DTCC launches its Tokenization Service for DTC-held securities on Canton and Besu
The Depository Trust Company says tokenized securities keep the same CUSIP and legal rights as book-entry shares, with 20 DTC participants signed up at launch.
TL;DR
- DTC, a subsidiary of DTCC, launched the DTCC Tokenization Service (DTS) on Oct. 28, 2026, minting tokenized versions of securities it holds.
- Each token is backed 1:1 by securities held at DTC and carries the same legal rights, economic interests and protections, with the same CUSIP.
- 20 DTC participants have signed agreements to use DTS, including Citi, J.P. Morgan, Morgan Stanley, Fidelity, Bank of America and Barclays.
- DTS runs on the Canton Network and DTCC's private Besu network at launch; DTCC says more blockchain networks will be added in 2027.
Wall Street's main post-trade utility is now live on-chain. The Depository Trust Company (DTC) launched the DTCC Tokenization Service (DTS) on Oct. 28, 2026, DTCC said in its announcement. DTS mints tokenized representations of real-world assets held at DTC, which eligible users can convert between traditional and tokenized form and send to digital wallets of their choice.
How the tokens work
- 1:1 backing: every token is backed by securities held at DTC, per DTCC.
- Same rights: DTC-issued tokens carry the same legal rights, economic interests and protections as the underlying securities.
- One CUSIP: tokenized and book-entry positions share a single identifier.
- 24/7 transfers: peer-to-peer transfers between DTC-registered wallets run around the clock.
- Compliance built in: tokens carry transfer restrictions, and official books and records remain with DTC.
According to DTCC's launch scope document, conversion orders are available via the Tokenization UI and API from 2 a.m. to 6 p.m. ET on business days, targeting 15 minutes or less. Eligible asset classes are Russell 1000 equities, ETFs and U.S. Treasuries, starting with a select set.
Who is in
20 DTC participants have signed agreements to access DTS, DTCC said. The list includes Alpaca, Apex Clearing, Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities (USA), Morgan Stanley, State Street, UBS and Velocity Capital. More users will be onboarded on a rolling basis. Collaborators and partners include BitGo Bank & Trust, Blockdaemon, Broadridge, Fireblocks, Ondo, Talos and Tradeweb, among others.
The service was developed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group. It is currently integrated with the Canton Network and DTCC's private Besu network.
How it got here
DTC received an SEC No-Action Letter in December 2025 authorizing it to tokenize Russell 1000 constituents, ETFs tracking major indices and U.S. Treasury securities. About seven months later, DTCC and more than 30 firms completed initial limited-production trades and multiple on-chain transactions.
“This is only the beginning of DTCC’s ultimate goal to build the Web3 ecosystem of the future that bridges established, trusted market infrastructure and digital ledger technology.” — Nadine Chakar, DTCC Global Head of Digital Assets
What it means for Web3 teams – Analysis
Tokenized securities that keep the same CUSIP and rights are designed to sit inside existing market plumbing instead of beside it. For infrastructure projects, the launch networks (Canton and Besu) show where institutional demand is being routed first. Scope, priorities and timing remain subject to the SEC No-Action Letter, according to DTCC. This is not investment advice.
FAQ
What is the DTCC Tokenization Service?
A service from DTC, a DTCC subsidiary, that mints tokenized representations of securities held at DTC. It launched on Oct. 28, 2026.
Do tokenized securities have the same rights?
Yes, according to DTCC: tokens carry the same legal rights, economic interests and protections as the underlying securities and share the same CUSIP.
Which blockchains does it use?
The Canton Network and DTCC's private Besu network at launch. DTCC says additional networks will be added in 2027.
Who can use it?
20 DTC participants had signed agreements at launch, including Citi, J.P. Morgan, Morgan Stanley and Fidelity. More will be onboarded on a rolling basis.
Sources
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