Swift has completed a digital asset interoperability trial with BNP Paribas, Intesa Sanpaolo and Societe Generale's SG Forge, demonstrating seamless exchange and settlement of tokenized bonds using both fiat and digital currencies. The trial highlights the integration of ISO 20022 messaging standards with blockchain platforms, showcasing the potential for financial institutions to leverage existing infrastructure for digital asset transactions.

Electronic trading of Japanese government bonds has reached a significant milestone, with buy-side firms such as Nissay Asset Management and Sumitomo Mitsui Trust Asset Management executing most trades electronically. The shift, driven by user-friendly platforms and increased use of interest rate derivatives, has been accelerated by the end of the Bank of Japan's zero-interest-rate policy and the entry of foreign investors. However, voice trading remains essential for large transactions and complex trades that electronic systems cannot handle.

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Legal frameworks are evolving to support the growth of natively issued digital bonds, with the International Securities Lending Association working to expand the Global Master Securities Lending Agreement Digital Assets Annex. This expansion aims to streamline legal documentation to cover digital assets, creating a foundation for broader adoption and regulatory clarity in digital securities markets.

The International Capital Market Association has released a report examining the potential of stablecoins in capital markets, particularly for on-chain digital asset settlement. The report highlights benefits such as 24/7 on-chain settlement and programmability, as well as stablecoins' accessibility compared with other forms of tokenized money.

A Citi Institute report highlights tokenization as a solution to fragmentation in European capital markets, which face challenges from 36 central securities depositories and 13 central counterparties. The report suggests harmonizing legal and tax frameworks through pan-European regulations, although there are concerns about differing national interpretations. The European Commission has proposed that the European Securities and Markets Authority oversee crypto-asset service providers and traditional infrastructures.

Digital Asset has completed the third set of transactions on the Canton Network, marking a significant milestone for cross-border intraday repo activity involving multiple assets and currencies. The transactions utilized tokenized deposits to enhance liquidity options. This initiative demonstrates the potential of tokenization and onchain infrastructure to improve collateral mobility.

The International Organization of Securities Commissions said the growth of 24/7 trading, tokenization and blockchain offers clear benefits but requires a fundamental overhaul of risk management, clearing and settlement systems. Secretary General Rodrigo Buenaventura warned that real-time margining, liquidity management and cyber resilience must evolve alongside extended trading hours, while interoperability remains a key barrier to broader blockchain adoption.