ESMA is seeking industry feedback on the legal, liquidity and operational risks of tokenized collateral before deciding whether additional EU regulatory measures are necessary. The European regulator wants evidence that clearinghouses can access tokenized collateral and turn it into cash if markets come under stress. In July 2025, Eurex Clearing introduced a collateral service based on distributed ledger technology, with JPMorgan executing the first live transaction for pension investor PGGM. The consultation also examines whether token transfers confer ownership or enforceable rights over the underlying assets.
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