DTCC Tokenization Service Launches With 20 Institutional Users

• Twenty institutions have signed access agreements, including JPMorgan, Citi and Fidelity Investments.
• Tokens retain underlying securities rights and move only between registered wallets on the same blockchain.
• Transfers operate around the clock, while conversions follow business-day hours.

The DTCC Tokenization Service launched on October 28, connecting securities held at its depository subsidiary with blockchain infrastructure. Twenty institutions have signed agreements to access the platform, including JPMorgan, Bank of America and Fidelity Investments. The launch supports Canton Network and a private Besu blockchain, with 34 securities eligible for conversion into tokenized form.

DTCC Tokenization Service preserves underlying asset rights

The launch announcement describes tokens representing securities held at The Depository Trust Company, or DTC. They retain the ownership rights, investor protections and economic entitlements associated with traditional holdings.

Eligible assets include selected Russell 1000 stocks, major index ETFs and U.S. Treasury securities. DTC maintains the official ownership records while registered holders transfer the digital representations.

The DTCC Tokenization Service draws on infrastructure safeguarding more than $114 trillion in securities. That custody figure does not represent assets already tokenized or committed to the new platform.

The rollout follows a December 2025 SEC no-action letter and limited-production transactions involving more than 30 firms in July. More than 150 firms contributed to development through an industry working group.

DTCC Tokenization Service separates transfers and conversions

Participating institutions can transfer tokens 24 hours a day, but only between registered wallets on the same blockchain. Compliance restrictions remain in place, preventing unrestricted transfers to arbitrary cryptocurrency addresses.

Conversion orders follow a different schedule: 2 a.m. to 6 p.m. ET on business days. The stated processing target is 15 minutes or less, rather than guaranteed completion within that period.

The DTCC Tokenization Service user guide explains that conversions mint tokens from traditional holdings or burn them to restore traditional form. Direct conversions between tokens on different ledgers remain reserved for future releases.

The guide also notes that completion depends on blockchain activity and confirmation timing. Each token represents a share, and the platform does not support fractional tokens.

Stellar and Circle’s Arc are anticipated additions for 2027, alongside further settlement capabilities. Treasury distributions and maturity payments currently remain in fiat, delivered to participants’ traditional accounts.