The European Securities and Markets Authority (ESMA) launched a Call for Evidence on October 9, 2026, on how EU central counterparties might use tokenized versions of assets already eligible as collateral. The consultation covers four risk categories: legal enforceability of digital tokens, liquidity under stressed conditions, operational risks linked to distributed ledger technology, and client protection with settlement finality. ESMA identified only one CCP-related tokenization initiative: Eurex Clearing’s DLT-based collateral mobilization service, launched in June 2025. Stakeholders must respond by January 15, 2027, with ESMA’s assessment scheduled for Q1 2027, when tokenization will become a formal supervisory priority.
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