ESMA Opens Review of Whether Tokenized Collateral Can Withstand a Market Crisis

The European Securities and Markets Authority has launched a Call for Evidence on whether central counterparties in the European Union can safely use tokenized collateral. The exercise, announced on October 9, 2026, concentrates on a defining clearing-house test: whether collateral remains available when markets are under pressure or a clearing member defaults. ESMA is asking whether a CCP could access, transfer and convert tokenized assets into liquidity in those circumstances, according to the regulator’s announcement . The question reaches beyond whether an asset can be represented on a distributed ledger. It concerns whether that representation can continue to perform the functions required in a default-management process.

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