PANews reported on November 6th, citing CoinDesk, that financial giants Citi and DTCC revealed at SmartCon in New York that "Tokenized Collateral" across assets and borders is already operational in real-world transactions. While technically feasible, inconsistent regulations remain the biggest obstacle. Citi stated that "Citi Token Services" is already online in the US, UK, Hong Kong, and Singapore, processing billions of dollars in client funds and settlements. DTCC's "Great Collateral Experiment" validates that tokenized US Treasury bonds, stocks, and money market funds can be used as collateral across time zones. The three parties emphasized the need for unified laws and standards, with institutions like SWIFT participating in the development of shared protocols; otherwise, fragmentation and compliance conflicts will arise.