DTCC launches tokenized stocks, ETFs and Treasuries with 20 firms including JPMorgan
The Depository Trust & Clearing Corporation (DTCC), the post-trade backbone of US markets, launched its DTCC Tokenization Service on Oct 28 through its Depository Trust Company (DTC) subsidiary. The service creates blockchain tokens that represent securities DTC already holds in custody, and approved firms can convert positions between traditional and tokenized form and deliver them to digital wallets.
DTC holds more than $114 trillion in assets under custody. According to DTCC, the tokens keep the ownership rights, investor protections and economic entitlements of the underlying securities. DTCC President and CEO Frank La Salla called the launch "the culmination of years of work to bring tokenized securities into a regulated framework supported by trusted market infrastructure."
What is eligible
Thirty-four securities are eligible at launch, a mix of large-cap stocks from the Russell 1000 index, ETFs and Treasury bills, notes and bonds, CoinDesk and Ledger Insights reported. The SEC no-action letter DTC received in December 2025 covers a far wider set: all Russell 1000 stocks, ETFs tracking major indices and US Treasuries. Ledger Insights puts that full set at roughly $30 trillion.
How it works
The service runs on the Canton Network and on DTCC's private Besu blockchain. Tokens can move between registered wallets around the clock, and Ledger Insights reported that a transfer between wallets is itself the settlement, with no one-business-day wait.
Converting a position into or out of token form, or moving it from one blockchain to another, goes through DTC's conversion service. Ledger Insights reported that the service runs from 2 a.m. to 6 p.m. Eastern time on business days, and CoinDesk reported that DTCC targets processing times of 15 minutes or less.
Who signed up
Twenty DTC participants have signed agreements to access the service, and DTCC says more firms will be onboarded on a rolling basis. The banks and custodians on the list are JPMorgan, Citi, Bank of America, Morgan Stanley, State Street, Barclays, UBS, BNP Paribas and Brown Brothers Harriman.
The brokers and trading firms include Fidelity Investments, Edward Jones, Citadel Securities, Apex Clearing, Clear Street, DriveWealth, Marex, Mirae Asset Securities (USA) and Alpaca. Goldman Sachs, which took part in DTCC's live trials in July, and BNY are not on the launch list, Ledger Insights noted.
DTCC also named 16 collaborators and technology partners, including Broadridge, Tradeweb, Virtu, BitGo, Fireblocks and Ondo.
What comes next
- DTCC says additional blockchain networks will be added in 2027.
- CoinDesk and Ledger Insights reported that Stellar and Circle's Arc blockchain are the expected additions.
- Ledger Insights reported that the DTCC Collateral AppChain, built on the Besu network, is due early in 2027.
- The 2027 roadmap also covers more eligible securities, corporate-action support and tools for settling trades in digital cash, CoinDesk and Ledger Insights reported.