Depository,