The Depository Trust & Clearing Corporation put its Tokenization Service into production on October 28, letting participants of its Depository Trust Company (DTC) subsidiary convert eligible custodied securities into tokens and back again while keeping the ownership rights and investor protections of the traditional holding.
Twenty DTC participants have signed agreements to access the service, DTCC said in its release, with more to be onboarded on a rolling basis. They include Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Fidelity Investments, J.P. Morgan, Morgan Stanley, State Street and UBS, alongside brokerage and clearing firms such as Alpaca, Apex Clearing, Clear Street, DriveWealth, Edward Jones, Marex and Mirae Asset Securities (USA). Tokens can be delivered to digital wallets of the participant's choice.
The service is integrated with the Canton Network and DTCC's own private Besu network, and DTCC plans to add further networks in 2027. According to Unchained, which cited DTCC's tokenization page, 34 securities are eligible at launch. DTCC's release does not give an eligible-securities count. It points to a December 2025 SEC no-action letter covering Russell 1000 constituents, exchange-traded funds that track major indices and U.S. Treasury securities.
DTCC named 17 technology and market collaborators, among them BitGo Bank & Trust, Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, Kaleido, Matter Labs, Ondo, Talos, Taurus, Tradeweb and Virtu. The service was developed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group.
The launch follows the limited-production trades DTCC and more than 30 firms completed in July. The company has not disclosed how many participants have transacted since go-live, nor any tokenized volumes or values, so the signed-participant count measures access agreements rather than usage. DTC's more than $114 trillion in assets under custody is the size of its overall franchise, not the amount of securities that have been tokenized.
"This is the culmination of years of work," said Frank La Salla, DTCC's president and CEO, describing the launch as the foundation for responsible institutional adoption at scale. Nadine Chakar, DTCC's global head of digital assets, called it "only the beginning" of an effort to bridge market infrastructure and digital ledger technology.
Broadridge, one of the collaborators, announced in September a tokenization platform that connects to the DTCC service through Canton.