AFME sets out DLT architecture vision for European capital markets

4 articles · Updated · Ledger Insights · Apr 29

AFME's paper highlights €4.8bn in global DLT fixed income issuance in 2025 and $9bn in tokenized US Treasuries, with DLT repo volumes at $384bn daily.
The vision supports public-private development of digital money but opposes a fully public sector unified ledger for securities, advocating instead for market-run asset ledgers and a unified cash ledger across currencies.
AFME calls for regulatory openness to permissionless blockchains and debates EU sovereignty in DLT governance, diverging from the ECB’s Project Appia roadmap on key structural and operational points.

Can Europe's vision for a unified cash ledger truly coexist with privately-run, multi-chain asset markets?

With the US diverging on capital rules, can Europe afford to maintain its strict DLT banking regulations?

How can Europe balance its quest for digital sovereignty with the inherently global nature of blockchain technology?

As trillions in assets move on-chain, what is the single greatest risk: fragmentation or centralized control?

Tokenization promises lower borrowing costs, but will these savings actually reach the end investor?