Wall Street's Central Depository Puts Stocks and Treasuries On-Chain
The Depository Trust and Clearing Corporation began limited production trades of tokenized Russell 1000 stocks, exchange-traded funds, and US Treasuries the week of 14 July 2026. A full service launch is scheduled for October 2026.
DTCC begins live tokenized trades of stocks and Treasuries
The Depository Trust and Clearing Corporation (DTCC) began limited production trades of tokenized securities the week of 14 July 2026. The pilot covers Russell 1000 stocks, major-index exchange-traded funds (ETFs), and US Treasury bills, notes, and bonds. Limited production means small live volumes run through the system before the wider rollout. DTCC operates the service on its ComposerX platform, which mints, manages, and settles tokenized records of assets already held in custody.
Tokenized versions keep the same investor protections
Each tokenized security carries the same entitlements and investor protections as its traditional counterpart. ComposerX generates tokenized records rather than moving or altering the underlying assets. The tokens therefore represent securities that stay inside DTCC's existing, regulated book-entry system. Under the SEC relief, these tokenized entitlements do not receive settlement or collateral value for the depository's risk management, and participation stays voluntary and time-limited.
SEC no-action letter set the three-year regulatory path
The launch follows a no-action letter that the US Securities and Exchange Commission (SEC) issued on 11 December 2025. The letter grants DTCC's depository subsidiary three-year relief to tokenize certain custodied assets, including Russell 1000 equities, index ETFs, and US Treasuries. The depository aimed to start the pilot in the second half of 2026, in line with the letter's terms. It custodies more than $114 trillion in securities from over 150 countries.
More than 50 firms joined the tokenization working group
More than 50 financial firms joined DTCC's working group for the service. The group includes banks such as Goldman Sachs, J.P. Morgan, Citi, and Morgan Stanley, and asset managers BlackRock, Franklin Templeton, and Invesco. Trading venues Nasdaq, NYSE Group, and Robinhood also took part, alongside digital asset firms Ripple, Circle, and Kraken. Frank La Salla, DTCC's president and chief executive, framed the launch as a link between traditional finance (TradFi) and decentralized finance (DeFi).
"Our vision is coming to fruition: launching our tokenization service and successfully bridging TradFi and DeFi. We believe tokenization will significantly change how markets work and operate, bringing new levels of liquidity, transparency and efficiency to investors.", 14 July 2026. — Frank La Salla, President and CEO, DTCC
Stellar becomes the first public blockchain for DTC assets
DTCC selected Stellar as the first public blockchain to connect to the tokenization service. DTC-custodied assets are expected to become available on the Stellar network in the first half of 2027. Stellar's XLM token traded at $0.18 on 15 July 2026, up 2.3% over the prior 24 hours against the previous close (CoinPaprika, 15 July 2026).
DTCC plans a full service launch in October
DTCC plans a full commercial launch in October 2026, after the current limited-production phase. It frames the pilot as an early step in a longer shift in how securities are recorded, transferred, and settled. Nadine Chakar, the company's global head of digital assets, set out the wider aim of the work.
"Tokenization is an important and critical step toward building tomorrow's digital infrastructure.", 4 May 2026. — Nadine Chakar, Managing Director and Global Head of Digital Assets, DTCC
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