Consensys announced the launch of Sovereign Network Interoperability at Devcon in Mumbai, India, on Nov. 2, introducing a system to route and coordinate transactions across independently operated institutional ledgers. According to ChainCatcher, the stack is designed for banks, custodians, asset managers, and financial market infrastructure, with tools for routing, execution coordination, and transaction tracking. It supports collateral transfers, delivery-versus-payment securities settlement, wholesale and cross-currency payments, and fund and asset servicing. Its no-bridge design keeps assets on their native ledgers and uses cryptographic verification for cross-ledger state and execution without an additional trusted intermediary. The core protocol is Consensys’ Cross-Ledger Interoperability Protocol, or CLIP; the company plans to support Ethereum ecosystem standards, the Inter-Blockchain Communication Protocol, and other protocols, as well as connections between Canton and Ethereum-compatible networks. EVM-based chains are supported now, with Canton integration planned later. Institutions can operate the system themselves, use a financial market infrastructure operator, or choose Consensys’ hosted service. Consensys President David Cunningham said institutions need to reach counterparties without sacrificing privacy or control over their infrastructure.