Thirty-nine financial giants urge the EU to fast-track and expand its DLT Pilot regime, warning that slow, bundled reforms risk stalling real tokenized markets and ceding ground to the U.S.

Aggregate cap sits at €6-9B while BUIDL alone holds $1.9B and Ondo's stack hits $3.58B TVL — EU's "sandbox" is already smaller than what single US issuers run on Ethereum. Pair that with the 6-year sunset on DLT permissions and no institution can justify building 20-year settlement rails inside it. UniswapX just started settling tokenized treasuries via RFQ, Ondo onboarded five Franklin Templeton ETFs in a week, and the signatory list (21X, Securitize Europe, Axiology) is everyone who actually tried to build under the regime and ran into the ceiling.

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More coverage

• DLT Pilot Regime - | European Securities and Markets Authority (esma.europa.eu)
• DLT Pilot Regime - AFM (afm.nl)
• [PDF] EU DLT Pilot Regime - A practical guide - Ashurst (ashurst.com)
• [PDF] The EU DLT Pilot Regime for Digital Assets (papers.ssrn.com)
• Group of 39 firms urge EU to fast-track DLT rules, warn of lagging US (tradingview.com)

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