60% of securities firms admitting they need IT and risk overhauls just to handle 24/5 — meanwhile DTC's own tokenization arm is targeting H2 2026 for blockchain-based settlement of equities and ETFs. DTCC is simultaneously bolting overnight sessions onto batch-processed T+1 rails AND building the on-chain infrastructure that makes those rails obsolete. June 28 NSCC cutover will expose every gap in real-time margining and collateral management that DeFi protocols solved years ago with continuous liquidation engines — and the projected 10% overnight volume shift by 2028 is going to stress-test legacy clearing in ways nobody's actually modeled yet.

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