DTCC launches tokenisation service with 20 participant agreements

The Depository Trust Company launched its Tokenization Service on 28 October. Twenty DTC participants have signed access agreements, including clearing firms, banks and brokers; additional participants will be onboarded on a rolling basis.[1]

The asset remains a DTC-custodied security

The service creates digital representations, often described as digital twins, of eligible DTC-held securities. DTCC says the tokenised entitlement preserves the ownership rights, investor protections and economic entitlements of the traditional form and can be converted back. The design therefore links a token to an established custody record rather than replacing that security with a newly issued speculative instrument.[1]

DTCC identifies Russell 1000 constituents, ETFs tracking major indices and US Treasury securities as the asset categories covered by the SEC staff no-action letter received in December 2025. That defined scope is narrower than the full range of assets held in DTC custody.[1]

The service is initially integrated with the Canton Network and DTCC’s private Besu network. Additional networks are planned for 2027. DTCC says the design lets eligible users move between conventional and tokenised securities entitlements and deliver the tokenised form to their chosen supported digital wallets.[1]

More than 150 firms contributed through an industry working group. DTC’s separate figure of over $114 trillion in assets under custody describes its established custody business, not assets already converted into tokens. The launch release gives no token issuance or trading-volume total.[1]

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