DTCC, Wall Street’s clearinghouse, plans its first tokenized asset trades in July, with a full launch in October.
SEC no-action relief clears path for limited use across major equities and Treasuries.
The move adds weight to Wall Street’s push to tokenize among NYSE, Nasdaq, BlackRock, JPMorgan and others.
The system is being shaped with input from more than 50 firms, including BlackRock, Goldman Sachs, JPMorgan and crypto-native companies like Anchorage and Circle, the firm said.
The effort marks one of the most concrete timelines yet from a core piece of market infrastructure moving into blockchain-based settlement. DTCC sits at the center of U.S. markets, processing trillions of trades daily and serving as custodian of more than $114 trillion in securities.
Tokenization — the process of representing assets such as stocks or bonds on a blockchain — has drawn growing interest among traditional financial institutions. Advocates say it can reduce settlement times, cut costs and open markets to new participants.
“We believe tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency and efficiency to investors,” said Frank La Salla, DTCC President and CEO.
Wall Street’s tokenization push
DTCC’s move comes as other Wall Street operators are pushing towards tokenization.
Nasdaq is working on a framework for companies to issue blockchain-based shares and is partnering with the parent company of crypto exchange operator Kraken to distribute them globally, with a potential launch as early as 2027. Intercontinental Exchange, which owns the New York Stock Exchange, has also backed plans for tokenized stocks through a deal with crypto platform OKX, aiming to tap into its large user base.
These efforts reflect a wider race to build what some call an “everything exchange,” where stocks, bonds and digital assets trade on shared infrastructure.
DTCC has gradually been building toward this moment. The firm has tested distributed ledger systems for years and has joined projects like the institution-focused Canton Network (CC). In December, it obtained a no-action letter from the SEC, allowing it to offer tokenization services for a defined set of assets, including Russell 1000 stocks, ETFs and U.S. Treasuries.
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