Tokenized finance is moving beyond single-market experiments and into the plumbing of cross-border capital markets. Broadridge Financial Solutions is taking another step in that direction by expanding its Distributed Ledger Repo (DLR) platform to support G7 securities, allowing institutions to use a broader pool of tokenized collateral for repo, intraday financing and collateral movements.

The expansion matters because repo markets depend heavily on the ability to move high-quality collateral quickly between counterparties. When securities and cash travel through fragmented processes, settlement delays, reconciliation and jurisdictional differences can create friction precisely when institutions need liquidity.

Broadridge’s approach is to synchronize those movements on distributed-ledger infrastructure.

The company says DLR processed an average of $351 billion in daily repo transactions in August 2026, totaling $7.4 trillion for the month. That follows $8 trillion in July and $7.5 trillion in June, showing that the platform is already operating at substantial institutional volume rather than functioning solely as a pilot for blockchain-based finance.

From U.S. Treasuries to a broader collateral pool

DLR initially supported tokenized U.S. Treasury collateral for repo, intraday repo and collateral pledges.

Adding G7 securities broadens the assets that can move through the network.

For global financial institutions, that changes the proposition from tokenizing a particular asset class to creating a more flexible collateral mobility layer across markets.

Repo transactions are fundamentally financing transactions secured by securities. A bank or other market participant can obtain short-term funding by providing eligible collateral to a counterparty, then reverse the transaction later.

The efficiency of that market depends partly on how easily eligible securities can be identified, transferred, pledged and released.

Tokenization can make those processes more programmable and synchronized. But the real value comes when the technology is connected to existing institutional workflows rather than forcing firms to operate a separate digital market.

That is the model Broadridge is pursuing.

Atomic settlement tackles a traditional market problem

The core technology behind the expansion is atomic settlement.

In a conventional transaction, securities and cash can move through separate processes, creating timing and settlement risks between delivery and payment. Atomic settlement links the two legs so that the transfer is coordinated as a single transaction.

For cross-border repo, the potential impact is particularly significant.

A transaction involving securities across different jurisdictions and currencies can require multiple intermediaries, operational checks and reconciliation processes. A coordinated digital settlement mechanism can reduce some of those dependencies.

It does not eliminate market, credit or regulatory risk. But it can reduce the operational risk associated with moving the two sides of a transaction through disconnected systems.

That distinction is important as tokenization moves from proof-of-concept projects toward production infrastructure.

The real opportunity is collateral mobility

The bigger story is not simply faster settlement.

It is collateral mobility.

Financial institutions hold large pools of securities that can potentially support funding, liquidity and risk-management activities. Yet collateral is not always immediately available where it is needed. It can be trapped in particular accounts, jurisdictions or operational processes.

Tokenized securities could make that collateral more mobile if ownership, eligibility and transfer instructions can be represented digitally and executed through connected infrastructure.

Broadridge’s own DLR materials emphasize collateral optimization, reduced reconciliation and greater liquidity as core objectives of the platform.

With G7 securities included, the potential network becomes broader.

A firm could potentially finance eligible securities across markets while using a common infrastructure layer for the associated repo and collateral workflows.

That is a more consequential proposition than simply putting securities on a blockchain.

Tokenization is becoming infrastructure, not an experiment

Broadridge’s recent DLR volumes provide useful context for the expansion.

The platform processed an average of $362 billion a day in May, $357 billion in June and $365 billion in July. July’s $8 trillion monthly volume represented a 28% year-over-year increase in average daily activity, according to Broadridge.

The figures are company-reported, but the trend is notable.

Institutional tokenization has often been discussed in terms of future applications—tokenized bonds, funds, deposits and other financial assets. Repo provides a different test because it involves an existing, high-volume financial market where improvements in settlement and collateral efficiency have immediate economic value.

That makes repo a natural proving ground for distributed-ledger infrastructure.

Broadridge is now attempting to extend the same infrastructure across a wider set of securities.

The challenge is integration, not just blockchain

The technology itself is only one part of the equation.

Institutional firms are unlikely to rebuild trading, treasury and post-trade operations around an entirely new infrastructure stack. Any tokenized market infrastructure therefore has to work alongside existing systems for execution, custody, accounting, risk, compliance and reporting.

Broadridge has been moving in that direction across its broader tokenization strategy. In May, the company announced infrastructure designed to support tokenized and traditional securities within the same operational framework, extending capabilities beyond repo into areas including equities, funds and alternative assets.

That strategy reflects an important lesson from enterprise blockchain adoption.

The winning model may not be a separate “digital asset market.” It may be infrastructure that allows traditional financial institutions to introduce tokenized instruments without maintaining entirely separate operating models.

Cross-border finance raises the stakes

Adding G7 securities also brings jurisdictional complexity into the picture.

Cross-border repo involves different legal frameworks, market conventions, settlement arrangements and currencies. A distributed ledger can coordinate transaction states, but it cannot by itself resolve the underlying legal and regulatory differences between markets.

That means institutional adoption will depend on governance as much as technology.

Participants need clear rules around ownership, collateral eligibility, settlement finality, custody, default procedures and regulatory reporting.

This is where established financial infrastructure providers have an advantage over standalone blockchain networks. Institutions are not simply buying technical functionality; they are looking for operational resilience, governance and integration with systems they already trust.

Market data makes the activity more visible

Broadridge is also working with Kaiko to make aggregated DLR market data available to Bloomberg Terminal subscribers.

The data includes repo par value, turnover and trade counts, allowing institutional users to view on-chain repo activity alongside established fixed-income market information.

That transparency could become increasingly important as tokenized markets mature.

A financial market cannot become mainstream simply because transactions are technically possible. Investors and risk managers need visibility into activity, liquidity and market behavior.

Publishing aggregated activity through an established market-data environment helps make tokenized repo more comparable with traditional financial markets.

What comes next for tokenized collateral

The G7 expansion points toward a broader evolution in institutional tokenization.

The first phase was largely about proving that securities could be represented and settled digitally. The next phase is about making those digital representations useful across funding, collateral and liquidity operations.

That puts collateral interoperability at the center of the conversation.

If more securities can move through tokenized financing networks, institutions could potentially gain greater flexibility in deciding where and when collateral is deployed. Treasury teams could have more immediate visibility into available assets, while post-trade organizations could reduce manual reconciliation and settlement processes.

The technology still has to prove itself across jurisdictions, asset classes and market conditions.

But the direction is becoming clearer.

Broadridge’s DLR expansion suggests that the institutional tokenization race is shifting away from the question of whether blockchain can process financial assets and toward a more practical question: How much of the global collateral and funding infrastructure can be made programmable without disrupting the controls that financial institutions already depend on?

For repo markets, the answer may increasingly be measured not in pilot transactions, but in trillions of dollars moving through live infrastructure.

Market Landscape

The institutional tokenized repo market is evolving from a U.S. Treasury-focused use case toward broader collateral interoperability.

Repo is particularly well suited to tokenization because its economics depend on the coordinated movement of securities and cash. Distributed-ledger infrastructure can potentially reduce reconciliation, automate settlement instructions and improve visibility into collateral positions.

Broadridge’s DLR is competing within a broader ecosystem that includes traditional securities infrastructure, banks developing tokenized deposits and collateral networks, blockchain-based settlement platforms, and emerging tokenized-asset infrastructures.

The key differentiators are increasingly:

• Collateral eligibility and breadth
• Cross-border interoperability
• Atomic settlement
• Integration with existing trading and post-trade systems
• Operational and regulatory controls
• Liquidity and funding efficiency
• Transparency into on-chain market activity

Broadridge’s earlier expansion into tokenized equities, funds and other assets suggests the company is positioning DLR as part of a broader institutional tokenization infrastructure rather than a standalone repo product.

Top Insights

• Broadridge is expanding DLR beyond U.S. Treasuries, bringing G7 securities into institutional tokenized repo and widening the pool of collateral available for financing.
• August DLR activity reached $7.4 trillion, with $351 billion in average daily repo volume, according to Broadridge’s latest market figures.
• Atomic settlement connects securities and cash movements, potentially reducing settlement risk, manual reconciliation and operational friction in cross-border transactions.
• Collateral mobility is the larger opportunity, allowing institutions to deploy eligible securities more flexibly across funding, liquidity and capital-management activities.
• The expansion signals tokenization’s infrastructure phase, where blockchain-based settlement is being integrated into established financial-market workflows rather than isolated digital-asset environments.

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