Ex-Swift innovation chief launches Logos to build tokenization's "acceptance layer"

From "trust me" to "prove it"

Tom Zschach, the former Chief Innovation Officer at Swift, says the core problem in institutional tokenization is proof, not payments. Sending small consumer sums via stablecoins is one thing, he says, but holding a large position demands certainty about what a token actually represents.

"If you're holding a position of $100 million in stable coins or tokenized assets, you need certainty. You need proof, right?" — Tom Zschach

He uses tokenized gold as his example: a token can claim backing, but a holder still needs to know where the underlying asset sits and that the attestation isn't stale. He argues this matters most to whoever is accepting the token — a custodian, a DeFi lending protocol, a prime broker, or a marketplace — because each must know what it actually holds and how to redeem it.

DTCC's move and the state of institutional tokenization

Zschach praises DTCC's tokenization service, launched under a no-action letter with the SEC, calling it "exactly the right thing to do" even though it comes with constraints and doesn't yet allow free movement of tokenized assets. He frames it, alongside Swift carrying tokens on its network (something he says nobody would have considered doing three years ago), as proof that institutional tokenization is already underway rather than theoretical.

He distinguishes Swift's and DTCC's roles as different pieces of the same shift, and says the industry often treats "institutional" as a vague blanket term without understanding the nuance between these platforms.

Logos as a neutral, chainless "acceptance layer"

Zschach co-founded Logos to supply the evidence layer institutions need before accepting a token — covering eligibility checks, settlement verification, and ongoing attestation of what a token represents. He stresses Logos has no chain and no token, which he says lets it stay neutral and work with any counterparty, including chains like Chainlink, without competing on tokenomics.

"Publish once, accept everywhere, and accept with confidence. This is the unlock." — Tom Zschach

He says privacy will matter in this system, noting his co-founder's background building on ZK Sync for four years. He distinguishes Logos's acceptance-side approach from issuer-controlled KYC models, arguing that if assets are meant to move freely across custodians and marketplaces globally, they need portable evidence rather than a single issuer gatekeeping eligibility.

Design partners and the investment opportunity

Logos's initial design partners span stablecoins, payments and securities: a new stablecoin called XDR aimed at use outside the US, and Securitize, which Zschach says made its first-ever investment in Logos. He says Logos wants to add digital custodians, prime brokers, marketplaces and clearing utilities next.

Asked how to invest in the tokenization boom, Zschach says he favors infrastructure and cybersecurity plays given the "5 year build" he sees ahead, while also expecting opportunities in the products built on top of that infrastructure. He adds that the US regulatory environment is a "fantastic tailwind" but says global markets, including Abu Dhabi, Singapore and Hong Kong, also show strong appetite.