DTCC launches tokenization service for 34 eligible securities with nearly $30 trillion in market value

Key Facts

The Depository Trust Company (DTC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC), launched a service on October 28, 2026, to tokenize securities held in its custody, moving digital tokens into established institutional market infrastructure. The service allows tokenized representations to be created for real-world assets held by DTC, according to a DTCC statement. The company said tokenized securities retain the ownership rights, investor protections and economic entitlements of the corresponding traditional securities. The service supports conversion between traditional and tokenized forms and delivery of tokens to digital wallets chosen by eligible users. The launch list includes 34 eligible securities representing nearly $30 trillion in market value, according to CoinDesk, citing the product website and confirming that a DTCC spokesperson verified the market value. Access is limited to eligible institutions and their registered wallets; the launch does not announce open public trading for retail investors.

Initial categories include selected stocks in the Russell 1000, exchange-traded funds tracking major indexes, and U.S. Treasury bills and bonds. The Russell 1000 comprises the 1,000 largest U.S.-listed companies by market value, according to the U.S. Securities and Exchange Commission. The program follows a no-action letter issued by SEC staff in the Division of Trading and Markets on December 11, 2025, concerning a voluntary pilot program to tokenize entitlements to eligible securities held at DTC. The letter describes the division staff’s position on enforcement of specific provisions and does not constitute general SEC approval of tokenization. The letter permits DTC to provide the service to its participants and their customers on pre-approved networks for 3 years, according to DTCC. An SEC commissioner said the program is experimental and subject to operational restrictions, and that DTC’s system tracks transfers in its official books and records.

Official ownership records remain with DTC while tokens move among registered wallets, according to CoinDesk. As a result, a token transfer between wallets does not replace the record maintained by the depository. DTCC aims to process a security-to-token conversion within 15 minutes or less, and eligible firms can make conversions during business hours. After conversion, assets can move between registered wallets around the clock, subject to compliance restrictions. The arrangement combines token transfers outside business hours with the continued recording of securities in DTC’s official books. DTCC says ownership rights, investor protections and economic entitlements remain tied to the corresponding traditional securities.

At launch, the service operates on the Canton network and DTCC’s private Besu network. The company plans to add other blockchain networks during 2027, without naming them in its announcement. The program’s background dates to a no-action letter in December 2025, which allowed the service to be offered on pre-approved networks for 3 years. When announcing the initiative, the DTCC chief said tokenization of the U.S. securities market could enable collateral mobility, new trading methods, round-the-clock access and programmable assets. These benefits were described as possibilities of tokenization, while the current service focuses on representing eligible securities and moving them between registered wallets. In May 2026, DTCC said more than 50 firms had joined efforts to develop the service. It then announced on July 15, 2026, that it had processed live trades using tokenized DTC assets, including uses in securities lending and Treasury repurchase agreements.

DTCC said 20 DTC participants had signed agreements to access the service by launch, including Bank of America, Citi, J.P. Morgan, Morgan Stanley, State Street and UBS. It added that the service’s development benefited from input from more than 150 firms in DTC’s Digital Asset Solutions group. Before launch, DTCC and more than 30 firms completed limited production trials and multiple on-chain transactions. These figures show the institutional participation preceding the launch, while use remains limited to eligible institutions and wallets subject to compliance requirements. DTCC describes the infrastructure as a way to bring tokenized representations to securities held in the existing depository system. The company’s statement did not announce access for retail investors.

The service is backed by an institution that handles large volumes of transactions and assets: DTCC subsidiaries processed $4.7 quadrillion in securities transactions during 2025. In the same year, its depository subsidiary provided custody and asset services for securities issued in more than 150 countries and territories, valued at $114 trillion, according to DTCC. These figures describe the scale of the group’s existing infrastructure, while the securities eligible for tokenization at launch represent about $30 trillion, according to CoinDesk. In a separate market estimate, Citi analysts forecast that the tokenized securities market would reach $5.5 trillion by 2030. That figure remains a Citi analyst forecast for the market, not an outcome of the new service. The next announced step is to add blockchain networks during 2027, while current use begins with eligible assets and transfers between registered wallets.