DTCC targets October tokenized securities launch in U.S. market

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DTCC tokenized securities launch

Highlights

DTCC plans to pilot tokenized securities trading in July with a full U.S. market launch in October, engaging over 50 finance firms including BlackRock and major banks.
DTCC, which custodies $114 trillion in assets, received SEC approval in December for three years to offer tokenization services for assets such as Russell 1000 constituents and U.S. Treasuries.
Tokenized stocks on public blockchains rose from $375.4 million in May 2025 to approximately $1.21 billion in May 2026, reflecting a 66% surge in tokenized real-world assets this year.

Launch plan and participating firms

As reported by Cointelegraph, DTCC, the post-trade infrastructure provider, plans to pilot trading of tokenized securities in July, with a goal of launching the full service in October. More than 50 traditional finance and decentralized finance firms are participating in the design and deployment of the platform, including Alpaca, Anchorage Digital, BitGo Bank & Trust, BlackRock, Circle and Fireblocks, alongside major U.S. banks.

DTCC says the service is intended to support tokenization of real-world assets while preserving the same entitlements, investor protections and ownership rights attached to securities held in traditional form. The group, which custodies $114 trillion in liquid assets spanning stocks and exchange-traded funds, received permission from the U.S. Securities and Exchange Commission in December to offer tokenization services on pre-approved blockchains for three years.

At the time, SEC Commissioner Hester Peirce said the program marked an incremental step toward moving markets onchain, even though the pilot remains subject to operational limitations. During the pilot phase, DTCC is testing limited production trades before expanding to a narrower set of heavily traded liquid assets in the full launch, including index-tracking ETFs, Russell 1000 constituents and U.S. Treasury bills, bonds and notes.

Tokenization momentum across U.S. markets

The planned rollout comes as tokenized real-world assets continue to expand rapidly, though the market remains concentrated. Data from RWA.xyz show the value of tokenized real-world assets has risen 66% in 2026, led by funds, gold and equities across public blockchains.

Tokenized stocks alone grew from $375.4 million on May 3, 2025, to about $1.21 billion on May 3, 2026, according to the dataset. Kraken's xStocks platform is among the more visible entrants and has reported more than $25 billion in cumulative trading volume since its launch last year.

Other U.S. market operators are also building tokenized trading infrastructure. In January, the New York Stock Exchange and parent Intercontinental Exchange announced development of a platform for tokenized stocks and ETFs, subject to regulatory approvals, while keeping the venue within existing U.S. market rules and using blockchain-based settlement infrastructure.

Both NYSE Group and Payward, Kraken's parent, are members of the DTCC industry working group. In March, TD Securities vice president for electronic trading Reid Noch said tokenization is beginning to have real implications for market structure, describing the shift as one in which custody and settlement remain anchored to DTCC while trading continues to comply with National Best Bid and Offer requirements.

In our earlier article on DTCC’s new DTC tokenization service, we outlined the planned timeline for limited production trades in July 2026 and a broader launch targeted for October 2026, supported by an industry working group of major banks, asset managers, and digital-asset firms. We also explained that the service is designed to let firms tokenize DTC-custodied real-world assets while preserving traditional investor protections, and that it is operating under a three-year SEC no-action authorization covering a defined set of highly liquid assets such as major ETFs, Russell 1000 constituents, and U.S. Treasuries.

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