DTCC takes tokenized U.S. securities live on two blockchains

The Depository Trust Company launched its tokenization service on Oct. 28, putting eligible U.S. securities onto the Canton Network and DTCC’s private Besu blockchain while keeping the underlying assets in DTC custody. The launch moves beyond the limited production trades DTCC completed with more than 30 firms in July: eligible securities can now be represented as tokens and converted between traditional and tokenized forms. According to DTCC’s launch announcement, 20 DTC participants have signed agreements to access the service.

The distinction from many crypto-linked stock products is the connection to securities held by the U.S. depository. The tokens represent entitlements to DTC-custodied assets, and DTCC says they retain the ownership rights, investor protections and economic entitlements of their traditional counterparts. That brings blockchain transfers closer to existing market infrastructure, but it does not make the service an open network for anyone to issue or trade tokenized securities.

Which securities can participants tokenize at launch?

Eligible assets include selected Russell 1000 stocks, exchange-traded funds tracking major indexes, and U.S. Treasury bills, notes and bonds. CoinDesk reported that 34 securities are eligible at launch, with a combined market value of about $30 trillion, citing a DTCC spokesperson and the service’s product information. DTCC itself says DTC holds more than $114 trillion in assets overall; the eligible launch pool is a subset, not the full amount under custody.

Access is also bounded by the existing participant structure. The 20 firms that signed up include Bank of America, Citi, Fidelity Investments, J.P. Morgan, Morgan Stanley, State Street and UBS, with additional users to be onboarded over time. In contrast to synthetic tokens that track a share price without conveying ownership of the underlying security, the DTCC model ties the digital representation to assets already held at DTC. CoinDesk’s report on the launch says tokens can move between registered wallets around the clock, while conversion into tokens is available during business hours and DTCC is targeting processing within 15 minutes.

Why use Canton and private Besu together?

The two-network launch gives firms a choice within a controlled, multi-network service. DTCC says the design is intended to let participants convert and deploy assets across traditional and tokenized markets, while both available networks are private or permissioned environments. Compared with launching on a public blockchain, this keeps access within approved networks and registered wallets. The trade-off is that participation depends on DTC eligibility and network integration, rather than permissionless access.

The service follows a December 2025 SEC no-action letter allowing DTC to tokenize a defined set of securities, and the July production trades tested use cases before the public launch. The next comparison point is whether that controlled approach can support broader use. DTCC says it plans to add blockchain networks in 2027; CoinDesk reports that Stellar and Circle’s Arc are on the roadmap. Broader corporate-action support and digital-cash settlement tools are also planned, according to CoinDesk. Watch which securities and firms are added, whether token transfers translate into routine settlement and collateral use, and how quickly DTCC connects further networks.

Sources and documents

• DTCC’s launch announcement — dtcc.com
• CoinDesk’s report on the launch — coindesk.com