The cash leg decides who can take part in a tokenized market.
Stablecoins already give onchain markets a 24/7 settlemen | Hanami
The cash leg decides who can take part in a tokenized market.
Stablecoins already give onchain markets a 24/7 settlement asset. The European Central Bank's new Pontes platform now lets tokenized securities settle in central bank money.
That can bring in institutions that prefer to settle on the rails they already use in wholesale markets. The ECB is also preparing to put part of its own funds into tokenized securities settled through Pontes.
https://www.euronews.com/2026/09/21/ecb-launches-pontes-to-settle-tokenised-assets-in-central-bank-money