Key Takeaways
- • DTCC's subsidiary, The Depository Trust Company (DTC), received SEC No-Action Letter authorization in December 2025 to offer tokenization services for DTC-custodied assets, with rollout anticipated in the second half of 2026 (October launch window referenced in headline).
- • The tokenization service will initially cover highly liquid assets including the Russell 1000 (1,000 largest publicly traded U.S. companies), representing approximately 50% of global market capitalization.
- • DTCC has convened a consortium of 50+ leading financial institutions to drive adoption and implementation of the tokenization service at scale across the industry.
- • Digital Asset Holdings has been selected as the technology partner, with the Canton Network providing the blockchain infrastructure for tokenized assets to operate on pre-approved blockchains.
- • Tokenized assets will maintain identical entitlements, investor protections, and ownership rights as traditional forms, with DTC providing equivalent levels of resiliency, safety, and soundness as traditional market infrastructure.
Summary
The Depository Trust & Clearing Corporation (DTCC) has established a dedicated business unit, DTCC Digital Asset Solutions, to commercialize the tokenization of DTC-custodied assets. In December 2025, DTCC's subsidiary, The Depository Trust Company (DTC), secured a No-Action Letter from the U.S. Securities and Exchange Commission authorizing the launch of a new tokenization service under federal securities laws and regulations. The service is designed to operate in a controlled production environment, with DTC anticipating rollout beginning in the second half of 2026.
The authorization grants DTC the ability to tokenize real-world, highly liquid assets—including constituents of the Russell 1000—and make them available on pre-approved blockchains for a three-year period. Tokenized assets will carry all the same entitlements, investor protections, and ownership rights as their traditional counterparts, while DTC maintains its established standards for resiliency, safety, and soundness. This initiative addresses a core gap in digital asset infrastructure by bridging traditional post-trade settlement with blockchain-based settlement, enabling DTC participants and their clients to access digital versions of securities through regulated channels.
DTCC has assembled a coalition of more than 50 leading financial institutions to support adoption and implementation at scale. The corporation has also formalized a strategic technology partnership with Digital Asset Holdings, leveraging Digital Asset's Canton Network to provide the underlying blockchain infrastructure. According to DTCC leadership, this partnership represents a critical step in building digital infrastructure that seamlessly connects traditional and digital financial ecosystems while providing the scalability and security required by institutional market participants.
The initiative directly addresses regulatory and operational barriers that have hindered tokenization adoption in institutional finance. By securing SEC authorization and embedding tokenization into DTC's core settlement infrastructure—which custodies approximately 50% of global market capitalization—DTCC is positioning itself as the central enabler of real-world asset tokenization in U.S. capital markets. The October 2026 launch timeline and participation of major financial firms signal accelerating institutional momentum toward digital securities settlement.
The authorization grants DTC the ability to tokenize real-world, highly liquid assets—including constituents of the Russell 1000—and make them available on pre-approved blockchains for a three-year period. Tokenized assets will carry all the same entitlements, investor protections, and ownership rights as their traditional counterparts, while DTC maintains its established standards for resiliency, safety, and soundness. This initiative addresses a core gap in digital asset infrastructure by bridging traditional post-trade settlement with blockchain-based settlement, enabling DTC participants and their clients to access digital versions of securities through regulated channels.
DTCC has assembled a coalition of more than 50 leading financial institutions to support adoption and implementation at scale. The corporation has also formalized a strategic technology partnership with Digital Asset Holdings, leveraging Digital Asset's Canton Network to provide the underlying blockchain infrastructure. According to DTCC leadership, this partnership represents a critical step in building digital infrastructure that seamlessly connects traditional and digital financial ecosystems while providing the scalability and security required by institutional market participants.
The initiative directly addresses regulatory and operational barriers that have hindered tokenization adoption in institutional finance. By securing SEC authorization and embedding tokenization into DTC's core settlement infrastructure—which custodies approximately 50% of global market capitalization—DTCC is positioning itself as the central enabler of real-world asset tokenization in U.S. capital markets. The October 2026 launch timeline and participation of major financial firms signal accelerating institutional momentum toward digital securities settlement.
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