How Euroclear Is Tokenizing a €300 Billion Market

8:41

How Euroclear Is Tokenizing a €300 Billion Market

Cointelegraph 10.06.2026 176 просмотров 6 лайков

Machine-readable: Markdown · JSON API · Site index

Смотреть на YouTube

Поделиться Telegram VK Бот

Транскрипт Скачать .md

Анализ с AI

Описание видео

Jørgen Ouaknine, Global Head of Innovation and Digital Assets at Euroclear, joins us to discuss the future of tokenization, digital assets, CBDCs, stablecoins, and blockchain adoption in traditional finance. We explore Euroclear's work with Banque de France to tokenize a €300 billion asset class, why the conversation has shifted from technology to business adoption, the role of trust in on-chain finance, and why Euroclear believes no single blockchain will dominate the future of financial markets. 00:00 Intro 00:35 Why Euroclear Doesn't Distinguish Between DeFi and TradFi 01:10 Euroclear and Banque de France's €300B Tokenization Project 02:00 CBDCs vs Stablecoins: Which Model Wins? 02:45 Why the Conversation Has Shifted From Tech to Business 03:30 What Is Euroclear and Why Does It Matter? 04:35 Does Blockchain Need Euroclear, or Does Euroclear Need Blockchain? 05:25 Why Trust Still Matters in On-Chain Finance 06:15 Why Euroclear Is Chain-Agnostic 06:50 Why No Single Blockchain Will Rule Them All 07:05 Solving Liquidity in Tokenized Markets 07:50 The Future of Blockchain and Financial Infrastructure #Tokenization #DigitalAssets #Blockchain #Crypto #CBDC #Stablecoins #Euroclear #TradFi #DeFi #RWA #Finance #Web3 #CapitalMarkets #DLT #fintech2025 Follow COINTELEGRAPH: Website: https://cointelegraph.com/ Telegram: https://t.me/cointelegraph Facebook: https://www.facebook.com/cointelegraph Twitter: https://twitter.com/cointelegraph Mobile app: https://linktr.ee/cointelegraph_mobile Cointelegraph covers everything Bitcoin, bringing you the latest news, prices, breakthroughs, and analysis, with emphasis on expert opinion and commentary from the digital currency community.

Оглавление (12 сегментов)

Intro

The most important for us is not to make a difference between DeFi and DeFi. We actually believe that it's all five. Banque de France. Our regulator, together with Euroclear, will actually tokenize 100% of an asset. Class is actually one of the biggest short term debt markets with more than 300 billion. When you have the combination of reg tech, a value for clients, and the right infrastructure, you actually get to a sense of scale.

Why Euroclear Doesn't Distinguish Between DeFi and TradFi

The most important for us is not to make a difference between DeFi and DeFi. We actually believe that it's all fi. We're dealing with finance. It's true that now the assets and the cash are designed in a different way. They flow on different rails. They require different core capabilities, but we need to serve our clients regardless of their needs. They want to have access to digital assets or traditional assets. We are the infrastructure where they can actually go and get serviced for all their financial needs.

Euroclear and Banque de France's €300B Tokenization Project

The project is an amazing project because it basically combines public and private, and we can see how Banque de France, our regulator together with Euroclear, will actually tokenize 100% of an asset class, which is the new CP. It's actually one of the biggest short term debt markets with more than €300 billion. And it has been very welcomed by the market. And we have more than half of that outstanding amounts that have been subscribed. And it's going live in Q4 this year. So basically, you see that when you have the combination of reg tech, client value for clients and the right infrastructure, you actually get to a sense of scale. And that's what we're trying to achieve.

CBDCs vs Stablecoins: Which Model Wins?

Today at Euroclear, you can have access to all different kinds of cash central bank money, The commercial bank money, we tokenize deposits. That was the cash leg for the first platform we ever built. And obviously the project Pythagoras. We settle against the Ponte Cbdc. And the most important for us is basically to have the two legs of a transaction, the security leg and the cash leg. And we deal with regulated means of payments. And today in Europe, it's Cbdc. It might evolve. We see clearly that in the US they are taking another direction for stablecoins. And I believe both have great merits. It just applies to different kind of use cases.

Why the Conversation Has Shifted From Tech to Business

I think the conversation has moved from tech to business, and that's clearly a big unlock. And what we're trying to do is actually get to the right level of coordination and synchronization. As I mentioned, when you have regulatory clarity, technological maturity, and client demand and value, this is where you get adoption. And for us, what we need to have is basically adoption at scale and not anymore project or pilots that are silent or creating fragmentation. We want to be a one stop shop for the clients, for all their needs, and that's what we're aiming for.

What Is Euroclear and Why Does It Matter?

Your career is a financial market infrastructure that has actually scale, and I will give you some numbers just to put things in perspective. We have 40, 45 trillions of dollars of assets under custody. And we process every month the equivalent of the world GDP. And I think it's important. And we do that because we basically connect issuers, investors, assets and cash and all the ecosystem, providing value added services around funds, around collateral securities lending and borrowing custody services. We sit at the intersection of scale, trust and regulation, and getting all that to move on. Chain is obviously a challenge because we have to do it with the ecosystem, but we are not DLT maximalist in the sense that everything has to be DLT. We are building what makes sense, what brings value at the time. It makes sense as well. Being too much ahead of time and being alone with a great solution nobody uses well has limited value, obviously.

Does Blockchain Need Euroclear, or Does Euroclear Need Blockchain?

I think it's very complementary. Look at what we're doing today and the size of the operation. It's enabled by tech. Traditional tech, modern tech. Not everything is blockchain. And we still process €1 quadrillion every month today. And that's working pretty well at scale. Fully automated. So I would say that if you look at our history for more than 60 years ago, we have always been able to cope with the new innovations that are coming and what's happening today with DLT, AI, and the rest is going to be part of the journey we're embracing. So we are taking able company, and we will always be a tech enabled company regardless of the tech, as long as it makes sense.

Why Trust Still Matters in On-Chain Finance

We have to look at DLT adoption. You know, taking the example of the cloud adoption, at the beginning, everything was on prem. Then you moved to private cloud and now you're moving to public cloud. And while DLT was creating to disrupt the trust, we clearly see today that the institutions are asking the trust to come back to institutions like Euroclear, because we provide this trust that will allow them to do more things on chain. And so I believe that regardless of the direction of travel, there's one thing that will never go away. It's the trust. Whether it's via institution or whether it's code. But definitely there's going to be a long transition period. And the trusted partner today is Euroclear.

Why Euroclear Is Chain-Agnostic

Our strategy when we build the new financial market infrastructure for tomorrow is to be chain agnostic. Why do we have to make strong choices on tax and compromise on privacy? Do on scale? Do we want interoperability when all these elements are important for us? And because the landscape is evolving so fast, the way we are building our new infrastructure is to abstract this complexity. So we have a multi-asset, a multi jurisdiction, and a multi-chain strategy when it comes to our platforms.

Why No Single Blockchain Will Rule Them All

So we don't have to pick winners because we believe not one chain will rule them all, but there will be a multiple of chains, most probably specialized in some use cases that would make sense. And we'll be able to deliver our services on these chains.

Solving Liquidity in Tokenized Markets

The first platform we built a few years ago was specifically designed to solve the liquidity problem. If you think about the first issuances that happen on chain, you had bonds sitting there idle, waiting for redemption, and nothing happened. What you did is basically listen to the client, to the demand. And we build a full primary market distribution on chain and with a great legal construct, we're able to have a digital twin to move it to the traditional system. And so our bones were the most liquid and the most well distributed. And that's all the huge issue for issuers.

The Future of Blockchain and Financial Infrastructure

Well, the future is always bright. And I would say we have gone through three different stages when it comes to technology adoption. The first one was very philosophical about blockchain. The second one was very technological. And I think we're finally entering the most interesting, uh, phase of the evolution, which is infrastructural. And talking about infrastructures is key for us, but it might get less traction on Twitter.

Другие видео автора — Cointelegraph

Ctrl+V

Экстракт Знаний в Telegram

Экстракты и дистилляты из лучших YouTube-каналов — сразу после публикации.

Подписаться

Лучшие методички за неделю — каждый понедельник