The European Securities and Markets Authority (ESMA) has launched a call for evidence on how tokenised assets could be used as collateral at EU central counterparties (CCPs). Stakeholders have until 15 January 2027 to respond.

The exercise looks at how tokenisation could affect the transfer, management, protection and use of collateral across its lifecycle. ESMA wants to understand whether the existing framework can accommodate tokenised collateral safely and effectively. It is not a proposal for new rules.

Three models are in scope:

• Digital twins – tokenised representations of assets held in traditional market infrastructure
• Natively issued assets – instruments issued directly on distributed ledger technology (DLT)
• Hybrid arrangements – including their interaction with tokenised cash and other settlement assets

ESMA's call for evidence asks how each model would operate in practice, particularly if a clearing member defaults. Key questions include:

• whether CCPs could access, transfer and convert tokenised collateral into liquidity when needed
• how client protection, segregation and settlement finality would be ensured where DLT interacts with traditional infrastructure
• whether tokenising collateral that is already eligible changes its risk profile

ESMA will use the responses to decide whether regulatory or supervisory convergence action is needed. The call forms part of ESMA's wider work on tokenisation.