DTCC, JPMorgan and UBS outline five-stage roadmap for tokenized collateral adoption as industry moves past experimentation phase

$15.0B in tokenized Treasuries is already on-chain; the scarce asset is eligible margin, not yield wrappers. DTCC’s AppChain framing turns BUIDL/USYC/USDY from passive RWA inventory into collateral that can move across custodians, CCPs, and time zones without waiting for TradFi settlement windows. That is where Chainlink/Swift interoperability and Kinexys-style intraday financing start looking less like demos and more like prime brokerage plumbing.

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