Banks and market infrastructures increasingly run their own ledgers for privacy and control, which leaves counterparties scattered across separate networks. Consensys has introduced a cross-ledger settlement and routing stack aimed at connecting them.

The product, Sovereign Network Interoperability, picks an eligible route between approved counterparties, coordinates execution on each ledger and tracks the transaction to completion. It covers four workflows: collateral mobility, delivery-versus-payment securities settlement, wholesale and cross-currency payments, and tokenized fund servicing.

Assets stay on their native ledgers: the stack is bridgeless, with cross-ledger state verified cryptographically instead of through extra trusted intermediaries.

At its core is Consensys's Cross Ledger Interoperability Protocol (CLIP), with planned support for the Ethereum Economic Zone standard, IBC and Canton. EVM-based chains are supported now, and Canton is next. Institutions can run it themselves, through a market infrastructure or as a Consensys-managed service.