The Swap Podcast: Tokenization in Derivatives Markets

Key Takeaways

The Collateral management is the most practical first use case for tokenization, delivering 24/7 settlement and programmatic margin terms that significantly reduce operational friction.
A multi-chain future makes governance and interoperability critical, requiring trusted infrastructure to maintain a single source of truth and avoid recreating legacy fragmentation.
Tokenization already delivers measurable economic benefits, with pilots demonstrating dramatic cost savings and improved capital efficiency for market participants.
This content was originally published by ISDA on February 23, 2026.

Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption.