From Blueprint to Backbone: Building Scalable and Interoperable Tokenization Systems

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The tokenization of financial instruments is no longer a conceptual exercise. Across global markets, institutions are beginning to translate early-stage research into robust infrastructure. In the second chapter of our ongoing report with Caisse des Dépôts, we explore how standards-based architectures are now driving the transition from experimentation to large-scale deployment.

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A Convergence Around Standards

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As tokenized finance matures, the need for convergence around a common language and rulebook becomes increasingly evident. Whether in public or private markets, interoperability and automation hinge on the adoption of shared standards.

This chapter outlines the frameworks that are enabling that shift: ICMA’s Bond Data Taxonomy (BDT), FINOS’s Common Domain Model (CDM), and digital asset-specific frameworks such as the Digital Asset Standards Consensus Principles (DASCP). It also highlights the role of composable platforms like Société Générale FORGE’s CAST framework and Crédit Agricole CIB’s so|bond initiative in bringing these standards to life.

Each of these efforts represents a crucial piece of the puzzle. Individually, they advance transparency, automation, and legal certainty. Collectively, they form the basis of interoperable ecosystems capable of supporting institutional-grade tokenized markets.

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Institutional Voices, Real-World Momentum

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This chapter is enriched by the perspectives of industry leaders. Contributions from Gabriel Callsen (ICMA), Stéphanie Lheureux (Euroclear), and Thomas Dugauquier (SWIFT) bring depth to the discussion, illustrating how traditional financial infrastructures are aligning with the promise of tokenization.

These voices highlight the growing convergence between custodians, messaging networks, and financial institutions—an alignment that is essential for scaling operational readiness. Interoperability is not just about technology; it is about trust, process harmonization, and regulatory clarity.

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Case Studies: Moving Beyond the Pilot Stage

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Through selected case studies, we demonstrate how modular architectures are being implemented across multiple layers of the financial stack. From issuance to settlement, the integration of smart contracts, digital identity, and messaging standards is redefining the lifecycle of financial instruments.

These examples underscore that tokenization is no longer a proof of concept—it is an active transformation process. Projects piloted in controlled environments are evolving into production-ready systems, capable of integrating with legacy infrastructure while preserving the advantages of decentralized logic.

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Regulatory Clarity Through Standards

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A recurring theme throughout this chapter is the role of standards in addressing regulatory complexity. By embedding compliance directly into data formats and transaction flows, these architectures enable financial actors to meet both operational and legal requirements without compromising on innovation.

Standards do more than enable interoperability; they provide a transparent framework for auditing, reporting, and cross-border harmonization. In this sense, they are a prerequisite for building systems that scale across jurisdictions and asset classes.

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What Comes Next

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We conclude this chapter by emphasizing the importance of modular, standards-aligned design as a foundation for global tokenized markets. As the ecosystem matures, we are entering a new phase—one where interoperability is not a technical ambition but a structural condition for adoption.

Together with our partners, we will continue to refine and expand this infrastructure. The next steps involve deepening integration with messaging systems such as SWIFT, expanding institutional pilots, and aligning with upcoming European regulatory frameworks.

The groundwork has been laid. What follows is a deliberate, collaborative effort to turn tokenization into an open, scalable, and trusted backbone for the next generation of financial services.