Just-in-time account funding may be right around the corner as tokenization provides real-time capabilities.
Banks, broker-dealers, and clearing agencies could soon reduce capital buffers as Depository Trust & Clearing Corporation (DTCC) moves closer to operationalizing tokenization through its subsidiary, Depository Trust Company (DTC).
The DTC—which provides book-entry custody for more than $114 trillion in assets, such as municipal bonds, corporate bonds, corporate stocks, and money market instruments from the U.S. and more than 131 other countries and territories—expects to launch a limited first phase of its tokenization service in July. The full service is scheduled to roll out in October.
In December 2025, the U.S. Securities and Exchange Commission (SEC) granted the industry utility permission for a three-year pilot to process highly liquid assets, including components of the Russell 1000 Index, exchange-traded funds that track other major U.S. indices, and various Treasuries. The intent is to give tokenized securities the same entitlements, protections, and ownership rights as assets currently held in DTC custody.
“Our vision is coming to fruition,” said Frank La Salla, president and CEO of DTCC, in Monday’s announcement. “Tokenization has the potential to reshape market structure by improving liquidity, transparency and efficiency.”
Standards Aligned
Tokenization—which creates a digital representation of a tangible asset like real estate or municipal bonds—is no longer just a finance-sector buzzword. More companies are weaving tokens into their corporate finance strategies, using them in a wide array of instruments, including smart contracts, stablecoins and tokenized U.S. Treasury bills.
The DTCC developed the tokenization platform in collaboration with the DTCC Industry Working Group, which includes more than 50 custodians, asset managers, broker-dealers, and market infrastructure providers across traditional and decentralized finance. The group is focused on aligning standards and preparing market participants for new operational and settlement workflows.
Despite the infrastructure milestone, the near-term implications for corporate treasurers may be limited.
“I don’t see a material benefit yet for CFOs,” said David Easthope, senior analyst and head of fintech research at Coalition Greenwich. “The more immediate value proposition is coming from stablecoins, not tokenized securities.” He added that the benefits for issuers, and their representatives like CFOs and treasurers, “are much further out in the tech cycle that we are in.”
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Ukraine’s Shahed-killing Antonov An-28 Cash twin-turboprop utility aircraft are now air-launching interceptor drones to provide another means of defeating their targets. This is among the latest developments in Ukraine’s battle against Russian long-range one-way attack drones, one that has seen each side introduce new technologies and countermeasures in what has become one of the fastest-moving aspects of the conflict.
⚡️The legendary civilian Ukrainian An-28, modified into a “Shahed hunter” with over 150 confirmed kills, has now been adapted to launch interceptor drones in flight. pic.twitter.com/aAv3by9gLA
— Special Kherson Cat 🐈🇺🇦 (@bayraktar_1love) April 23, 2026
The video of the An-28 armed with interceptor drones was apparently first published by Ukrainian pilot and volunteer Tymur Fatkullin, who has previously documented other extemporized aviation initiatives, including using the six-barrel Gatling-type M134 Minigun to blast Russian drones out of the air.
In this new iteration, the An-28 has underwing hardpoints mounting two types of Ukrainian-made interceptor drones, the SkyFall P1-Sun and the Merops AS-3 Surveyor. Earlier this month, we wrote about how the Merops drones have been effectively used by the U.S. military to counter Iranian Shahed attacks in the Middle East.
Underwing interceptor drones as seen on a monitor in the cabin of the An-28. aero.tim/screencap
Alongside the video, Fatkullin provided the following account:
“Aircraft-launched P1-Sun interceptor against hostile Shaheds. This method has already proven effective in real combat conditions. We have also tested several other interceptor drones during training flights. You could call it a cheap air-to-air missile.”
The launch of a P1-Sun interceptor drone from the An-28. aero.tim/screencap
Fatkullin also added that, at this point, the An-28 has additionally brought down 222 Russian drones using gun armament.
A passenger An-28 aircraft armed with miniguns is shooting down Russian drones over Ukraine, French TF1 got an inside. The crew consists of civilian volunteers who have already destroyed nearly 150 drones during air defense missions. #Ukrainepic.twitter.com/x1E921TPT2
As we have previously reported, Ukraine has been successfully using several locally produced drones to counter Russian Shaheds for some time now.
Both the P1-Sun and the AS-3 Surveyor are small, relatively inexpensive drones built specifically to zip through the skies and intercept long-range one-way attack drones.
In the case of the P1-Sun, this uses a modular, 3D-printed airframe, can operate at altitudes up to 16,400 feet (5,000 meters), and reach speeds of up to 280 miles per hour (450 km/h). This is sufficient to intercept jet-powered drones such as the Russian Geran-3, under some circumstances.
A ground-launched P1-Sun interceptor drone. SkyFall
Meanwhile, the AS-3 Surveyor is a somewhat more expensive and more capable option, intended for use against higher-end threats. These interceptors can operate autonomously or be remotely piloted and are equipped with onboard sensors for target tracking. The interceptor carries an explosive warhead and destroys targets either through a direct collision or a proximity detonation.
A video shows the AS-3 Surveyor during a live-fire demonstration in Poland in November 2025:
A new system to identify and take down Russian drones is deployed to NATO’s eastern flank
According to the U.S. Army, a single example of the Merops-made drone costs around $15,000, with the potential to reduce this to between $3,000 and $5,000 if production is scaled up. This compares with the estimated cost of between $30,000 and $50,000 for a Shahed. Provided the interceptor drones are effective, the economic case is a very compelling one.
Having interceptor drones launched from aircraft provides a number of advantages. The An-28 is able to bring the interceptor drone closer to the target and to use its own sensors to help locate these. As we have reported in the past, the An-28 crew initially relies on air traffic controllers to guide them to the area where drones are known to be flying. One of the crew is a ‘camera operator,’ monitoring a feed from an infrared camera. Members of the crew are also provided with night-vision goggles (NVGs) for spotting the mainly nocturnal drones.
The An-28’s cabin is lit up as the gunner opens fire with the M134 Minigun. TF1 screencap
The turboprop also offers significant loiter time for standing anti-drone patrols, which can be set up as a screen where they are most advantageous. At the same time, having the drone launched from the air reduces the response time. Launching from height gives the interceptor drone additional altitude and range.
There is also the benefit of having a choice of weapons (different types of drones, guns, and potentially also rockets) to respond to various drone threats.
Furthermore, the An-28’s short takeoff and landing (STOL) capability makes it ideal for operating in and out of shorter and more austere airstrips, of the kind that Ukraine makes extensive use of in the conflict with Russia.
This threat is only set to grow. Russia, as we have previously noted, now manufactures Shahed/Geran drones at the rate of 2,000 per month and has announced plans to nearly triple that.
Some of the kill marks painted below the An-28 cockpit. TF1 screencap
Already, interceptor drones have established themselves as a much more cost-effective option compared to surface-to-air missile interceptors like the Patriot system, and even cheaper, less advanced missiles when it comes to countering Shahed-type drones. Although these drones lack the payload and range of high-end munitions, they can be deployed in large numbers, allowing them to cover broad areas. This, in turn, helps preserve the limited supply of more sophisticated interceptors and reverses the unfavorable cost dynamic between targets and defensive systems. Even so, such solutions are most effective when integrated into a layered defense, particularly for protecting high-value sites and critical infrastructure.
A Shahed-type drone seen from the cabin of the An-28. aero.tim/screencap
The small size of interceptor drones also makes them suitable for arming lighter aircraft, crewed and uncrewed. Ukraine already makes use of ‘mothership’ drones, while helicopters and even gun-armed Yakovlev Yak-52 prop trainers, also used to hunt drones, could potentially carry them under their wings. Already, light aircraft and helicopters are said to be responsible for downing between 10 and 12 percent of all drones claimed by Ukrainian air defenses of all kinds.
Inside the Cockpit of Ukraine’s Secretive Unit Hunting Russian Drones | WSJ News
It isn’t hard to see how this concept could be rapidly evolved and executed even more effectively and efficiently with better technology. For instance, having MQ-9 Reapers loaded with these drones and equipped with air-to-air radar would allow for a long-range, long-endurance picket aircraft of sorts. In the context of the war in the Middle East, parking these between the Arabian Peninsula and Iran, over the Persian Gulf and Gulf of Oman, could go a long way to stopping incoming Shahed-136 and other one-way attack drones at a tiny fraction of the cost of surface-to-air missiles.
Arming crewed aircraft with interceptor drones is the latest expression of Ukraine’s fast-developing counter-drone arsenal. If it proves successful, we will likely see its wider adoption. After all, anything that helps change the calculus for Ukraine in the drone war is likely to be enthusiastically adopted.
Andrew McClements, customer experience and transformation director at TPE, said, “We’re pleased to be introducing services that give customers more choice, added flexibility, and an improved overall experience when travelling with us.”
Other changes to the TPE timetable will see an update to 08.05am weekday services between Leeds and Manchester Piccadilly come into place.
The regular service will begin to call at Dewsbury.
This is to help commuters and students with early morning commutes and to better connect them to the city.
TPE is also urging customers to check their usual routes to see if they have been impacted by the timetable changes.
It said, “Although most of our services are unchanged, we encourage customers to take a moment to check any journeys they make regularly.”
The airport train service will run through the nightCredit: Alamy Stock Photo
BRITS wishing to travel to a major American city have been dealt a blow as a budget airline announced it is grounding all flights to the destination.
Norse Atlantic is axing its flights from London Gatwick to Los Angeles.
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Norse Atlantic has cancelled its flights between London Gatwick and Los AngelesCredit: Alamy
The decision comes as the Iran War continues to impact fuel prices.
Norse only introduced the route between the UK and American city back in June 2023 and at that time operated seven flights per week from London Gatwick to Los Angeles.
The airline had planned to operate six flights per week for the peak summer months.
However, the flight route – due to start next month – will be cancelled for the entire season until October.
And it isn’t just Brits that will impacted as the airline is also stopping its routes to Los Angeles from Rome in Italy and Paris Charles de Gaulle in France.
The announcement means that Norse will only have four long-haul routes this summer, including London Gatwick to New York and London Gatwick to Orlando.
According to Travel Gossip, a spokesperson said: “Due to the continued increase in fuel constraint risks, fuel prices, and the resulting impact on our operating costs, we have had to make the difficult decision to suspend our LAX operations this summer, May to October.
“All affected customers will be proactively notified by Norse Atlantic Airways today where contact details are available.
“We sincerely apologise, but as a consequence of this fuel crisis, it is our responsibility to ensure we make this decision to maintain a sustainable airline for our passengers and colleagues.”
The news follows a number of other airlines making decisions to axe flights and increase fare prices as a result of the ongoing fuel crisis caused by the Iran war.
Yesterday, KLM announced that they were axing 160 flights across Europe over the next month due to the fuel crisis.
These include services to and from London.
The cancellations will impact flights travelling to and from Amsterdam Schiphol Airport in the Netherlands.
However, the airline has said that they currently do not have a shortage of jet fuel.
A KLM spokesperson said: “Passengers affected by these changes will be rebooked onto the next available flight.
The news follows a number of airlines axing flights due to the ongoing fuel crisis caused by the Iran WarCredit: Alamy
“As these are destinations KLM serves multiple times a day, such as London and Düsseldorf, travellers can usually be accommodated quickly.
“KLM expects a busy May holiday period and is making sure passengers can travel to their holiday destinations as planned.”
This week, Lufthansa also announced that its subsidiary airline CityLine is to cease operations due to both the Iran war and ongoing strike action.
The airline – which operates some flights to and from the UK including Frankfurt and Munich – will be grounding 27 aircraft from April 18.
Lufthansa’s main airline will be grounding four Airbus jets and two Boeing jets for good, by the end of the summer as well.
