DTCC launches blockchain tokenization service for securities with 20 major Wall Street firms including JPMorgan, Citi, and Morgan Stanley, tokenizing 34 securities backed by $30 trillion custody base.
RWA & Tokenization ·
A subsidiary of the Depository Trust & Clearing Corporation went live with a blockchain tokenization service on Canton Network and Besu, enlisting 20 major financial firms including JPMorgan, Citi, and Morgan Stanley. The initial deployment tokenizes 34 securities on a one-to-one basis, each backed by holdings within the DTCC's roughly $30 trillion custody base.
The service employs shared CUSIP codes to enable 24/7 wallet-to-wallet transfers, addressing a key operational constraint in traditional settlement infrastructure. This architecture allows participants to move tokenized securities continuously rather than during conventional market hours, potentially reducing settlement friction across the institutional market.
The mechanics and scope of how the service will scale beyond this initial batch—including adoption timelines, fee structures, and integration with existing workflows—remain unclear. The participation of major Wall Street custodians signals institutional readiness for tokenized-asset infrastructure, though broader takeup across smaller firms and asset classes has not yet been detailed.