Settlement is an institutional event.
A faster ledger does not itself determine when obligations discharge or who bears loss.
Digital settlement changes the mechanism, not the need for institutional finality.
A complete architecture must still identify the governing record, enforceable rights, custody and control, payment asset, failure allocation, reconciliation, recovery, and the relationship between on-ledger execution and off-ledger legal and operational systems.
Digital Finance Infrastructure addresses the monetary and payment layers. Capital Market Infrastructure addresses the wider transaction and market architecture into which those layers enter.
Infrastructure Portfolio: digital money, payments, tokenization, settlement, compliance, and institutional implementation are related but distinct layers of the wider capital-market system.