DTCC launches token service for 34 securities worth $30 trillion

34 securities representing about $30 trillion in market value are eligible for DTCC’s new tokenization service, which went live on Oct. 28. That puts a portion of U.S. stocks, ETFs and Treasuries on blockchain networks through the market’s central securities depository. DTCC confirmed the launch in its announcement of the tokenization service; CoinDesk reported the $30 trillion estimate, citing a DTCC spokesperson.

The service creates digital representations of securities held at The Depository Trust Company (DTC), a DTCC subsidiary. DTCC says the tokens retain the ownership rights, investor protections and economic entitlements of their traditional counterparts.

Which securities and firms are covered at launch?

The service initially covers select large-cap stocks from the Russell 1000, ETFs and U.S. Treasury bills, notes and bonds, according to DTCC. The company’s launch materials say 34 securities are eligible; the $30 trillion figure refers to their market value, not the amount already tokenized.

Twenty DTC participants have signed agreements to access the service. The group includes J.P. Morgan, Citi, Morgan Stanley, Bank of America, Barclays, Fidelity Investments, State Street and UBS. DTCC says it will onboard future users on a rolling basis.

The participant agreements give these firms access to the service; they do not mean all 34 securities have been converted into tokens. DTCC describes a process in which eligible users can convert securities between traditional and tokenized forms and deliver the tokens to digital wallets.

How do the tokens move while keeping investor rights?

DTCC says each token is a digital twin of a security held at DTC, with the same legal rights and protections. The service is integrated with the Canton Network and DTCC’s private Besu network, and enables peer-to-peer transfers around the clock between DTC-registered wallets.

That distinction matters if you are comparing these tokens with products that only track a share price. DTCC’s service represents securities held in its custody, rather than a separate instrument that merely follows their value. Its site also describes built-in controls for compliance and ownership tracking.

Round-the-clock transfers apply to tokens already issued; DTCC’s announcement does not say securities can be converted at any hour. The company says eligible users can convert between traditional and tokenized forms, while the service page specifies continuous transfers between registered wallets.

What put the service on a regulated path?

The launch follows a U.S. Securities and Exchange Commission staff no-action letter issued to DTC in December 2025. DTCC says the letter authorized tokenization of Russell 1000 constituents, ETFs tracking major indices, and U.S. Treasury securities.

DTCC also said it completed limited-production trades and on-chain transactions with more than 30 firms about seven months before launch. More than 150 firms contributed input to the service through an industry working group, according to the company.

For you, the immediate change is that participating firms can use blockchain networks to move eligible DTC-held securities as tokens, while DTCC’s existing custody and investor protections remain part of the arrangement. The launch is limited to the eligible assets and network integrations described by DTCC; the company says it plans to add networks in 2027.

Sources

• announcement of the tokenization service — dtcc.com