The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced progress and timelines on the delivery of The Depository Trust Company’s (DTC’s) tokenization service, which is being designed with feedback and collaboration from more than 50 financial industry firms.
The firms, part of the DTCC Industry Working Group, represent a broad cross section of the TradFi and DeFi ecosystems, including custodians, asset managers, brokers, trading venues, application and back-office service providers, and more. Firms participating in the DTCC Industry Working Group include Alpaca, Anchorage Digital, Apex Clearing Corporation, Backpack, Bank of America, BetaNXT, BitGo Bank & Trust, N.A., Bitwave, BlackRock, BNP Paribas, Broadridge, Charles Schwab, Circle, Citadel Securities, Citi, Digital Asset (creators of Canton Network), DriveWealth, DRW, EDX Markets LLC, Fireblocks, FIS, Fi-Tek, Franklin Templeton, Goldman Sachs, Hilltop Securities Inc., HSBC, Interchange Clearing, Invesco, Jefferies, J.P. Morgan, Lloyds Bank, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley, Nasdaq, NYSE Group, Inc., Ondo Finance, Payward (parent company of global crypto platform Kraken), Principal Bank, Raymond James, RBC Capital Markets, Ripple Prime, Robinhood Markets, Inc., RQD*Clearing LLC (RQD*), SEI, State Street, StoneX, Talos, TD Securities USA LLC, Tel-Aviv Stock Exchange (TASE), TradeStation Securities, Inc., Tradeweb, UBS, Velocity Clearing, LLC, Virtu Financial, Vision Financial Markets, and Wells Fargo.
“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,” said Frank La Salla, DTCC President and CEO. “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.”
DTC Tokenization Service Timeline
DTCC plans to facilitate the initial, limited production trades of real-world assets tokenized using DTC’s tokenization service in July 2026 and then plans to launch the service in October 2026. DTCC will continue collaborating with the DTCC Industry Working Group to align best practices, advance industry readiness and prove operational and technical workflows, including the use of DTC tokenized assets in a production environment and their ability to interoperate across many chains.
DTC’s tokenization service will enable the tokenization of real-world, DTC-custodied assets that provide the same entitlements, investor protections and ownership rights as the assets held in traditional form, supported by DTC’s resilience and accountability. Today, DTC custodies assets valued at over $114 trillion.
“DTC’s tokenization service is designed to provide systemic scale where deep liquidity already lives,” said Brian Steele, DTCC Managing Director, President, Clearing & Securities Services. “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.”
In December 2025, DTC received a No-Action Letter from the Securities and Exchange Commission (SEC) authorizing DTC to offer a defined tokenization service for DTC Participants and their clients for three years. The authorization applies to a defined set of highly liquid assets, including the constituents of the Russell 1000, which represents the 1,000 largest publicly traded U.S. companies by market cap, as well as ETFs tracking major indices and U.S. Treasury bills, bonds and notes.
“Tokenization is an important and critical step toward building tomorrow’s digital infrastructure,” said Nadine Chakar, DTCC Managing Director, Global Head of Digital Assets. “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.”
