Tokenisation and the reconfiguration of capital market infrastructure : T+0 settlement, mathematical trust, and multi-currency yield curves
Abstract
Tokenisation is increasingly influencing the structure of monetary and capital market infrastructure by enabling new forms of settlement, asset representation, and market accessibility. This paper examines how the synchronisation of programmable forms of tokenised money and tokenised yield-bearing assets alters the dynamics of capital utilisation by enabling broader participation in financial markets. As a result, this new infrastructure creates new distribution channels and revenue models for financial institutions. Within such a framework, both the payment leg and the asset leg of a transaction can interact on a shared infrastructure, enabling atomic delivery-versus-payment (DvP) settlement. On the payment side, stablecoins and central bank digital currencies (CBDCs) represent programmable forms of money capable of near-instant settlement and more efficient value transfer. On the asset side, tokenised government securities and tokenised money market funds (TMMFs) enable real-world assets (RWAs) to be represented in a form that can be efficiently accessed, mobilised, and utilised according to predefined rules. The paper identifies three mechanisms through which tokenisation affects capital efficiency: settlement compression through near T+0 DvP; the redefinition of trust via deterministic execution and shared ledgers; and the restructuring of market access through programmable distribution. Together, these mechanisms reduce settlement latency, improve collateral mobility, and enable more dynamic participation in financial markets. The paper further argues that programmable financial infrastructure may extend digital asset markets beyond a US dollar (USD)-centric model by enabling open-network access to multi-currency liquidity and domestic funding environments. In particular, the emergence of Euro (EUR), Hong Kong dollar (HKD) and Renminbi (RMB)-denominated TMMFs suggests the gradual development of more regionally diversified on-chain liquidity pools and broader participation in previously less-accessible financial markets through open blockchain networks. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Cici Lu Mccalman is a digital asset strategist specialising in tokenisation, digital currencies, and the transfer of real-world value within blockchain-based infrastructure. With nearly 20 years’ experience across the banking industry, crypto markets, and entrepreneurship, she founded Venn Link Partners in 2022, an advisory practice focused on digital asset strategy and education for traditional financial institutions. In 2023, Venn Link Partners received the WealthBriefingAsia Award for Training Solution Pan Asia, while Cici received recognition for Individual Thought Leadership. Her financial services background spans investment banking in North America, fixed income trading across Asia-Pacific (APAC), and foreign exchange trading in the UK and Singapore. This multi-asset experience provides her with a deep understanding of the structural challenges faced by financial institutions, particularly those relating to liquidity, distribution, and capital deployment constraints arising from operational inefficiencies. Since transitioning into the digital asset industry in 2020, Cici has gained a front-row perspective on decentralised finance (DeFi), including tokenomic design, ecosystem development, and blockchain-based ownership transfer. In recent years, she has focused on the use cases of tokenised real-world assets (RWAs), digital currencies in asset distribution, and settlement infrastructure. Her work combines macroeconomic and monetary system perspectives with blockchain ethos to examine the evolution of programmable financial infrastructure. Cici has advised Tier-1 banks, official institutions, and digital asset companies in Singapore, Hong Kong, and Beijing, developing first hand insight into the evolving intersection of innovation, regulatory development, and market infrastructure. Her work has increasingly focused on the emergence of non-US dollar (USD) ecosystems, particularly the development of Hong Kong dollar (HKD) and Renminbi (RMB)-linked programmable financial infrastructure between Hong Kong and Mainland China. Cici has been featured extensively in international financial media, including Bloomberg and Caixin Global, and regularly contributes a unique perspective on digital asset infrastructure trends.
