DTCC tokenization timeline: from SEC letter to launch

DTCC sits under most U.S. securities settlement. Its subsidiary, The Depository Trust Company (DTC), holds more than $114 trillion in assets under custody, according to DTCC. Here are the dates that took its tokenization service from permission to launch.

When did the SEC clear DTCC to tokenize?

On December 11, 2025, SEC staff issued a no-action letter to DTC for a pilot version of the DTCC Tokenization Services. DTCC said the letter "authorizes DTC to offer a tokenization service for DTC Participants and their clients on pre-approved blockchains for three years."

The SEC letter says it "is withdrawn without further action three years from the date DTC launches operation" of the pilot. DTCC says the authorization covers "Russell 1000 constituents, exchange-traded funds tracking major indices, and U.S. Treasury securities."

When did Canton join?

On December 17, 2025, DTCC, Digital Asset and the Canton Network announced a partnership to "enable a subset of U.S. Treasury securities custodied at DTC to be minted on the Canton Network." The two had already run a collateral pilot with tokenized Treasuries, announced on September 23, 2024.

When were the first live trades?

DTCC converted DTC-held assets into tokens and used them in production trades processed on July 15, 2026, Securities Finance Times reported. DTCC said the conversions "occurred on LFDT's Besu (DTCC's private network) and Canton (a public network)." The trades included Treasury repo, equity settlement, securities lending and margin workflows.

When did the service launch?

DTC launched the DTCC Tokenization Service on October 28, 2026. DTCC says "20 DTC Participants (clients) have signed agreements to access DTS," including J.P. Morgan, Citi, Morgan Stanley, Bank of America and Fidelity Investments. 34 securities were eligible at launch. Our launch article covers it in detail.

What comes next?

DTCC says the service is "currently integrated with the Canton Network and DTCC's private Besu network, with additional blockchain networks to be added in 2027." DTCC and the Stellar Development Foundation expect DTC-tokenized assets on Stellar "in the first half of 2027."

How does this relate to our counts?

Our counts cover public blockchains, using addresses the issuer publishes or confirms in writing. DTCC has not disclosed how much has been tokenized, so nothing from the service is in our figures. Tokenized U.S. Treasury funds total $12.20 billion on public blockchains as of November 9, 2026, by The Migration by Concrete's count (our Treasury count). Every fund is on our full list, and two DTCC partners already issue funds in it: Ondo's USDY and OUSG.

What to watch

• Whether DTCC publishes how much has been tokenized.
• Which networks join in 2027, and whether their addresses can be read publicly.
• Whether the list of 34 eligible securities grows.