DTCC Launches Tokenization Service for $30T in Eligible Securities

The Depository Trust & Clearing Corporation (DTCC) has launched a service enabling eligible financial institutions to tokenize securities held by its subsidiary, the Depository Trust Company (DTC), bringing blockchain-based representations of traditional financial assets into established US market infrastructure.

Announced on October 28, the DTCC Tokenization Service allows eligible participants to convert securities held at DTC into tokenized representations that can be transferred to registered digital wallets. The service is designed to support greater liquidity, collateral mobility and capital efficiency while retaining the ownership rights, investor protections and economic entitlements associated with the underlying securities.

The launch marks a new stage in DTCC's efforts to integrate distributed ledger technology into traditional financial markets. DTC holds more than $114 trillion in assets under custody, according to the company's announcement.

20 Financial Institutions Sign Up for Tokenization Service

Twenty DTC participants have signed agreements to access the new service, including Bank of America, Barclays, BNP Paribas, Citi, JPMorgan, Morgan Stanley, State Street and UBS.

Other participants include Fidelity Investments, Citadel Securities, Apex Clearing Corporation, Alpaca, Brown Brothers Harriman, Clear Street, DriveWealth, Edward Jones, Interchange Clearing, Marex, Mirae Asset Securities (USA), and Velocity Capital.

DTCC said additional participants will be onboarded on a rolling basis.

The service was developed with input from more than 150 firms through the DTC Digital Assets Solutions Industry Working Group. DTCC said the initiative aims to establish a framework for institutional use of tokenized securities across traditional and digital markets.

Frank La Salla, president and chief executive officer of DTCC, said the launch extends the company's operational standards and governance into digital markets, establishing a foundation for institutional adoption at scale.

Russell 1000 Stocks, ETFs and US Treasuries Eligible

The service initially supports selected liquid assets, including securities within the Russell 1000, exchange-traded funds tracking major indices, and US Treasury bills, notes and bonds.

DTCC's tokenization service page lists 34 eligible securities at launch, representing approximately $30 trillion in market value. This figure represents the value of eligible securities, rather than the amount already converted into tokens.

The service enables eligible participants to convert securities between traditional and tokenized forms. Tokenized representations are backed by securities held at DTC and retain the associated investor protections, rights and economic entitlements.

The structure is intended to connect blockchain-based asset transfers with the existing securities custody framework rather than replace it.

Canton Network and Besu Support Initial Launch

DTCC's service currently integrates with the Canton Network and its private Besu network. The company plans to add further blockchain networks in 2027 as it advances its multi-network strategy.

The approach is intended to give participating firms greater flexibility to operate across traditional securities infrastructure and blockchain-based environments.

DTCC has also been working on integrations with public blockchain networks. In May, the company announced plans to connect its tokenization service with the Stellar network, with tokenized assets expected to become available there during the first half of 2027.

The broader strategy reflects DTCC's stated goal of supporting interoperability across digital networks while maintaining the governance, security and operational controls required for regulated financial markets.

SEC Authorization Preceded the Launch

The launch follows a December 2025 no-action letter from the US Securities and Exchange Commission (SEC) authorizing DTC to implement and operate a service for tokenizing specified assets held in custody.

In July 2026, DTCC reported that it had successfully processed US securities trades using DTC-tokenized assets as part of the preparations for the service's launch.

According to the October 28 announcement, DTCC and more than 30 firms subsequently completed initial limited-production trades and multiple on-chain transactions.

The company said the service's development involved regulatory engagement, industry collaboration and practical testing intended to support the adoption of tokenized securities within an established operational framework.

The launch does not mean that all eligible securities are now traded or settled entirely on a blockchain. Instead, it establishes infrastructure through which eligible participants can access tokenized representations of selected securities held within DTC's custody system.

As financial institutions continue to explore tokenization, DTCC's service provides a route for connecting traditional securities holdings with digital wallets and blockchain networks while retaining the existing rights and safeguards associated with those assets.