Société Générale has accepted $10 million in DTCC-tokenized U.S. Treasuries as collateral on the Canton Network, the bank said on November 2, 2026. The transaction brought the tokenized assets into the bank's existing collateral and back-office systems, although the acceptance does not change how The Depository Trust Company (DTC) values tokenized entitlements in its own risk calculations.

The assets were accepted by Société Générale's Prime Services & Clearing division under the bank's governance, risk and control framework. In carrying out the transaction, the company moved forward with a plan announced in May to accept tokenized assets as collateral on Canton, turning a stated intention into an executed transaction. The bank said the securities were tokenized during the soft launch of the Depository Trust & Clearing Corporation's (DTCC) Tokenization Service, and that their acceptance integrated the tokenized assets with its existing operational systems.

How DTCC's Tokenization Service Works

DTCC's Tokenization Service launched on October 28, 2026 — five days before Société Générale's announcement — enabling eligible users to turn securities held at The Depository Trust Company, DTCC's depository subsidiary, into tokenized representations. According to the service's fact sheet, the tokens are backed at a 1:1 ratio by securities held at DTC, which maintains the official ownership records.

Transfers can take place only between DTC-registered wallets, rather than unrestricted crypto wallets. Peer-to-peer transfers on a supported blockchain can operate around the clock, 24/7. Switching between tokens and traditional book-entry securities is limited to 2 a.m. through 6 p.m. ET on business days, with processing targeted at 15 minutes or less. This structure allows tokenized securities to move continuously between registered participants, while conversions to and from traditional records follow business-day processing windows. For collateral use, that split has practical consequences: tokenized collateral can change hands between registered participants at any hour, while any return to traditional book-entry form has to wait for the business-day window.

Bank Acceptance Differs From DTC's Risk Treatment

Société Générale's use of DTCC-tokenized Treasuries as collateral does not alter DTC's internal treatment of those tokens, and the bank's acceptance and the depository's risk calculations remain separate. Under the framework laid out in the U.S. Securities and Exchange Commission's December 2025 no-action letter, DTC assigns tokenized entitlements neither collateral value nor settlement value in its own risk calculations. Société Générale accepted the assets under its bank-level governance and controls, not through a change to that framework. The separation means the collateral recognition rests on the bank's own controls rather than on any adjustment to the depository's valuation of the tokens.

Recurring Collateral Movements and Onchain Financing

Looking ahead, Société Générale intends to support recurring collateral movements and to assess additional eligible tokenized securities. The bank also plans to explore onchain repo financing, subject to approvals and regulatory requirements. Its stated conditions for further financing activity include internal approvals, regulatory requirements and additional development of its operational and control framework — conditions that frame how far the program can extend from a single executed acceptance toward recurring movements and onchain financing.