Why now

The collateral market is moving to real time

Settlement cycles are compressing, margin obligations keep climbing and the industry is putting real balance sheet behind tokenized collateral. Every curve points the same way: less time, more collateral, more chains.

T+1

US securities have settled T+1 since May 2024. The UK, EU and Switzerland follow on 11 October 2027, cutting the funding window in the world's largest markets from days to hours.

$1.5T

Initial and variation margin collected by leading derivatives firms at year-end 2024, up 6.4% in a year. Every margin call is collateral that has to move, on time.

€13.7T

Record outstanding value in the European repo market at the end of 2025. The financing pool keeps growing, and the collateral behind it has to keep up.

Tokenized money market fund assets more than doubled over 2025, to $8.6B, while market infrastructures from DTCC to Eurex wire tokenized assets into live margin workflows.

T+1 leaves no room for collateral that takes days to mobilize. When funding is measured in hours, mobility is no longer an optimization: it is the entry ticket. That is the problem OCN exists to solve.

Sources: SEC · FCA · ISDA Margin Survey 2024 · ICMA · CoinDesk

Why multi-chain

Two ways to orchestrate the market

The single-chain approach

Build it all on one chain.

Move every asset to one blockchain. Force every counterparty onto the same rails.

Locks liquidity on one chain
Forces counterparties to migrate
Creates new silos, not liquidity
Bets the business on one network

The open, multi-chain approach

Build a scalable, open, multi-chain orchestration network.

The application layer sits above any blockchain: every asset, counterparty and venue, wherever they already are.

Mobilize any asset on any chain
Counterparties connect, not migrate
Open to all venues, custody & cash
Multi-chain, by design

Both go to production in Q4 2026. The choice is which rails the market standardizes on.

Proof: The Industry Sandbox

40+

firms in the Industry Sandbox

120

firms in the Working Group

Ownera was a co-chair of the ISDA & GDF Working Group and powered the Industry Sandbox, the largest multi-institution test of tokenized money market funds as collateral. The result: production-ready collateral under existing legal frameworks, settled in minutes across chains and custodians.

Read the full report

Ecosystem map of the GDF Industry Sandbox: pledgers, receivers, custodians, issuers, payment platforms and blockchains connected by Ownera routers — Source: "Unlocking Capital with U.S. Tokenized Money Market Funds for Collateral Mobility", a report by ISDA and GDF, 2026

Margin: IM & VM

Tokenized Collateral for Initial & Variation Margin

Orchestrated at the application layer for end-to-end collateral mobility and financing. No migration, no wrappers, no intermediation.

Margin: IM & VM

Margin that moves in minutes

Tokenized MMFs, government bonds, cash and equities posted as IM/VM, triggered by a margin call
Cheapest-to-deliver optimisation across tokenized + traditional
Link to optimization tools for real-time eligibility, haircut & concentration checks pre-settlement
T+0 confirmations into existing margin & booking systems

Margin participants on the network

Pledgers Receivers Custodians Fund issuers Payment platforms Data providers

Intraday Repo

Intraday Repo & Collateral Upgrades In production since 2025

Intraday repo

Funding legs that settle instantly

Intraday repo with instant DvP legs: the trade is agreed on the network, cash settles against collateral to open, and collateral returns against cash repaid to close. Funding for hours, not days.

Intraday funding against tokenized securities and triparty baskets, with collateral upgrades & substitutions in real time. In production since 2025, live with J.P. Morgan and HQLAx. Goldman Sachs, Apex, Archax and DTCC coming soon.

Repo & upgrade participants on the network

Trading platforms Collateral managers Lenders Borrowers Triparty agents Custodians

Open to any trading platform that uses FIX or APIs

Media & Resources

Videos & Resources

See the Open Collateral Network in action and explore resources on multi-chain collateral mobility and tokenized collateral.

Videos

Bilateral Uncleared Variation Margin: Demo

Uncleared Initial Margin & Smart Contract Control: Demo

Cleared Initial Margin: Demo

Files & Downloads

EU & UK Tokenized MMF Collateral Report (PDF) GDF, 2025 U.S. Tokenized MMF Collateral Report (PDF) ISDA & GDF, 2026 TMMF Collateral Mobility Infographic (PDF) GDF & ISDA, 2026

Contact

The Open Collateral Network