DTCC Tokenization Service Goes Live: JPMorgan, Citi and 18 Other Firms Sign On to Tokenized U.S. Securities
The DTCC Tokenization Service is now live. On Oct. 28, 2026, the Depository Trust & Clearing Corporation (DTCC) said its subsidiary, the Depository Trust Company (DTC), has launched a service that lets participating banks and brokers turn eligible U.S. stocks, ETFs, and Treasury securities held at DTC into blockchain-based tokens, and back again. Twenty DTC participants, including J.P. Morgan, Bank of America, Citi, Morgan Stanley, Fidelity Investments, and Citadel Securities, have signed agreements to use it.
DTC sits at the center of U.S. securities settlement and reports more than $114 trillion in assets under custody. That makes this launch one of the clearest signs yet that tokenization is moving from pilots into regulated market plumbing. Here is what launched, how it works, and what comes next.
Key Takeaways
- What launched: The DTCC Tokenization Service (DTS), which mints tokenized representations of securities already held in DTC custody.
- What’s eligible: Russell 1000 stocks, index-tracking ETFs, and U.S. Treasury securities, the categories covered by an SEC staff no-action letter issued in December 2025.
- Which blockchains: The Canton Network and DTCC’s private Besu network at launch, with more networks planned for 2027, including the public Stellar network.
- Who’s in: 20 DTC participants have signed on, and 17 technology and market firms, including Ondo, Fireblocks, BitGo, Broadridge, and Tradeweb, are named collaborators.
- Who can use it: Only DTC participants. Issuers and retail investors cannot tokenize securities directly through the service.
What Is the DTCC Tokenization Service?
For newcomers: When you buy a stock through a U.S. broker, the share is usually held electronically at DTC, which keeps the master record of who owns what among banks and brokers. “Tokenization” means creating a digital token on a blockchain that represents ownership of an asset. A tokenized security can move between digital wallets at any hour and be programmed with rules, such as who is allowed to hold it.
The DTCC Tokenization Service links those two worlds. According to DTCC’s announcement:
- Eligible participants can convert their DTC holdings between traditional and tokenized form, and deliver the tokens to digital wallets they choose.
- The tokenized securities keep the same ownership rights, investor protections, and economic entitlements as the traditional securities.
- The underlying securities remain in DTC custody, so the token is a “digital twin,” not a separate synthetic product.
Industry outlets including PANews and CoinCentral, citing a post by Wu Blockchain, reported that the service launched with an initial batch of 34 tokenizable securities. DTCC’s press release does not give a count.
Who Signed On
| Group | Firms (per DTCC) |
|---|---|
| Global and U.S. banks | Bank of America, Barclays, BNP Paribas, Citi, J.P. Morgan, Morgan Stanley, UBS |
| Custody and asset servicing | Brown Brothers Harriman, State Street |
| Wealth and retail brokerage | Edward Jones, Fidelity Investments |
| Trading and market making | Citadel Securities, Marex, Velocity Capital |
| Clearing and brokerage infrastructure | Alpaca, Apex Clearing, Clear Street, DriveWealth, Interchange Clearing, Mirae Asset Securities (USA) |
| Collaborators and partners | BitGo Bank & Trust, Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, Talos, Taurus, Temple Digital Group, Tradeweb, Transcend, Virtu |
DTCC says more firms will be onboarded on a rolling basis. The service was designed with input from more than 150 firms in the DTC Digital Assets Solutions Industry Working Group.
How We Got Here: Timeline
- December 2025: SEC staff issue a no-action letter allowing DTC to tokenize Russell 1000 stocks, index ETFs, and Treasuries under set conditions, for three years.
- May 2026: DTCC announces plans to connect with the Stellar public blockchain.
- July 15, 2026: DTCC and more than 30 firms complete live, limited-production trades using DTC tokenized assets. Ondo Finance debuts tokenized Circle (CRCL) and SPDR S&P 500 ETF (SPY) tokens built on DTC tokenized entitlements.
- September 2026: Ondo becomes the first tokenization firm to join DTCC’s Fund/SERV mutual fund network, according to TheStreet and crypto.news.
- Oct. 28, 2026: The DTCC Tokenization Service goes live.
What DTCC Executives Said
Company statements, not independent verification.
- Frank La Salla, DTCC president and CEO: “Today marks the culmination of years of work to bring tokenized securities into a regulated framework.”
- Brian Steele, president of Clearing & Securities Services: DTCC “built a service designed to support institutional use of tokenized securities at scale.”
- Nadine Chakar, global head of DTCC Digital Assets: “This is only the beginning of DTCC’s ultimate goal to build the Web3 ecosystem of the future.”
Why the DTCC Tokenization Service Matters
Analysis: Most tokenized stock products so far have been issued by crypto firms that hold shares and mint tokens on top of them. DTS is different because the tokens originate inside the existing U.S. settlement system and stay tied to DTC custody. DTCC says this could improve access to liquidity and let firms move collateral within minutes rather than days. The launch also builds on federal steps over the past year, including the SEC’s innovation exemption for tokenized securities and the OCC’s final rule under the GENIUS Act for stablecoins.
Limits and Open Questions
- Narrow scope: Only three asset categories are eligible, and only DTC participants can use the service.
- Temporary relief: The SEC no-action letter runs for three years and applies only to DTC. Law firm Morgan Lewis has noted it does not create a general framework for tokenized securities, according to Genfinity’s summary.
- Early days: DTCC has not published volume figures. Adoption, liquidity, and how tokens move across different blockchains remain to be seen.
What Happens Next
- More DTC participants are expected to join on a rolling basis.
- DTCC plans additional blockchain integrations in 2027. Reporting from crypto.news says Stellar is targeted for the first half of 2027.
- The CFTC has scheduled a Dec. 15 roundtable on 24/7 trading in derivatives markets, including tokenized assets, according to KuCoin’s daily market report.
Related Coverage on Vanderbiltreport.com
- Tokenized Securities Get a Green Light: Inside the SEC’s Five-Year Innovation Exemption
- OCC GENIUS Act Final Rule: Federal Stablecoin Standards Set Ahead of January 2027
- Swift Blockchain Ledger Goes Live: 17 Global Banks Prepare to Pilot Tokenized Cross-Border Payments
- Asset Tokenization: Securitize’s NYSE Debut Is a Wall Street First
Sources
- DTCC: DTCC Tokenization Service Goes Live (Oct. 28, 2026)
- Business Wire: DTCC Tokenization Service Goes Live
- DTCC: DTCC Turns Tokenization into Reality (July 15, 2026)
- Ondo Finance: First tokenized stocks based on DTC tokenized entitlements
- crypto.news: DTCC launches tokenization service with 20 major firms
- TheStreet: Ondo joins DTCC’s push to bring tokenized stocks into the mainstream
- PANews: DTCC Tokenization Service goes live, initially supporting 34 securities
- Genfinity: DTCC Tokenization Service goes live
- KuCoin: Crypto Daily Market Report, Oct. 29, 2026
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