DTCC switches on tokenization for the $114 trillion in securities it holds, with JPMorgan, Citi and 18 other firms signed up

The plumbing of the US stock market now has a blockchain outlet. The Depository Trust Company, the DTCC subsidiary that custodies more than $114 trillion in securities, said on Wednesday that its DTCC Tokenization Service is live. Eligible firms can convert securities held at DTC into tokens, send them to digital wallets of their choice and convert them back, with DTC keeping the official ownership record.

Twenty DTC participants have signed agreements to use the service, among them JPMorgan, Morgan Stanley, Bank of America, Barclays, BNP Paribas, Citi, Fidelity Investments, State Street, UBS, Citadel Securities, Edward Jones, Apex Clearing and Alpaca. DTCC said more will be added on a rolling basis. A December 2025 SEC no-action letter lets DTC tokenize Russell 1000 stocks, ETFs tracking major indexes and US Treasuries; CoinDesk reported that 34 securities worth about $30 trillion are eligible at launch, citing a DTCC spokesperson, with conversions targeted at 15 minutes or less during business hours and transfers between registered wallets around the clock.

The tokens live on the Canton Network and DTCC's private Besu network for now. DTCC plans more networks in 2027, and CoinDesk said Stellar and Circle's Arc are next, along with collateral and digital-cash settlement tools. DTCC president and chief executive Frank La Salla said the launch sets "the foundation for responsible institutional adoption at scale." The timing is notable: it lands in the same week that, as Cryptoweek reports separately, 33 companies have objected to having their shares traded on the OKX and ICE tokenized-stock venue. CoinDesk noted that DTCC's tokens represent securities already in custody and keep their existing rights, unlike synthetic tokens that only track a share price.