DTCC sets July 2026 launch for tokenisation service
Wed, 6th May 2026 (Today)
DTCC has set a timeline for its DTC tokenisation service, aiming to support initial limited-production trades in July 2026 and a wider launch in October 2026.
The service is being developed with input from more than 50 firms across traditional finance and decentralised finance. The working group includes custodians, asset managers, brokers, trading venues and service providers.
Named participants include Bank of America, BlackRock, BNP Paribas, Charles Schwab, Citi, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Nasdaq, NYSE Group, Robinhood, State Street, Tradeweb, UBS and Wells Fargo, alongside crypto-focused groups such as Anchorage Digital, Circle, Kraken parent Payward and Ripple Prime.
The timeline offers greater clarity for a project at the intersection of established securities markets and blockchain-based systems. DTCC is seeking to create a framework in which conventional securities held at its central securities depository can also be represented in tokenised form.
DTC, DTCC's depository arm, currently holds more than USD $114 trillion in assets. According to DTCC, tokenised assets created through the service would carry the same entitlements, investor protections and ownership rights as assets held in traditional form.
Regulatory basis
The planned rollout follows regulatory clearance received in December 2025. DTC obtained a No-Action Letter from the US Securities and Exchange Commission allowing it to offer a defined tokenisation service to DTC participants and their clients for three years.
That authorisation covers a defined set of highly liquid assets, including constituents of the Russell 1000, exchange-traded funds tracking major indices, and US Treasury bills, bonds and notes.
DTCC said it will continue working with the industry group on market practice, operational readiness and technical workflows. The process will also test how DTC tokenised assets can be used in a production setting and how they can interoperate across multiple blockchains.
Tokenisation has become a growing focus across capital markets as institutions assess whether traditional assets such as equities, funds and government bonds can be issued, transferred and serviced using distributed ledger technology. Supporters argue that digital records could eventually simplify transfers and broaden access, though market structure, legal certainty and interoperability remain central questions.
DTCC's plans are notable because of its central role in the plumbing of US securities trading. The industry-owned group provides clearing, settlement, custody and trade-reporting infrastructure across markets.
In 2025, DTCC subsidiaries processed securities transactions valued at USD $4.7 quadrillion, according to the company. Its trade repository business processes more than 25 billion messages a year.
Industry involvement
The breadth of the working group suggests established financial institutions want to help shape the operating model for tokenised securities rather than leave standards to crypto-native platforms alone. It also shows that trading firms, banks, exchanges and software providers are all trying to influence how digital asset infrastructure fits into existing market systems.
Some participants have already been active in tokenised funds, digital cash experiments or blockchain-based settlement projects. Others are likely focused on how a depository-backed model could be integrated with the compliance, custody and back-office processes used in mainstream markets.
Frank La Salla, DTCC president and chief executive, said: "As a global leader in financial services, DTCC continues to galvanize a broad cross-section of industry leaders to facilitate ongoing, robust dialogue that drives widespread digital assets adoption and advances innovation."
He added: "Our vision is coming to fruition: launching our tokenization service and successfully bridging TradFi and DeFi. We believe tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency and efficiency to investors."
Brian Steele, DTCC managing director and president of clearing and securities services, said the service is intended to focus on assets and pools of liquidity that already exist within DTC. "DTC's tokenization service is designed to provide systemic scale where deep liquidity already lives."
He added: "We continue to collaborate closely with the DTCC Industry Working Group members to ensure that the service is developed in lockstep with the industry's current and future needs as we collectively build the digital ecosystem of the future."
Nadine Chakar, DTCC managing director and global head of digital assets, linked the effort to broader changes in market infrastructure. "Tokenization is an important and critical step toward building tomorrow's digital infrastructure."
She added: "DTCC is committed to remaining at the forefront of innovation and championing a scalable, interoperable and risk-managed Web3 ecosystem that harnesses the power of digital ledger technology and delivers real value to the industry."