DTCC launches its tokenization service: “digital twins” of assets held in custody at DTC

DTC, a subsidiary of DTCC, has launched the DTCC Tokenization Service (DTS). It creates tokenized versions of assets held in custody by DTC (more than $114 trillion), which can move from traditional to tokenized form and be delivered to users’ own wallets, with the same ownership rights and investor protections.

Twenty DTC participants have signed up, including Bank of America, Barclays, BNP Paribas, Citadel Securities, Citi, Fidelity, J.P. Morgan, Morgan Stanley, State Street, UBS, DriveWealth and Edward Jones. It launches on Canton Network and on DTCC’s private Besu network, with more chains planned for 2027.

Ecosystem partners include BitGo, Broadridge, DRW, Fireblocks, Ondo, Talos, Tradeweb and Virtu. It builds on the SEC’s December 2025 no-action letter, covering Russell 1000 stocks, index ETFs and Treasuries, and on limited live transactions with more than 30 firms. Ondo confirmed it on its blog (post) and noted that in July it launched CRCLon and SPYon, the first tokenized stocks backed by tokenized DTC entitlements

DTCC Tokenization Service goes live, marking a major milestone in digital asset adoption

The service creates tokenized representations of DTC-custodied securities to support greater liquidity, collateral mobility and capital efficiency.

DTCC delivers on its promise to connect digital ledger technology with assets managed by one of the world’s largest financial market infrastructures.

New York/London/Hong Kong/Singapore/Sydney, October 28, 2026 — The Depository Trust Company (DTC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today launched the DTCC Tokenization Service (DTS) . The service brings tokenized securities into regulated financial markets through trusted, robust and scalable market infrastructure, enabling investors to move assets more efficiently, access new sources of liquidity and mobilize collateral in minutes.

DTS enables the creation of tokens representing real assets held in custody by DTC. Through the service, eligible users can benefit from tokenized DTC securities entitlements, which can be converted between traditional and tokenized formats and deposited into their digital wallets. The tokenized securities, or digital twins, retain the ownership rights, investor protections and economic benefits of their traditional counterparts. DTC currently manages more than $114 trillion in assets.

“Today marks the culmination of years of work to bring tokenized securities into a regulated framework backed by trusted market infrastructure,” said Frank La Salla, President and CEO of DTCC. “By extending DTC’s resilience, governance and operational standards to digital markets, we are laying the foundation for responsible institutional adoption at scale.”

To date, 20 DTC participants (clients) have signed agreements to access DTS, including 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, JP Morgan, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley, State Street, UBS and Velocity Capital LLC. Future users will be onboarded progressively.

Built by the markets, for the markets.

Consistent with DTC’s role as a critical market infrastructure provider, DTS was built in close collaboration with the industry it is designed to serve. Developed with input from more than 150 firms in the  DTC Digital Asset Solutions Industry Working Group , DTS combines institutional-grade controls, established governance and operational safeguards to support adoption and convertibility across traditional and digital markets.

“Broad participation across traditional finance and digital asset markets shows the industry is ready to move beyond experimentation toward practical adoption,” said Brian Steele, Managing Director and President of Clearing and Securities Services at DTCC. “Working with more than 150 firms in our Industry Working Group, we have developed a service designed to support institutional use of tokenized securities at scale within a trusted operational framework.”

Supporting a new interoperable financial ecosystem.

DTS uses an interoperable, multi-network model designed to give firms greater transaction capability across both traditional and digital environments. This model allows market participants to seamlessly convert and deploy their assets across traditional and tokenized markets, promoting continued liquidity in traditional markets while expanding it through the tokenized service. 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 has brought together a broad digital asset ecosystem spanning market participants, wallet providers, applications and technology firms to foster greater interoperability and connectivity as digital markets and tokenization use cases evolve. Collaborators and partners include BitGo Bank & Trust, NA, Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, Talos, Taurus, Temple Digital Group, Tradeweb, Transcend and Virtu.

“Today’s launch demonstrates what can be achieved through sustained industry collaboration, regulatory engagement and a rigorous approach to innovation,” said Nadine Chakar, Managing Director and Global Head of Digital Assets at DTCC. “This is just the beginning of DTCC’s ultimate goal: building the Web3 ecosystem of the future, connecting established, trusted market infrastructure with digital ledger technology.” 

The rollout of the DTCC Tokenization Service represents the culmination of regulatory collaboration, broad industry cooperation and real-world validation, creating a practical path to the adoption of tokenized securities. In December 2025, DTCC received a no-action letter from the U.S. Securities and Exchange Commission (SEC) authorizing it to tokenize Russell 1000 index 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 operations and multiple on-chain transactions.