As Stellar (XLM) was selected as the infrastructure for the tokenization business of the U.S. Depository Trust & Clearing Corporation (DTCC), Austin Campbell, an adjunct professor at Columbia University Business School, pointed out that Ethereum (ETH) is not suitable as a global financial infrastructure for real-world asset (RWA) tokenization. He stated via X, "Censorship-resistant currencies and the mainstream global financial system are incompatible. Decentralization comes with real costs, and often these costs significantly exceed the benefits." Regarding Stellar's selection for the DTCC project, he explained, "It allows for open access while adopting a trust-based consensus algorithm, enabling financial institutions to directly set their cooperation partners. It also supports control functions like asset freezing, seizure, and whitelisting at Layer 1. To become a mainstream financial infrastructure, it must be an open ledger with censorship capabilities to block malicious actors." Previously, DTCC announced plans to tokenize custodial assets on the Stellar network, targeting a launch in the first half of 2027.
