Real-World AssetsDTCC · October 28, 2026
DTCC brings tokenised Treasuries and equities into regulated market infrastructure.
The depository behind U.S. securities now mints tokenised entitlements for DTC-held assets. Tokenisation moves from pilot to plumbing.
On 28 October, The Depository Trust Company switched on its Tokenization Service. The service mints tokenised representations of securities already held at DTC and lets eligible participants convert between the traditional and the tokenised form, delivering the token to a digital wallet of their choosing. The token carries the same ownership rights, investor protections, and economic entitlements as the underlying position.
Twenty participants have signed to date, among them Bank of America, Barclays, BNP Paribas, Citadel Securities, Citi, Fidelity, J.P. Morgan, Morgan Stanley, State Street, and UBS. The service is integrated with the Canton Network and with DTCC's own private Besu network, with further chains to be added in 2027. It was built with input from more than 150 firms in DTC's industry working group and follows an SEC no-action letter in December 2025 that covered Russell 1000 constituents, index-tracking ETFs, and U.S. Treasuries.
The Calveris reading
For a decade, tokenisation lived at the edge of the market, in sidecar structures that had to recreate custody, transfer, and entitlement from scratch. This service places the token inside the depository that already holds the asset.
The question for an investor is no longer whether a tokenised Treasury is a real claim. It is which chain, which wallet, and which counterparty one trusts to hold it. That is the question we have always asked of a real-world asset, and it now has an institutional answer.