# DTCC Tokenization Service [DTCC](https://www.dtcc.com/tokenization) [Launching October 2026](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) - Launch: [October 2026](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) - Networks at launch: [Canton Network](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf), [Besu](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - Securities at launch: [25](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - Assets available to tokenize: [~$30T](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) The DTCC Tokenization Service issues tokenized versions of securities held at DTC, with the same CUSIP and the same rights as the book-entry security. DTCC plans to launch it in October 2026 on Canton Network and Besu, DTCC's private network, with 25 securities available to tokenize across Russell 1000 equities, ETFs and U.S. Treasuries. ## Key facts - **Operator:** [The Depository Trust Company (DTC), a DTCC subsidiary](https://www.dtcc.com/press-releases/2025/paving-the-way-to-tokenized-dtc-custodied-assets) - **Backing:** [1:1, backed by securities held at DTC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - **Identifier:** [Same CUSIP as the book-entry security](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - **Transfers:** [24/7 peer-to-peer transfers between DTC-registered wallets](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - **Conversion orders:** [2 a.m.–6 p.m. ET on business days, targeting 15 minutes or less](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - **Books and records:** [Official books and records remain with DTC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) ## Blockchain networks | Network | Token standard | Timing | |---|---|---| | [Canton Network](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | CIP-56 | Live at launch | | [Besu](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) DTCC's private network | ERC-20 | Live at launch | | [Stellar](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | SEP-41 | Anticipated in 2027 | | [Arc (Circle)](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | ERC-20 | Anticipated in 2027 | ## Eligible asset classes | Asset class | Scope | |---|---| | [Russell 1000 equities](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | Starting with select large-cap names, expanding across the index | | [ETFs](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | Starting with select ETFs and expanding to additional ETFs over time | | [U.S. Treasuries](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) | Bills, notes and bonds, starting with a select set and expanding over time | ## Scope ### At launch - [Conversion orders via the Tokenization UI and API](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [Wallet registration via the UI for select third-party wallets](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [Compliance-enabled tokens with transfer restrictions](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [On-chain U.S. Treasury servicing for distributions and maturities, with payments made in fiat to Participants' traditional accounts](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) ### Roadmap: 2027 and beyond - [More networks, including Stellar and Arc](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [More eligible securities across the Russell 1000, ETFs and Treasuries](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [Expanded asset servicing for equity and ETF corporate actions](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [Settlement and collateral, including on-chain netting and digital cash](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) ## Timeline - December 11, 2025[DTC receives a No-Action Letter from the SEC to offer the tokenization service](https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf) - May 4, 2026[DTCC sets the timeline: limited production trades in July 2026, launch in October 2026](https://www.dtcc.com/press-releases/2026/dtcc-advances-development-of-new-tokenization-service) - July 15, 2026[First production trades with DTC-tokenized securities, on Besu and Canton](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) - October 2026[Launch](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) ## Leadership - [Frank La Salla](https://galactic.inc/analytics/people/frank-la-salla/) · President, Chief Executive Officer & Director - [Brian Steele](https://galactic.inc/analytics/people/brian-steele/) · Managing Director, President, Clearing & Securities Services - [Nadine Chakar](https://galactic.inc/analytics/people/nadine-chakar/) · Managing Director, Global Head of DTCC Digital Assets ## Participating firms ### [Firms in the July 15, 2026 production trades](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) - Alpaca - BetaNXT - BitGo Bank & Trust, N.A. - BlackRock - Blockdaemon - BNP Paribas Securities Corporation - Broadridge - Chainlink - Circle - Citadel Securities - CME Group - Digital Asset Holdings - DriveWealth - DRW - Fireblocks - Flow Traders - FTSE Russell - Goldman Sachs - HIFI - Invesco - J.P. Morgan - Kaleido - Linux Foundation Decentralized Trust - Marex - Microsoft - Nasdaq - New York Stock Exchange - Ondo Finance - Prometheum Capital - S&P Dow Jones Indices - Societe Generale - State Street Investment Management - Talos - Temple Digital Group - Tradeweb - Vanguard - Velocity Capital LLC - Virtu Financial, Inc. ### [DTCC Industry Working Group firms (May 4, 2026)](https://www.dtcc.com/press-releases/2026/dtcc-advances-development-of-new-tokenization-service) - Alpaca - Anchorage Digital - Apex Clearing Corporation - Backpack - Bank of America - BetaNXT - BitGo Bank & Trust, N.A. - Bitwave - BlackRock - BNP Paribas - Broadridge - Charles Schwab - Circle - Citadel Securities - Citi - Digital Asset - DriveWealth - DRW - EDX Markets LLC - Fireblocks - FIS - Fi-Tek - Franklin Templeton - Goldman Sachs - Hilltop Securities Inc. - HSBC - Interchange Clearing - Invesco - Jefferies - J.P. Morgan - Lloyds Bank - Marex - Mirae Asset Securities (USA) Inc. - Morgan Stanley - Nasdaq - NYSE Group, Inc. - Ondo Finance - Payward - Principal Bank - Raymond James - RBC - Ripple Prime - Robinhood Markets, Inc. - RQD*Clearing LLC - SEI - State Street - StoneX - Talos - TD Securities USA LLC - Tel-Aviv Stock Exchange - TradeStation Securities, Inc. - Tradeweb - UBS - Velocity Clearing, LLC - Virtu Financial - Vision Financial Markets - Wells Fargo ## Frequently asked questions **What is the DTCC Tokenization Service?** The DTCC Tokenization Service is offered by The Depository Trust Company (DTC), a DTCC subsidiary. It issues tokenized representations, or digital twins, of securities held at DTC and delivers them to DTC Participant wallets; securities can be converted between traditional and tokenized form. **When does the DTCC Tokenization Service launch?** DTCC says the service will launch in October 2026. The first production trades with DTC-tokenized securities took place on July 15, 2026. **Which blockchains does DTCC use for tokenized securities?** Two networks are live at launch: Canton Network, a public network with the CIP-56 token standard, and Besu, DTCC's private network with ERC-20 tokens. Stellar (SEP-41) and Circle's Arc (ERC-20) are anticipated in 2027. **How does the DTCC Tokenization Service use Canton Network?** Canton Network is one of the two networks live at launch and the public one; DTC tokens there use the CIP-56 standard. The July 15, 2026 production trades ran on Canton and Besu, and Digital Asset Holdings, the creators of Canton Network, took part. **Which securities can be tokenized, and how many at launch?** Russell 1000 equities, ETFs and U.S. Treasury bills, notes and bonds are eligible, each starting with a select set. DTCC says 25 securities will be available to tokenize at launch, out of about $30 trillion of assets available to be tokenized. **Are DTCC tokenized securities backed?** Yes. Tokens are backed 1:1 by securities held at DTC and keep the same CUSIP, with the same rights and investor protections as book-entry securities. Official books and records remain with DTC. **Which firms are taking part?** More than 30 firms took part in the July 15, 2026 production trades, including BlackRock, Goldman Sachs, J.P. Morgan, Citadel Securities, Nasdaq, Circle and Chainlink. The DTCC Industry Working Group has grown to more than 100 members and partners. **Who leads the DTCC Tokenization Service?** DTCC's announcements quote Frank La Salla, President and CEO of DTCC; Brian Steele, President of Clearing & Securities Services; and Nadine Chakar, Global Head of DTCC Digital Assets. **What comes after launch?** DTCC's roadmap for 2027 and beyond adds more networks, including Stellar and Arc, more eligible securities across the Russell 1000, ETFs and Treasuries, expanded corporate-action servicing for equities and ETFs, and settlement and collateral features such as on-chain netting and digital cash. ## Sources - [DTCC Tokenization Service: Scope at Launch and What's Next (DTCC, PDF)](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf) - [DTCC Turns Tokenization into Reality (DTCC press release, July 15, 2026)](https://www.dtcc.com/press-releases/2026/dtcc-turns-tokenization-into-reality) - [DTCC Advances Development of New Tokenization Service (DTCC press release, May 4, 2026)](https://www.dtcc.com/press-releases/2026/dtcc-advances-development-of-new-tokenization-service) - [DTCC Authorized to Offer New Tokenization Service (DTCC press release, December 11, 2025)](https://www.dtcc.com/press-releases/2025/paving-the-way-to-tokenized-dtc-custodied-assets) - [SEC No-Action Letter to DTC (December 11, 2025, PDF)](https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf) - [DTCC Tokenization Service (dtcc.com)](https://www.dtcc.com/products-and-services/digital-assets/tokenization)