The Depository Trust Company (DTC), part of the Depository Trust & Clearing Corporation (DTCC), launched its Tokenization Service on October 28, bringing tokenized representations of eligible securities into an established U.S. market infrastructure. Twenty DTC participant firms have signed agreements to access the service, including JPMorgan, Citi, Bank of America, Morgan Stanley, UBS and Barclays.
According to DTCC’s official launch announcement, the service, known as DTS, enables participants to mint tokenized securities entitlements backed by assets held in DTC custody. The assets can be converted between traditional and tokenized forms and delivered to eligible users’ digital wallets.
How DTCC’s tokenization service works
The service is designed around what DTCC calls digital twins: blockchain-based representations retaining the ownership rights, investor protections and economic entitlements of their conventional counterparts. The aim is to make collateral more mobile and improve settlement efficiency without requiring firms to abandon established securities infrastructure.
DTCC says DTC currently holds more than $114 trillion in assets under custody. That figure describes DTC’s overall custody business, not the value of securities already tokenized through DTS. Similarly, 20 signed access agreements do not necessarily mean all 20 institutions have executed live tokenized transactions.
Canton and Besu are initial networks
At launch, DTS is integrated with the Canton Network and DTCC’s private Besu network. DTCC plans to add other blockchain networks in 2027, but did not identify a completed rollout schedule for each additional chain.
More than 150 firms participated in the DTCC Digital Assets Solutions Industry Working Group that helped shape the offering. Among the 20 companies that signed service access agreements are Fidelity Investments, State Street, Citadel Securities, BNP Paribas, Apex Clearing, DriveWealth and several major banks.
The service follows regulatory work, including a December 2025 SEC staff no-action letter covering tokenization of qualifying Russell 1000 securities, certain index ETFs and U.S. Treasuries. DTCC said it subsequently tested limited-production transactions with market participants before the October launch.
Why the launch matters
Unlike tokenized assets issued outside the traditional market structure, DTC’s approach connects tokenization to its existing regulated custody framework. Whether the service meaningfully increases liquidity will depend on adoption, participating assets, settlement practices and how institutions use the tokens as collateral.
The announcement arrives as other issuers explore fund tokenization. BlockBriefing recently reported on Janus Henderson’s Nasdaq-100-linked tokenized fund on Stellar, a separate product with different eligibility and issuance rules.
Primary source: DTCC press release, October 28, 2026. All launch and participation figures are attributed to DTCC.
