The Depository Trust & Clearing Corporation (DTCC) launched its securities tokenization service on October 28, going live with 34 securities. Twenty financial institutions have signed agreements to access the service, including JPMorgan, Fidelity, Morgan Stanley and UBS. The rollout lets approved financial firms create digital versions of securities held at its subsidiary, The Depository Trust Company (DTC), which safeguards more than $114 trillion in assets. In its announcement, DTCC described the go-live as a major milestone in the adoption of digital assets. Because the tokens are issued against securities that remain on DTC's books, the launch places tokenization inside core market infrastructure rather than in a parallel system.

One-to-One Tokens Backed by DTC-Held Securities

Each token represents an existing security held at DTC on a one-to-one basis, and investors retain the same rights and protections as holders of the traditional security. Approved firms can convert holdings into tokens and back again, with transfers between registered digital wallets able to take place around the clock. DTC tracks ownership changes in near real time, and tokens carry the same CUSIP identifiers as their underlying securities, giving tokenized and traditional holdings a common reference point.

Twenty Institutions Sign Access Agreements

The twenty DTC participants that have signed access agreements include Bank of America, Barclays, Citi, Fidelity Investments, JPMorgan, Morgan Stanley, State Street and UBS, and DTCC plans to add more firms over time. The list spans banking, brokerage, custody and asset management roles across US and European markets. During development, DTCC also worked with more than 150 firms; wallet and technology collaborators include BitGo, Blockdaemon, Broadridge, Fireblocks and Ondo.

DTCC President Frank La Salla described the launch as "the culmination of years of work" on regulated securities tokenization.

Two Blockchain Networks Support the Launch

The service initially connects to the Canton Network and DTCC's private Besu blockchain. This setup allows firms to use approved digital networks without removing the underlying securities from DTC custody. DTCC plans to add further networks during 2027, which will extend the range of digital environments connected to DTC-held securities.

SEC Clearance Preceded Production Testing

In December 2025, the US Securities and Exchange Commission granted DTC a three-year no-action arrangement covering certain Russell 1000 shares, major index exchange-traded funds and US Treasury securities — roughly ten months before the production launch. The live service begins with a smaller selection and operates under an existing regulatory arrangement.

The rollout comes as industry figures seek clearer rules for digital shares. Robinhood CEO Vlad Tenev recently called for greater certainty over tokenized stock regulations in the United States.

Broader Tokenization Efforts Continue

The broader tokenization market is also testing securities as collateral. On October 27, Lynq and ZeroBeta announced tokenized Treasury collateral services on Avalanche for institutional lending and trading. Separately, Bitget introduced a service for transferring tokenized US stocks and ETFs. In July, DTCC worked with more than 30 firms on live transactions involving tokenized assets, including Treasury trades, share transfers and securities lending.

For DTCC's own rollout, the near-term markers to follow are the expansion of the 34-security starting list, new participant agreements and the additional networks planned for 2027.

Source: DTCC Tokenization Launches With 34 Securities, More Ahead — Blockonomi