DTCC currently custodies $114 trillion in liquid assets spanning stocks and exchange-traded funds (ETFs).
Crypto News
The Depository Trust & Clearing Corporation (DTCC) plans to pilot tokenized securities trading in July, with a full service launch targeted for October, the post-trade infrastructure firm announced May 4. More than 50 traditional finance and decentralized finance firms are involved in the design and deployment of the service through a dedicated DTCC Industry Working Group.
Members of the working group include Alpaca, Anchorage Digital, BitGo Bank & Trust, BlackRock, Circle, and Fireblocks, alongside several of the largest banks in the US. NYSE Group and Kraken's parent company, Payward, are also part of the group. DTCC currently custodies $114 trillion in liquid assets spanning stocks and exchange-traded funds (ETFs).
Tokenized Assets Set for Full Market Protections
The DTCC said the service is intended to tokenize real-world assets while preserving the same entitlements, investor protections, and ownership rights that apply to assets held in traditional form. The full launch is expected to cover a specific set of widely traded liquid assets, including ETFs tracking major indexes, Russell 1000 constituents, US Treasury bills, bonds, and notes.
The initiative builds on regulatory groundwork laid in December 2025, when the US Securities and Exchange Commission (SEC) granted the DTCC permission to offer tokenization services on pre-approved blockchains for a three-year period. SEC Commissioner Hester Peirce said at the time that the program "marks a significant incremental step in moving markets on-chain," while noting it remains subject to operational limitations as a pilot.
Rather than building a parallel crypto-native marketplace, the platform is designed to operate within existing US market rules while using blockchain-based settlement infrastructure. TD Securities Vice President for Electronic Trading Reid Noch described this model in March as closer to a "2.0" market shift, where custody and settlement remain anchored to the DTCC while trading complies with National Best Bid and Offer requirements.
The DTCC announcement arrives as the broader RWA market for tokenized real-world assets has grown 66% in 2026, with funds, gold, and equities driving expansion across public blockchains. Tokenized stocks alone grew from $375.4 million on May 3, 2025, to approximately $1.21 billion on May 3, 2026, according to data from RWA(dot)xyz.
Kraken's xStocks platform has reported more than $25 billion in cumulative tokenized stocks trading volume since launching last year. In January, the New York Stock Exchange and its parent company, the Intercontinental Exchange, also announced a new platform to trade tokenized stocks and ETFs, intended to underpin a new NYSE trading venue for tokenized securities, subject to regulatory approvals.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
