Explainer: Crypto Clearing Is Not the Same as Settlement

The distinction matters because much of the industry's risk narrative rests on netting and collateral being treated as if they finished the job. They reduce exposure between counterparties but leave the final payment-and-delivery step exposed, which is where operational and counterparty risk actually concentrates. Worth watching is whether this framing shifts how post-trade infrastructure and collateral arrangements are assessed, rather than being folded back into shorthand about trades being settled once netted.