DTCC has completed its first live transaction using tokenised US securities held at DTC, with more than 30 institutions testing multi-chain workflows ahead of the planned October 2026 launch of its tokenisation service.
DTCC Completes First Live Transaction in Tokenised US Securities with More Than 30 Institutions
The Depository Trust & Clearing Corporation (DTCC) announced on 15 July 2026 that it had successfully converted assets held in custody by the Depository Trust Company (DTC) into tokens and used those tokens in transactions conducted within a live production environment. The tokenised transactions were completed on the same day, marking a significant milestone and laying the groundwork for the full launch of DTCC’s tokenisation service in October 2026. (Source: DTCC, company announcement; published: July 2026)
DTCC said this was its largest tokenisation production activity to date in terms of use cases, asset classes and breadth of participation. More than 30 firms took part, representing multiple areas of traditional finance (TradFi) and the digital markets sector, highlighting the breadth of industry involvement and the importance of interoperability.
Multi-Chain Architecture and the “Digital Twin” Model
The digital conversion was conducted across two types of network as part of DTCC’s multi-chain strategy, which is intended to provide resilience, scalability and choice:
Hyperledger Besu, DTCC’s private network.
Canton, a public network.
DTCC’s tokenisation service supports the issuance of tokenised representations of real-world assets, also known as “digital twins”, which can be delivered to wallets selected by DTC participants. Securities held in custody by DTC can be converted between traditional and tokenised forms, enabling participants to access new liquidity pools and execute digital asset strategies with greater flexibility.
Live Use Cases Covering Multiple Asset Classes
The activity involved transactions across multiple asset classes within DTC’s production environment. All were completed within several hours and were designed to reflect real-world use cases, including:
Collateral pledging.
Securities lending.
Delivery versus payment (DVP) transactions involving US Treasuries and repurchase agreements.
Equity DVP transactions and equity delivery versus delivery (DVD) transactions.
Equity token transfers.
Central counterparty (CCP) margin workflows.
DTCC said the transactions demonstrated that its tokenisation service could provide the same resilience, integrity, safeguards and operational discipline as traditional infrastructure. Commenting on the institutional role of tokenisation, a senior company executive stated:
DTCC has demonstrated that we can apply the same institutional rigour to tokenised assets as we do to traditional assets, while continuing to safeguard the integrity and resilience of global financial markets.
Timeline and Key Milestones
| Stage | Development | Date | Status |
|---|---|---|---|
| Regulatory authorisation | SEC issued a no-action letter | December 2025 | Completed |
| Live validation | First tokenised production transactions completed | 2026-07-15 | Completed |
| Participation | Industry working group members and partners | July 2026 | More than 100 |
| Full launch | Official launch of DTCC’s tokenisation service | October 2026 | Planned |
Broad Range of Participating Institutions
Participants in the activity included market participant firms, blockchain networks, wallet providers, exchanges, issuers and application providers. They included Alpaca, BetaNXT, BitGo Bank & Trust, BlackRock, Blockdaemon, BNP Paribas Securities Services, Broadridge, Chainlink, Circle, Citadel Securities, CME Group, Digital Asset Holdings, the creator of the Canton Network, DriveWealth, DRW, Fireblocks, Flow Traders, FTSE Russell, Goldman Sachs, HIFI, Invesco, JPMorgan, Kaleido, Linux Foundation Decentralized Trust, Marex, Microsoft, Nasdaq, the New York Stock Exchange, Ondo Finance, Prometheum Capital, S&P Dow Jones Indices, Société Générale, State Street Investment Management, Talos, Temple Digital Group, Tradeweb, Vanguard, Velocity Capital and Virtu Financial, among others. Commenting on the significance of tokenisation for market efficiency, Brian Steele, President of Clearing and Securities Services at DTCC, said tokenisation could enable the real-time mobility of collateral, improve capital efficiency, reduce counterparty risk and support interoperability between traditional and digital ecosystems.
Regulatory Background and Expansion of the Working Group
The milestone was achieved seven months after DTC received a no-action letter from the US Securities and Exchange Commission (SEC). Issued in December 2025, the letter authorised DTC to operate a tokenisation service for real-world assets held in its custody, initially covering Russell 1000 constituent shares, major ETFs and US Treasuries. Commenting on the pathway towards decentralisation, Nadine Chakar, the company’s Global Head of Digital Assets, stated:
The safest and most direct route to decentralisation is through trusted financial market infrastructure; traditional and Web3 ecosystems can coexist in harmony.
DTCC’s tokenisation service was created in collaboration with its industry working group, which has expanded rapidly in recent months and now includes more than 100 members and partners.
Frequently Asked Questions About DTCC’s Tokenised Transactions
What did DTCC complete in this tokenisation activity?
On 15 July 2026, DTCC converted assets held in custody by DTC into tokens and completed live transactions in a production environment. The activity covered collateral pledging, securities lending, US Treasury and repo DVP transactions, equity DVP and DVD transactions, token transfers and CCP margin workflows. More than 30 institutions participated, and all transactions were completed within several hours.
How do tokenised securities differ from traditional securities?
DTCC refers to its tokenised representations as “digital twins”, which are tokenised forms of real-world assets. Securities held in custody by DTC can be converted between traditional and tokenised forms. The tokenised assets retain the same investor protections, rights and ownership as traditional securities while offering greater efficiency, programmability and security.
Which blockchain networks were used in the activity?
The digital conversion was conducted across two types of network: Hyperledger Besu, DTCC’s private network, and Canton, a public network. This forms part of DTCC’s multi-chain strategy, which is intended to provide resilience, scalability and choice.
When will DTCC’s tokenisation service officially launch?
DTCC’s tokenisation service is scheduled for a full launch in October 2026. The live transactions completed on 15 July laid the groundwork for the service’s introduction. DTC had previously received an SEC no-action letter in December 2025 authorising it to operate a tokenisation service for real-world assets held in its custody.
