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US post-trade market infrastructure provider DTCC has launched its DTCC Tokenization Service (DTS) through its subsidiary The Depository Trust Company (DTC), bringing tokenised securities into regulated financial markets.
How The Service Works
DTS enables the minting of tokenised representations of real-world assets held at DTC. Eligible users can hold DTC-tokenised securities entitlements that can be converted between traditional and tokenised forms and delivered to the digital wallets of their choice. The tokenised securities retain the ownership rights, investor protections and economic entitlements of their traditional counterparts.
DTCC said the service allows investors to move assets more efficiently, access new liquidity pools and mobilise collateral within minutes. It is currently integrated with the Canton Network and DTCC's private Besu network, with additional blockchain networks to be added in 2027.
Regulatory Path
In December 2025, DTC received a no-action letter from the US Securities and Exchange Commission authorising it to tokenise Russell 1000 constituents, exchange-traded funds tracking major indices and US Treasury securities. About seven months later, DTCC and more than 30 firms completed initial limited-production trades and several on-chain transactions. The service was developed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group.
Participants And Partners
Twenty DTC participants have signed agreements to access DTS: Alpaca, Apex Clearing Corporation, Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, US prime broker Clear Street (@clear-street), DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities (USA), Morgan Stanley, State Street, UBS and Velocity Capital. Further users will be onboarded on a rolling basis. Among them, Alpaca recently secured in-principle approval from ADGM's FSRA for its UAE expansion.
Collaborators include BitGo Bank & Trust, Blockdaemon, Broadridge, DFNS, trading firm DRW (@drw), Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, institutional digital asset trading technology provider Talos (@talos), Taurus, Temple Digital Group, Tradeweb, Transcend and Virtu.
The launch comes as market infrastructure providers push further into tokenised and always-on markets, from Deutsche Börse launching 24/7 trading for DAX 40 equities on 360X to Theorem expanding tokenised RWA trading.
"Today marks the culmination of years of work to bring tokenized securities into a regulated framework supported by trusted market infrastructure. By extending DTC's resiliency, governance and operational standards into digital markets, we are establishing the foundation for responsible institutional adoption at scale." - Frank La Salla, President and CEO, DTCC
"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. 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." - Brian Steele, Managing Director, President of Clearing & Securities Services, DTCC
"Today's launch demonstrates what can be achieved through sustained industry collaboration, regulatory engagement and a disciplined approach to innovation. 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." - Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets, DTCC
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