Broadridge Financial Solutions has been running what might be the most consequential blockchain platform in finance. The company’s Distributed Ledger Repo platform, known as DLR, processed nearly $9 trillion in tokenized repurchase agreement transactions in December 2025. That’s an average daily volume of $384 billion, representing a 490% increase year-over-year.
From $31 billion weekly to $9 trillion monthly
When Broadridge launched the DLR platform in mid-2021, it was processing about $31 billion per week. The platform has since been consistently hitting between $7 trillion and $9 trillion monthly. March 2026 volumes came in at nearly $8 trillion, with an average daily volume of $354 billion. June 2026 totaled $7.5 trillion, carrying an average daily volume of $357 billion.
The platform runs on the Canton Network and has achieved interoperability with JPM Coin, JPMorgan’s digital currency for institutional settlements.
How tokenized repos actually work
Repos, or repurchase agreements, are the plumbing of the financial system. One party sells securities to another with an agreement to buy them back later, usually the next day, at a slightly higher price. It’s essentially short-term collateralized lending.
Broadridge’s DLR platform tokenizes the underlying collateral securities in these transactions. Smart contracts handle ownership transfers automatically, creating end-to-end automation on a shared ledger. Instead of the traditional process involving multiple intermediaries, reconciliations, and settlement delays, the entire repo lifecycle runs on-chain.
The client list includes Societe Generale, UBS, HSBC, DRW, and Commerzbank. Broadridge has described the DLR as the world’s largest institutional platform for settling tokenized real assets.
What this means for investors and the broader market
The interoperability with JPM Coin suggests that institutional digital currencies and tokenized asset platforms are converging. Broadridge is a publicly traded financial technology company, not a protocol with a governance token. The value accrual is happening in traditional equity, not in DeFi.
The risk to monitor is concentration. A single platform processing $9 trillion monthly in a systemically important market creates a new kind of infrastructure dependency. The regulatory framework for tokenized securities settlement is still evolving across jurisdictions.
Leave a comment