Tokenizing Real-World Assets | DTCC Digital Assets
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Advancing Tokenization
at Institutional Scale

DTCC is leading the evolution of institutional finance by securely tokenizing real-world assets (RWAs). Our solutions combine the resilience of traditional markets with the innovation of blockchain technology—enhancing capital efficiency, reducing operational costs, and unlocking new financial services.

Evolving Capital Markets
with Secure Tokenization

The Depository Trust Company (DTC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), has been authorized to offer a new and innovative tokenization service for select DTC-custodied assets after receiving a No-Action Letter from the SEC on December 11, 2025.

This important federal regulatory milestone paves the way for DTC Participants and their clients to begin to tokenize select stocks, ETFs and fixed-income securities within a secure and regulated environment – a critical first step to bringing the U.S. capital markets on-chain, with 24/7 access and connectivity to the expanding blockchain ecosystem.

We are excited to collaborate with the industry and leverage our 50+ years of expertise transforming global markets to establish a resilient, trusted and interoperable digital asset ecosystem, developed in partnership with key stakeholders and the industry.

DTC’s new tokenization service is anticipated to be production-ready in the second half of 2026.

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Hear Frank La Salla, President & CEO, DTCC, discuss our plans to offer a new voluntary tokenization service.

Hear Dan Doney, CTO, DTCC Digital Assets, share his perspective on tokenization and the initiatives ahead.

A Unique Moment in Time

After years of industry experimentation and progress with distributed ledger technology (DLT), DTCC is driving digital asset acceptance and adoption in partnership with the industry.

Our new tokenization service will serve as the bridge between TradFi and DeFi and, importantly, offer the same investor protections and ownership rights as traditional book-entry securities currently held in custody by DTC.

Upon launch next year, DTC Participants and their clients will be able to convert select supported assets between traditional book-entry and digital tokenized forms, which will create secure and compliant access to an emerging web3 ecosystem.

The service will initially support highly liquid assets, including the Russell 1000, ETFs tracking major indices, and U.S. Treasury bills, bonds and notes. DTCCs open tokenization model will facilitate the use of multiple token standards, embedded compliance and multi-blockchain interoperability.

A Turning Point in Market Infrastructure

Tokenization extends trusted market infrastructure into the digital asset ecosystem by representing real-world assets on blockchain within a controlled and regulated environment. Built on existing market infrastructure, the DTC Tokenization Service is designed to support established ownership rights and investor protections while enabling standards-based, interoperable access to blockchain networks.

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Video: A Turning Point in Market Infrastructure - Watch Now

Tokenization, explained. Watch it in action.

DTCC Tokenization Service Benefits

Common Liquidity Pool Across TradFi and DeFi Identical Legal and Ownership Rights Embedded Compliance and Controls Programmable Assets

When assets are tokenized by DTC, firms will have access to both blockchain-based and traditional liquidity pools. Since both the traditional form and tokenized version share the same CUSIP, assets can freely move between traditional and blockchain ecosystems to provide immediate access to liquidity pools across the global ecosystem. In addition, tokenized assets will seamlessly flow between registered Participants’ wallets within preapproved blockchain ecosystems, 24/7.

Enabling the next era of financial markets through tokenization

The DTCC Tokenization Journey

DTCC brings more than 50 years of trust, resilience and scale to global financial markets. We are extending that foundation by advancing scalable, interoperable and risk-managed Web3 capabilities through distributed ledger technology. Explore our digital assets journey and the milestones shaping our tokenization initiatives.

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Discover the DTCC Tokenization Journey - DTCC.com

What Can Tokenization Do?

Tokenization is reshaping how value moves across markets, with the potential to reduce friction, accelerate settlement, and enhance liquidity and asset mobility.

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Why Tokenization? Learn More on DTCC.com

Tokenization Hub

SEC No-Action Letter

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SEC NO Action Letter & DTC Tokenization Service FAQ
Discover DTCC ComposerX(TM)

Digital Infrastructure for Tokenized Markets

DTCC’s digital infrastructure, including the ComposerX™ suite and Collateral AppChain, enables the secure management and movement of assets and collateral across evolving market environments, connecting traditional and digital ecosystems at scale.

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Transforming Finance Through Secure Tokenization

Event Replay: Transforming Finance Through Secure Tokenization

Hear from our DTCC experts as they explore the SEC's recent No-Action Letter and its implications for market transformation and global liquidity.

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Delve Deeper Into Tokenization Insights

Current Networks

DTCC’s AppChain

An enterprise-grade, Ethereum-compatible blockchain designed for secure, permissioned, and regulated business applications, based on opensource Hyperledger Besu technology.

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Canton

Canton Network is a public blockchain used at scale in regulated markets, combining institutional-grade privacy with native interoperability for digital assets.

Read Press Release Learn More

Stellar

The Stellar network is purpose-built for regulated financial services with compliance-forward asset and privacy controls, 10+ years of reliable service, and a consensus protocol run by publicly identified validators.

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Bridging TradFi and DeFi, Together.

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