The Depository Trust & Clearing Corporation is opening commercial access to its Tokenization Service at the end of October 2026, enabling eligible institutional participants to tokenize up to $30 trillion in securities held at the Depository Trust Company. Launching initially with 25 liquid assets—including U.S. Treasuries, ETFs, and Russell 1000 stocks—the service operates on the Canton Network and a private Hyperledger Besu environment. Public networks like Stellar and Circle's Arc are planned for integration in 2027.
Rollout scope and regulatory relief
- ▪In December 2025, the U.S. Securities and Exchange Commission granted the Depository Trust Company three years of no-action relief to offer tokenization services for selected Treasuries, ETFs, and Russell 1000 stocks.
- ▪The Depository Trust & Clearing Corporation plans to launch commercial access to its Tokenization Service at the end of October 2026, making approximately $30 trillion in securities held at its Depository Trust Company subsidiary eligible for tokenization.
- ▪The Depository Trust & Clearing Corporation's Tokenization Service will launch with an initial selection of 25 liquid instruments, including U.S. Treasuries, major ETFs, and Russell 1000 stocks.
Selection of private blockchain networks
- ▪The Depository Trust & Clearing Corporation chose isolated private network architectures for Hyperledger Besu and Canton Network because institutional capital is not ready to take risks on open ledgers.
- ▪The Depository Trust & Clearing Corporation selected the Canton Network, operating under the CIP-56 standard, as one of two closed platforms for its initial tokenization rollout.
- ▪In December 2025, the Depository Trust & Clearing Corporation partnered with Digital Asset and the Canton Network to tokenize selected U.S. Treasury securities held at the Depository Trust Company.
- ▪The Depository Trust & Clearing Corporation selected a private environment based on Hyperledger Besu, operating under the ERC-20 standard, to run alongside the Canton Network for its initial tokenization rollout.
Legal protections and asset backing
- ▪The Depository Trust Company remains the official owner of the registry and maintains legal custody, ensuring investors retain all legal rights and protections associated with underlying securities.
- ▪Tokens issued through the Depository Trust & Clearing Corporation Tokenization Service are backed 1:1 by underlying securities held at the Depository Trust Company and retain their existing CUSIP identifiers.
Transfer and conversion rules
- ▪Registered participants can transfer tokenized securities between eligible wallets 24 hours a day, though initial transfers will be limited to wallets on the same blockchain.
- ▪Converting traditional securities into tokens via user interface or API can be submitted between 2:00 a.m. and 6:00 p.m. Eastern Time on business days, with a target processing time of 15 minutes or less.
Future public blockchain expansion
- ▪Stellar will join the Depository Trust & Clearing Corporation platform using its SEP-41 token standard to facilitate asset transfers.
- ▪The Depository Trust & Clearing Corporation plans to integrate public blockchain networks Stellar and Circle's Arc into its Tokenization Service in 2027.
Pre-launch trials and partnerships
- ▪In May 2026, the Depository Trust & Clearing Corporation announced plans to work with more than 50 financial firms, including BlackRock, JPMorgan, and Goldman Sachs.
- ▪On July 15, 2026, over 30 financial institutions conducted production trades using tokenized securities across Canton and Besu, testing collateral transfers, securities lending, Treasury repos, and equity transactions.
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