Tokenizing Real-World Assets | DTCC Digital Assets

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.

Tokenization Service SEC Letter FAQs Eligible Networks Tokenization Hub How to Engage

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.

Tokenization, explained. Watch it in action.

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.

How will assets be converted between traditional and tokenized form?

When a Participant wants to hold their assets in tokenized form, they will issue a “conversion order” instructing DTC to convert the assets to token form and deliver them to their registered digital wallet. When a Participant wants to convert the token back to traditional form in its traditional DTC account, it can simply instruct DTC to make that conversion.

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Delve deeper into tokenization insights

Tokenization Hub

SEC No-Action Letter

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FAQs

Find answers to your questions about getting started, eligibility, our tokenization framework, strategic objectives, design principles, regulatory approach and the broader market impact—all in one place.

DTCC ComposerX^TM suite of products

DTCC’s complete solution for financial institutions to manage digital assets across their full lifecycle—bridging traditional and digital infrastructure.

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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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Eligible Networks

DTC’s tokenization service will support various public and private blockchain networks that meet the standards as described in the SEC’s No-Action Letter. At launch in the second half of 2026, we intend to support several compatible chains.

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.

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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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Advancing Tokenization
at Institutional Scale