Securities finance is fast emerging as one of the leading use cases for tokenization and DLT - driven by a unique combination of industry characteristics. Whether it be securities lending, repos, swaps, or managing the underlying collateral, the processes that support these activities today are uniquely manual, time-critical, and balance-sheet intensive. Given this combination of acute pressures, it is no surprise that the processing benefits of DLT are immediate and impactful. But how aware are we of the full range of operational and treasury benefits that tokenization can unlock?