DTCC processed its first live tokenised equity, Treasury and repo trades with BlackRock, JPMorgan and 30+ firms. Volume, not architecture, is now the open question.
Swift's blockchain ledger is live with 17 banks across six continents. The design choice matters: it orchestrates tokenised deposits rather than settling them.
HSBC Orion is the first firm approved by the Bank of England to run a live digital securities depository, covering DIGIT — the UK's planned digital gilt.