DTCC Launches Tokenization Service for DTC-Custodied Securities

The Depository Trust Company (DTC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), on Oktubre 28, 2026 launched the DTCC Tokenization Service (DTS), a production service that mints tokenized representations of real-world assets held at DTC, which has more than $114 trillion in assets under custody.

DTS allows eligible users to hold DTC-tokenized securities entitlements that can be converted between traditional and tokenized forms and delivered to users’ digital wallets of choice. According to DTCC, the tokenized securities, described as digital twins, retain the ownership rights, investor protections and economic entitlements of their traditional counterparts. The company states the service is built to let investors move assets more efficiently, access new liquidity pools and mobilize collateral within minutes.

“Today marks the culmination of years of work to bring tokenized securities into a regulated framework supported by trusted market infrastructure,” said Frank La Salla, President and CEO of DTCC. He added that by extending DTC’s resiliency, governance and operational standards into digital markets, the firm is establishing the foundation for responsible institutional adoption at scale.

Twenty DTC Participants Signed at Launch

Twenty DTC Participants have signed agreements to access DTS: Alpaca, Apex Clearing Corporation, Barclays, Bank of America (BAC ), BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley (MS ), State Street (STT ), UBS and Velocity Capital LLC. DTCC said future users will be onboarded on a rolling basis.

The service was developed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group. Brian Steele, Managing Director, President of Clearing & Securities Services at DTCC, said the breadth of engagement across traditional finance and digital asset markets demonstrates that the industry is ready to move beyond experimentation and toward practical adoption.

DTS employs a multi-network, interoperable model under which market participants can convert and deploy assets across traditional and tokenized markets. The service is currently integrated with the Canton Network and DTCC’s private Besu network, with additional blockchain networks to be added in 2027.

Beyond the DTC Participants that will use DTS directly, DTCC convened a digital asset ecosystem of market participants, wallet providers, applications and technology firms to support interoperability and connectivity. Collaborators and partners include BitGo Bank & Trust, N.A., Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, Talos, Taurus, Tradeweb, Transcend and Virtu.

“This is only the beginning of DTCC’s ultimate goal to build the Web3 ecosystem of the future that bridges established, trusted market infrastructure and digital ledger technology,” said Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets.

Path From SEC Authorization to Production

The launch follows a Disyembre 11, 2025 No-Action Letter from the U.S. Securities and Exchange Commission authorizing DTC to offer a tokenization service for DTC Participants and their clients on pre-approved blockchains for three years. The authorization applies to a defined set of highly liquid assets: constituents of the Russell 1000, which represents the 1,000 largest publicly traded U.S. companies by market capitalization, exchange-traded funds tracking major indices, and U.S. Treasury bills, bonds and notes. Under the letter, DTC was authorized to offer a limited production environment tokenization service across L1 and L2 providers, with the digital version of each tokenized asset carrying the same entitlements, investor protections and ownership rights as the asset in its traditional form.

On Mayo 4, 2026, DTCC set out the delivery timeline, planning initial limited production trades of tokenized assets for Hulyo 2026 and the service launch for Oktubre 2026. The Industry Working Group at that time comprised more than 50 financial industry firms, spanning custodians, asset managers, brokers, trading venues and application and back-office service providers.

On Hulyo 15, 2026, DTCC converted DTC-held assets into tokens that were used in real production trades involving more than 30 firms, spanning collateral pledge, securities lending, U.S. Treasury/repo delivery-versus-payment, equity delivery-versus-payment, equity delivery-versus-delivery, equity token transfer and central counterparty margin workflows. The conversions occurred on LFDT’s Besu, DTCC’s private network, and Canton, a public network, and participating firms included Citadel Securities, Fireblocks, J.P. Morgan and Virtu Financial (VIRT ). DTCC characterized the exercise as the largest tokenization production initiative to that point in breadth of use cases, asset classes and number of participants.