DTCC’s March 3 FAQ makes the limitation explicit: the QQQ token moves 24/7 only free-of-value between DTC-registered wallets, receives no DTC collateral or end-of-day settlement value, and must return to book-entry form for traditional settlement. This is permissioned collateral plumbing, not DeFi composability; ComposerX LedgerScan remains the authoritative movement record, with DTC retaining clawback and force-transfer rights.

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