DTCC Launches Securities Tokenization Service With 20 Firms Signed Up

The Depository Trust Company (DTC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), launched its tokenization service Wednesday. It lets eligible users convert DTC-held securities into tokenized entitlements and deliver them to digital wallets, extending blockchain access to securities in U.S. market infrastructure.

The service connects to Canton Network and DTCC’s private Besu network. Thirty-four securities were available for tokenization at launch, and 20 DTC participants had signed access agreements. The firms include J.P. Morgan, Citi and Morgan Stanley.

Tokenized entitlements can be converted back to traditional form. They retain the rights, investor protections and economic entitlements of their traditional counterparts. DTCC did not disclose a total value converted or a transaction count at launch.

The launch follows July 15 production trades involving more than 30 firms and DTC-tokenized assets on Canton and Besu. The trades covered collateral pledges, securities lending, Treasury repo and equity transactions. DTCC plans to add more blockchain networks in 2027.

The Securities and Exchange Commission staff issued a no-action letter on Dec. 11, 2025, for DTC’s preliminary, voluntary tokenization program under the specific circumstances described in the letter.