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first_img Consensys launched a sovereign network interoperability technology stack at Devcon

On November 2, the agreement with the institutional infrastructure company Consensys announced the launch of Sovereign Network Interoperability in Mumbai, India at Devcon, aimed at routing and coordinating transactions between independently operated institutional ledgers. This product is targeted at banks, custodians, asset managers, and financial market infrastructure, covering routing, execution coordination, and transaction tracking. Institutions can specify transaction counterparts, approved counterparties, and settlement requirements, with the product selecting eligible paths and tracking to completion.The technology stack supports four types of institutional processes: collateral allocation, connecting assets with collateral platforms, submitting eligible collateral to clearinghouses or other approved counterparties; securities settlement, coordinating the delivery of tokenized securities on one ledger against payment on another ledger through payment versus payment; wholesale and cross-currency payments, connecting bank currency ledgers to coordinate foreign exchange transactions under agreed payment versus payment conditions; fund and asset services, connecting funds with banking platforms, allowing corporate treasurers to transfer idle cash into tokenized money market funds and back at any time, and settling fund shares in tokenized deposits in a single step.No-bridge interoperability is its core design principle, keeping assets on their native ledgers, with cross-ledger state and execution verified through cryptography, eliminating the need for additional trusted intermediaries. The core protocol is Consensys's cross-ledger interoperability protocol CLIP, which plans to support Ethereum economic zone standards, cross-chain communication protocol IBC, and other protocols, while also planning to connect Canton with Ethereum-compatible networks. Currently, EVM-based chains are supported, with Canton to be integrated later. Institutions can operate independently, operate through financial market infrastructure, or choose Consensys's custody services. Consensys President David Cunningham stated that institutions need to reach counterparties without sacrificing privacy and while maintaining control over their own infrastructure.
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