The DTCC completed a pilot tokenizing its equity settlement system, but the American Banker piece notes the exercise exposed a core gap: tokenized securities settlement without a corresponding digital currency leg leaves the DVP finality problem unsolved. The pilot moved securities on-chain but settled cash through legacy rails, creating timing and counterparty risk at the seam.
Armada's crypto-repo desk accepts tokenized T-Bills as collateral. If those instruments are settled or margined against legacy cash systems, the same DVP mismatch risk applies. This matters for margin call mechanics and default close-out procedures. Legal and operations should confirm that any tokenized T-Bill collateral in the book has a clearly defined settlement finality standard in the relevant MRA or GMRA annex.