Today, I noticed an interesting development. The world's largest banks and market infrastructure operators issued a serious warning about the future of tokenized securities.

According to a report jointly published by DTCC, Euroclear, and Clearstream with Boston Consulting Group, there is a major problem in front of us: without compatible operation between blockchains and traditional financial systems, tokenization will never scale.

The core issue is this — currently, dozens of different blockchain pilot applications and live products are in place. Each uses its own standards and smart contract logic. What does this diversity mean? High operational costs, fragmented liquidity, and integration nightmares.

The world's biggest banks and these institutions advocate for the emergence of a 'network of networks' model instead of a single dominant ledger. That is, connecting digital and traditional systems through standards, gateways, and regulated service providers. The fundamental principle: the same asset, the same rights, the same outcomes.

The report acknowledges that this coexistence will last for years. Tokenized bonds can be traded on the chain, but cash still settles through traditional systems. Custodians still maintain their own ledgers. This hybrid situation introduces many additional steps and delays.

The authors emphasize that interoperability should encompass not only technical bridges but also asset recognition, ownership rights, lifecycle events, and legal enforceability. Without alignment across these layers, cross-chain transactions will lose the efficiency gains promised.

The group calls on regulators and market participants to establish working groups. A coordinated effort on governance, standards, and resilience is necessary. Otherwise, tokenization will be unable to fully deliver benefits like 24/7 trading and rapid settlement.

This discussion overlaps with Wall Street's claims about how tokenization will reshape financial markets. Faster settlement, more efficient collateral use, reduced back-office costs — these are real potentials. But according to the report, it is more important to harmonize the rules governing existing systems than to launch new chains.