DTCC launches token service for $30 trillion in securities

DTCC launched its tokenization service on Oct. 28, bringing eligible U.S. stocks, exchange-traded funds and Treasury securities onto blockchain networks, with 20 financial firms signed up to access it. The service creates digital tokens representing securities held by its subsidiary, the Depository Trust Company (DTC). CoinDesk reported that 34 securities are eligible at launch, representing about $30 trillion in market value.

Here is the sequence: an eligible firm converts a security held at DTC into a tokenized entitlement, then delivers it to a registered digital wallet. The token can move between registered wallets around the clock, while DTC continues to hold the underlying security and maintain the official ownership record. DTCC says the token retains the traditional security’s ownership rights, investor protections and economic entitlements. It is a digital counterpart to a held security, rather than a token that merely tracks its price.

Which securities and networks are included?

The service initially covers selected Russell 1000 stocks, ETFs tracking major indices, and U.S. Treasury bills, notes and bonds. It connects to the Canton Network and DTCC’s private Besu network, according to DTCC’s launch announcement. The service uses minting and conversion to create tokenized representations; firms can also convert those entitlements back to traditional form.

For the first conversion, DTCC says firms should expect processing within business hours. CoinDesk reports DTCC is targeting 15 minutes or less. After conversion, wallet-to-wallet transfers can take place 24 hours a day, subject to compliance restrictions. The distinction matters: always-on transfers do not mean the underlying security is being minted or redeemed at any hour.

Who can access it, and what stays with DTC?

Twenty DTC participants have signed agreements, including JPMorgan, Citi, Morgan Stanley, Bank of America, Barclays, Fidelity Investments, State Street and UBS. DTCC says it will onboard additional users over time. These are firms with agreements to access the service; the announcement does not say every investor can use it directly.

The key record stays in the existing custody system. DTC holds the securities and records official ownership, while the tokens move through registered blockchain wallets. That means the service links blockchain transfers to securities already in DTC custody. DTCC says the model is designed to let firms move assets between traditional and tokenized markets while preserving the securities’ existing rights.

What does the launch change?

It gives participating firms a live route to represent and transfer certain DTC-held securities on blockchain networks. DTCC reported more than $114 trillion in assets under custody, a measure of the scale of the institution behind the service. The $30 trillion figure refers to the market value of the 34 eligible securities at launch, according to CoinDesk’s report citing a DTCC spokesperson.

The service builds on a December 2025 SEC no-action letter authorizing DTC to tokenize a defined set of securities. DTCC said additional blockchain networks may be added in 2027. The launch puts a major post-trade intermediary’s infrastructure behind token transfers, while custody and official ownership records remain with DTC.

Sources and documents

• DTCC’s launch announcement — dtcc.com
• CoinDesk’s report — coindesk.com