24/7 markets need tokenized collateral and cash, not just longer trading hours

Industry leaders at the Wyoming SALT conference concluded that the transition to 24/7 financial markets requires fundamental changes to post-trade infrastructure rather than just extended trading hours. Tradeweb CPO Chris Bruner emphasized that blockchain technology is essential for enabling programmable collateral and real-time settlement, which are prerequisites for continuous market operations. Currently, approximately $40 trillion in eligible collateral remains idle globally due to the inability of traditional systems to move assets across jurisdictions at sufficient speeds. Digital Asset co-founder Yuval Rooz highlighted that blockchain serves as the necessary plumbing to mobilize these trapped assets, allowing a balance sheet in Tokyo to fund trading in New York efficiently. This shift is currently being tested through collaborative projects involving the DTCC for U.S. Treasuries and equities, as well as Japanese Government Bond (JGB) initiatives with Mizuho, MUFG, and JSCC. By tokenizing these assets, institutions aim to overcome the friction of legacy settlement cycles that prevent global liquidity from flowing seamlessly. Ultimately, the move toward 24/7 trading depends on the successful integration of tokenized collateral and cash settlement rails to replace outdated, slow-moving financial plumbing.