The Depository Trust & Clearing Corporation has begun the soft launch of The Depository Trust Company’s tokenization service, moving selected real-world assets into limited production before a broader October rollout.
The July 15 start opens controlled production activity for securities tokenized through DTC infrastructure. The launch schedule calls for initial limited trades during July, followed by the full service in October after operational and technical workflows are tested with market participants.
The service is being developed with more than 50 firms across custody, asset management, brokerage, exchanges, blockchain infrastructure and post-trade technology. Participants include BlackRock, Bank of America, Goldman Sachs, J.P. Morgan, Citi, Morgan Stanley, Nasdaq, NYSE, Robinhood, Ripple Prime, Circle, Ondo Finance, Kraken parent Payward and Digital Asset.
Stocks, ETFs And Treasuries Enter The Framework
DTC’s framework covers real-world assets already held in its custody rather than synthetic price exposure issued outside the regulated securities system. Tokenized positions are designed to retain the same ownership rights, investor protections and entitlements as their traditional form while supporting transfer and settlement through approved blockchain infrastructure.
The eligible asset pool includes Russell 1000 constituents, exchange-traded funds tracking major U.S. indices and U.S. Treasury bills, notes and bonds. DTC held more than $114 trillion in assets at the latest reported year-end, while DTCC subsidiaries processed $4.7 quadrillion in securities transactions during 2025.
The U.S. Securities and Exchange Commission authorized the controlled service through a three-year no-action letter in December 2025. The relief covers DTC participants and their clients on pre-approved blockchains, with wallet registration, participant controls and network approval requirements attached to the production environment.
DTCC Expands Its Multi-Chain Settlement Path
The soft launch follows a completed tokenized Treasury settlement on Canton, where Tradeweb handled execution and price discovery for a U.S. Treasury security exchanged against USDCx. Franklin Templeton transferred the security to Virtu Financial while the two tokenized legs settled together onchain.
DTCC is also preparing public-chain connectivity through Stellar. The planned integration will allow DTC-custodied stocks, ETFs and Treasuries to be represented on Stellar while retaining DTC-backed asset servicing and ownership protections. DTCC and the Stellar Development Foundation expect DTC-tokenized assets to become available on the network in the first half of 2027, with corporate actions and reporting included across the asset lifecycle.
