DTCC Tokenization Service Goes Live With 20 Participants

The Depository Trust Company (DTC), subsidiary of DTCC, has launched its Tokenization Service (DTS), with 20 DTC Participants already signed to access it and more than $114 trillion in assets under custody standing behind the initiative.

The service mints tokenized representations of real-world assets held at DTC, the central securities depository at the heart of U.S. post-trade. Eligible users can convert DTC-tokenized securities entitlements between traditional and tokenized forms and deliver them to digital wallets of their choice. The tokens, described by DTCC as digital twins, retain the ownership rights, investor protections and economic entitlements of their traditional counterparts.

"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. "By extending DTC's resiliency, governance and operational standards into digital markets, we are establishing the foundation for responsible institutional adoption at scale."

DTCC frames the service as a liquidity and collateral utility: participants can move assets more efficiently, access new liquidity pools and mobilize collateral within minutes rather than through conventional settlement cycles.

Who is on board?

The 20 signed participants span retail brokers, bulge-bracket banks, clearing firms and market makers:

• Alpaca, Apex Clearing Corporation, Barclays, Bank of America, 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), Morgan Stanley, State Street, UBS, Velocity Capital

Future users will be onboarded on a rolling basis.

What does the launch change for execution and collateral workflow?

The service runs on a multi-network, interoperable model that lets firms convert and deploy assets across traditional and tokenized environments. DTCC says this promotes ongoing liquidity in traditional markets while expanding it through the tokenized service. DTS is currently integrated with the Canton Network and DTCC's private Besu network, with additional blockchain networks scheduled for 2027.

That timeline gives desks a concrete planning horizon: firms evaluating tokenized collateral mobility or wallet-based delivery now have a regulated venue anchored to DTC custody, but network choice remains limited to two platforms for now.

DTCC also convened a broader digital asset ecosystem of wallet providers, applications and technology firms to support interoperability. Collaborators include BitGo Bank & Trust, N.A., Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, Talos, Taurus, Tradeweb, Transcend and Virtu.

Built with the industry

DTS was developed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group, combining institutional-grade controls with established governance and operational safeguards to support convertibility across traditional and digital markets.

"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," said Brian Steele, Managing Director, President of Clearing & Securities Services at DTCC. "Working with more than 150 firms in our Industry Working Group, we built a service designed to support institutional use of tokenized securities at scale within a trusted operational framework."

The regulatory path

The launch rests on a defined regulatory foundation. In December 2025, DTC received a No-Action Letter from the U.S. Securities and Exchange Commission authorizing it to tokenize Russell 1000 constituents, exchange-traded funds tracking major indices, and U.S. Treasury securities. Roughly seven months later, DTCC and more than 30 firms completed initial limited-production trades and multiple on-chain transactions before the general launch.

That scope matters for what desks can actually tokenize today: large-cap equities, index-tracking ETFs and Treasuries — the core collateral and trading universe — rather than an open-ended asset set.

"Today's launch demonstrates what can be achieved through sustained industry collaboration, regulatory engagement and a disciplined approach to innovation," said Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets. "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."

With rolling onboarding of participants and additional blockchain networks slated for 2027, DTCC has set a multi-year roadmap for extending tokenized settlement infrastructure across the institutional market.