The Depository Trust & Clearing Corporation (DTCC) announced the launch of an asset tokenization service through the Depository Trust Company (DTC). The first transactions are expected in July 2026, with a full rollout planned for October. More than 50 financial institutions are involved in the development.
DTCC, the world’s largest post-trade infrastructure provider, reported progress on its asset tokenization initiative, which is being implemented through its subsidiary, DTC. The service is being developed in collaboration with an industry working group that includes leading banks, asset managers, brokers, and crypto platforms.
DTCC plans to conduct its first real-world transactions with tokenized securities in July 2026, though with limited volume. A full-scale launch is expected in October 2026. In parallel, the company will continue testing operational and technological processes, including cross-network interoperability of tokenized assets and their use in live market conditions.
The DTCC working group includes more than 50 participants representing a wide range of TradFi and DeFi sectors, including:
- Alpaca;
- Bank of America;
- BitGo Bank & Trust, N.A.;
- BlackRock;
- BNP Paribas;
- Charles Schwab;
- Circle;
- Citi;
- Digital Asset и Canton Network;
- Fireblocks;
- Franklin Templeton;
- Goldman Sachs;
- HSBC;
- J.P. Morgan;
- Marex;
- Morgan Stanley;
- Nasdaq;
- NYSE Group, Inc.;
- Ondo Finance;
- Payward;
- Ripple Prime;
- Robinhood Markets, Inc.;
- TD Securities USA LLC;
- Tel-Aviv Stock Exchange (TASE);
- Wells Fargo, and others.
Participants are jointly developing standards and infrastructure requirements, with a focus on scalability and integration with existing markets.
The DTC service will enable the tokenization of real-world assets held in custody, while preserving ownership rights, investor protections, and the legal attributes of traditional instruments.
DTC services assets valued at over $114 trillion. In 2025, DTCC’s infrastructure processed securities transactions totaling $4.7 quadrillion.
The project received its regulatory framework in December 2025, when the U.S. Securities and Exchange Commission issued DTC a no-action letter valid for three years. The approval applies to a limited set of highly liquid instruments, including stocks from the Russell 1000 Index, exchange-traded funds (ETF) based on major indices, as well as U.S. Treasury bills and bonds.
According to Frank La Salla, President and CEO of DTCC, the implementation of tokenization aims to enhance market liquidity, transparency, and operational efficiency by integrating traditional financial infrastructure with distributed ledger technology.
In 2025, DTCC also demonstrated the potential of tokenization to improve liquidity and efficiency in financial markets by developing a DLT-based collateral management platform. The company continues to actively test blockchain technologies for data management, explore settlement mechanisms for tokenized assets, and build the foundation for a global ecosystem of tokenized financial assets.
