DTCC Tokenization Service Runs on Two Blockchains, With More Planned for 2027

The Depository Trust & Clearing Corporation (DTCC) operates its tokenization service on Canton Network and DTCC’s private Besu network. Twenty participants have signed up, and DTCC plans to support additional blockchain networks in 2027, extending tokenized securities through a core U.S. market utility.

The service represents securities held by The Depository Trust Company (DTC), DTCC’s depository subsidiary, as tokenized “digital twins.” It allows conversion between the securities and tokens, which retain the underlying securities’ ownership rights, investor protections and economic benefits.

Morgan Stanley, which previously announced plans to adopt the service, said it has used it to tokenize U.S. equities and Treasuries. DTCC developed the service with input from more than 150 firms.

In December 2025, SEC Division of Trading and Markets staff issued DTC a no-action letter for its proposed preliminary tokenization program under stated conditions. The program covered Russell 1000 constituents, major index exchange-traded funds and U.S. Treasuries.