DTCC Service Covers Selected Securities, Not DTC's $114 Trillion Pool

DTCC’s subsidiary DTC began operating its Tokenization Service on Oct. 28, allowing eligible participants to shift selected securities entitlements into token form and later restore them to book-entry form. The service covers selected securities; DTC’s more than $114 trillion in assets under custody is its overall custody figure, not the amount eligible for tokenization.

At launch, eligible securities included Russell 1000 constituents, U.S. Treasury bills, bonds and notes, and exchange-traded funds tracking major indexes such as the S&P 500 and Nasdaq-100. The service also covers securities added to the Russell 1000 after launch.

A token records a participant’s entitlement to a security that remains in DTC custody. DTC continues to serve as the securities intermediary and keep the final record of those entitlements. Participants can send tokenized entitlements to another participant’s registered wallet or direct DTC to return an entitlement to book-entry form.

20 DTC participants signed agreements to access the service. They include Barclays, Bank of America, Citi, Fidelity Investments, J.P. Morgan, Morgan Stanley, State Street and UBS. More than 150 firms contributed to the service’s development through a working group; that figure is separate from the 20 signed participants.

At launch, DTCC integrated the service with Canton Network and its private Besu network. The Securities and Exchange Commission’s Division of Trading and Markets issued a no-action letter for DTC’s voluntary program on Dec. 11, 2025, under specified rules and circumstances. The authorization period is three years.

Before the service launch, more than 30 firms took part in production trades using DTC-tokenized assets on July 15 across several workflows and networks. DTCC plans to add networks to the service in 2027.