News, data and analysis on tokenized assets, market design and digital economic systems.
The US securities depository and clearing group, whose subsidiaries processed securities valued at $3.7 quadrillion in 2024 and which won an SEC no-action letter on 11 December 2025 for a three-year tokenization service covering Russell 1000 stocks, ETFs and Treasuries.
Formed in 1999 as the holding company for the Depository Trust Company, the US securities depository created in 1973, and the National Securities Clearing Corporation of 1976, with the Fixed Income Clearing Corporation added in 2003; its subsidiaries processed securities valued at $3.7 quadrillion in 2024, and DTC provided custody and asset servicing for securities from more than 150 countries valued at $99tn. On 11 December 2025 the Securities and Exchange Commission's Division of Trading and Markets granted DTC a no-action letter permitting a tokenization service on pre-approved blockchains for three years, covering Russell 1000 stocks, index-tracking ETFs and Treasury bills, notes and bonds, with tokenized versions carrying the same entitlements as the conventional asset and rollout expected in the second half of 2026. It is separately building the Collateral AppChain for continuous movement of tokenized collateral between owners, triparty agents and venues, using Chainlink's runtime environment for valuation data, compliance and cross-chain messaging, and targeted for the fourth quarter of 2026.
Developments in which The Depository Trust & Clearing Corporation is a named party, newest first.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities. JPMorgan, BlackRock and Goldman Sachs are among more than 50 participating firms, with full…
DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.
The SEC approved a Nasdaq proposed rule change, as modified by Amendment No. 2, permitting securities to trade on the exchange in tokenized form through DTC's tokenization pilot, in Release 34-105047. Eligible participants may set a tokenization flag on orders in Russell 1000 constituents and large index ETFs; tokenized and conventional shares trade on the same order book with the same priority provided they remain fungible and share the same CUSIP and symbol.
Staff in the SEC's Division of Trading and Markets told The Depository Trust Company that they would not recommend enforcement action over the preliminary base version of DTCC Tokenization Services, under which participants may elect to have their security entitlements to DTC-held securities recorded on a distributed ledger rather than only on DTC's centralised ledger. The relief covers Regulation SCI, the section 19(b) rule filing requirement and parts of Rules 17ad-22(e) and 17ad-25, expires three years after launch and is conditioned on 16 representations.
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