DTCC launches tokenization service for $30 trillion in securities

The Depository Trust Company (DTC), a DTCC subsidiary, launched its tokenization service on Oct. 28, bringing selected U.S. stocks, exchange-traded funds and Treasuries onto blockchain networks while keeping the underlying securities in DTC custody. In its launch announcement, DTCC said the tokens retain the ownership rights, investor protections and economic entitlements of their traditional counterparts. CoinDesk reported that 34 securities are eligible at launch, representing about $30 trillion in market value, citing a DTCC spokesperson.

For crypto markets, the change is the arrival of a major securities depository’s tokenization service, rather than another standalone token meant to track a stock’s price. DTCC says DTC holds more than $114 trillion in assets; the $30 trillion figure refers to launch-eligible securities, not the value already moved onto blockchains.

Which securities can firms tokenize, and where can they move?

The initial eligible set covers select large-cap stocks in the Russell 1000, ETFs tracking major indexes, and U.S. Treasury bills, notes and bonds, according to DTCC. The service is integrated with Canton Network and DTCC’s private Besu network. DTCC says eligible users can convert securities between traditional and tokenized forms and deliver them to digital wallets of their choice. CoinDesk reports that tokenized assets can move between registered wallets around the clock, subject to compliance restrictions.

Twenty DTC participants have signed agreements to access the service, including J.P. Morgan, Citi, Morgan Stanley, Bank of America, Barclays, Fidelity Investments, State Street and UBS, DTCC said. Signing up gives firms access; it does not mean all 20 have tokenized assets or begun trading them. The service’s reach will depend on onboarding, wallet support and the workflows firms establish.

How does this differ from earlier tokenized stocks?

DTCC’s model ties each token to securities held at DTC, with the existing ownership records, rights and protections retained, according to the company. That differs from synthetic tokens that follow a share price without representing ownership of the underlying security, a distinction CoinDesk also draws. In May, DTCC said its planned service would tokenize DTC-custodied assets under a defined scope; it then completed limited production trades in July before the October launch.

The structure connects blockchain transfers to an existing custody and market infrastructure, but it also keeps access within DTCC’s participant framework and approved networks. It is not an open, permissionless market for any wallet. DTCC says the SEC’s December 2025 no-action letter authorized a defined service for eligible securities and participants for three years. The company says additional networks are planned for 2027, but has not named them in its launch announcement.

What will show whether the launch gains traction?

The next evidence will be how many signed firms actually onboard and use the service, whether assets move between traditional and tokenized forms in routine operations, and whether DTCC delivers the additional network connections it has promised. The company describes the service as a way to improve liquidity and collateral mobility; the launch announcement does not report measured gains in either. For now, the concrete milestone is infrastructure going live with a defined group of securities, firms and networks. Broader adoption will depend on firms finding practical uses for it within those constraints.

Sources and documents

• launch announcement — dtcc.com