DTCC Sets July Pilot and October Launch for Tokenized Securities Platform

The Depository Trust & Clearing Corporation (DTCC) announced a concrete timeline for its tokenization service, scheduling limited production trades for July 2026 and a full commercial launch in October 2026. Operating through its subsidiary, the Depository Trust Company (DTC), which custodies over $114 trillion in assets, the platform will support tokenized versions of Russell 1000 stocks, major ETFs, and U.S. Treasuries. Backed by a three-year SEC no-action letter and a working group of over 50 traditional and digital finance firms, the initiative aims to bridge TradFi and DeFi.

DTCC tokenization platform timeline

• ▪The Depository Trust & Clearing Corporation plans to execute a full commercial launch of its tokenization service in October 2026.
• ▪The Depository Trust & Clearing Corporation plans to facilitate initial, limited production trades of tokenized securities in July 2026.
• ▪The Depository Trust & Clearing Corporation's tokenization service is being developed through its subsidiary, The Depository Trust Company.

Eligible asset scope

• ▪The Depository Trust & Clearing Corporation's tokenization service will initially cover Russell 1000 constituents, exchange-traded funds tracking major indices, and U.S. Treasury bills, bonds, and notes.
• ▪The tokenized securities issued through the service are designed to carry the same entitlements, investor protections, and ownership rights as traditional assets held in custody.

SEC no-action letter

• ▪The Securities and Exchange Commission's no-action letter authorizes a defined tokenization service for participants and clients for a period of three years.
• ▪On December 11, 2025, the SEC Division of Trading and Markets issued a no-action letter stating it would not recommend enforcement against the Depository Trust Company operating a three-year pilot to tokenize DTC-custodied assets on supported blockchains.

Industry Working Group participants

• ▪The Industry Working Group includes major traditional institutions such as BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, Citi, Charles Schwab, Citadel Securities, Nasdaq, and State Street.
• ▪More than 50 financial industry firms from traditional finance and digital assets have joined the Depository Trust & Clearing Corporation's Industry Working Group.
• ▪The Industry Working Group includes digital asset and crypto-native firms such as Anchorage Digital, Circle, Fireblocks, Ondo Finance, Payward, and Ripple Prime.

Existing securities infrastructure integration

• ▪The Canton Network, developed by Digital Asset, is part of the technical foundation that the Depository Trust & Clearing Corporation has been working with for its tokenization service.
• ▪The Depository Trust & Clearing Corporation's tokenization service is built on its ComposerX platform suite, which includes the Factory tokenization framework and the LedgerScan reconciliation system.
• ▪The Depository Trust Company currently holds custody of assets valued at more than $114 trillion.
• ▪The Depository Trust & Clearing Corporation's tokenization service will allow eligible assets to move between traditional book-entry and tokenized forms.

Multi-chain interoperability challenges

• ▪The Depository Trust & Clearing Corporation's July 2026 phase will test the operational ability of tokenized assets to interoperate across multiple approved blockchain networks.
• ▪The Depository Trust & Clearing Corporation, Clearstream, Euroclear, and Boston Consulting Group co-published a report identifying fragmented networks as a major obstacle to digital asset adoption.