Recently, I’ve heard warnings from market infrastructure companies, and there’s really an eye-opening point. What happens when there’s no interoperability in tokenized securities? Costs increase, liquidity fragments, and trading efficiency declines. Even daily repo transactions are affected by this fragmentation.

I think about it, and the challenges institutional investors face when trying to operate in this environment are truly serious. Each platform operates on its own system, and there’s no standard communication protocol between them. As a result, transaction costs rise and liquidity is spread across various platforms.

It’s important for market infrastructure firms to speak out on this issue. Because without interoperability, the digital asset ecosystem cannot reach its full potential. Especially for platform focused on institutional clients, this is a barrier. Information service providers are also aware of this problem and are warning about it.

In my opinion, this is a critical step for the industry’s self-regulation. Without standardization and interoperability, the tokenized securities market cannot truly grow. All financial activities, including daily repo transactions, are harmed by this fragmentation.