Wall Street banks, including JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley, are testing Anthropic's Mythos model internally to detect vulnerabilities. The Trump administration, including Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell, has urged banks to use the model to improve their defenses against cyberattacks. Anthropic has limited the release of Mythos to a few dozen firms as part of Project Glasswing to secure critical systems before similar AI models become available.

The emergence of generative AI tools such as Anthropic's Claude and OpenAI's ChatGPT has prompted banks to reassess model risk management, with most taking a flexible approach, classifying higher-risk use cases as models and subjecting them to full model risk oversight as outlined in US supervisory guidance SR 11-7. While some banks validate large language models by default, others treat lower-risk applications as software, governed by other risk management functions.

HSBC has completed a significant pilot project using the Canton Network, simulating the issuance, transfer and atomic settlement of tokenized deposits. This marks the first time HSBC's Tokenized Deposit Service has been used on a public blockchain, demonstrating interoperability by connecting HSBC's deposit ledger with an external blockchain.

The European Central Bank sees the potential of tokenization using distributed ledger technology to create a unified digital capital market and address fragmentation in traditional infrastructure, according to the ECB's Macroprudential Bulletin. The ECB says tokenized finance, which has grown from €7.4 billion in 2024 to €38 billion in 2026, could enhance liquidity, reduce costs and improve capital allocation, but faces challenges such as the availability of central bank money on-chain, interoperability and regulation.

US firms anticipate significant business impact from tokenization, citing regulatory clarity as a key driver, according to a Nasdaq and ValueExchange survey. The survey found that 78% of North American firms expect significant impacts from tokenization, compared with 42% of European firms. The Securities and Exchange Commission and the Commodity Futures Trading Commission have taken steps to clarify regulations, aiding the tokenized collateral economy.

The US Treasury Department has launched a cybersecurity initiative to protect digital asset firms from cyberthreats targeting their customers and networks.