DTCC puts its Tokenization Service live with 20 participating firms

DTCC's Depository Trust Company has launched the DTCC Tokenization Service, which converts securities held at DTC into tokenized form with the same ownership, investor protection and economic rights. Twenty DTC participants have signed access agreements, including J.P. Morgan, Citi, Morgan Stanley, Fidelity, Citadel Securities, UBS and Bank of America.

At launch the service runs on the Canton Network and DTCC's private Besu network, with more networks to follow in 2027. Scope follows the SEC no-action letter issued in December 2025: Russell 1000 stocks, ETFs tracking major indices and US Treasuries.

DTCC built the service with input from more than 150 firms in an industry working group, after live production trades with more than 30 firms in July. DTC holds more than $114 trillion in custody assets.

The read: tokenization is moving from pilots into the clearing layer incumbents already control.