The Depository Trust & Clearing Corporation (DTCC) plans to make approximately $30 trillion in securities eligible for tokenization, starting with 25 U.S. equities, exchange-traded funds (ETFs) and Treasury securities. The service will initially operate on the Canton Network and DTCC’s private network built on Hyperledger Besu, with Stellar and Circle’s Arc anticipated to be added in 2027.
The plan, outlined in DTCC’s tokenization service materials in October 2026, would allow eligible financial institutions to transfer blockchain-based representations of traditional securities while retaining existing ownership rights and investor protections.
The initial selection covers only 25 securities, although the eligible pool could expand over time. DTCC says its depository subsidiary, DTC, holds approximately $114 trillion in assets.
Tokenized Assets Will Retain Existing Rights
Each token will be backed 1:1 by a corresponding security held at The Depository Trust Company (DTC), DTCC’s securities depository subsidiary. This means the tokens will represent existing securities rather than create separate assets.
The tokens will retain their existing Committee on Uniform Securities Identification Procedures (CUSIP) identifiers, which help financial institutions identify securities. DTC will continue to maintain the official ownership records, while blockchain networks will support transfers between registered wallets.
Investors will retain the rights and protections associated with the underlying securities. The initial selection includes eligible U.S. stocks, ETFs, and Treasury bills, notes, and bonds, with potential expansion over time.
Transfers to Be Available 24/7
The service will allow registered participants to transfer tokenized securities between eligible wallets 24 hours a day. Initially, transfers will be limited to wallets on the same blockchain.
Converting securities between traditional and tokenized forms will follow separate operating hours. DTCC’s service materials state that conversion orders can be submitted between 2 a.m. and 6 p.m. Eastern Time on business days, with a target processing time of 15 minutes or less.
DTCC is targeting processing times of 15 minutes or less for these conversions. The service will also include compliance-related transfer restrictions and wallet registration procedures. For U.S. Treasuries, the planned servicing features include handling distributions and maturities, with payments made in fiat currency to participants’ traditional accounts.
The primary difference between transfers and conversions is that tokenized securities can be transferred between registered wallets at any time, while conversions into and out of traditional form remain subject to specified business hours.
Stellar and Arc Planned for 2027
For the initial rollout, DTCC chose Canton and its private Hyperledger Besu network. Canton backs private-centric institutional transactions and Besu will run as a private network run by DTCC.
The company plans to add Stellar and Circle’s Arc in 2027. With the planned integrations, DTCC will be able to maintain its existing securities infrastructure, while participating institutions will have access to additional blockchain networks.
Earlier Tests Set the Stage
DTCC’s latest plan follows earlier steps to bring traditional securities onto the blockchain.
In December 2025, the U.S. Securities and Exchange Commission (SEC) staff granted DTC three years of no-action relief to offer tokenization services for selected assets, including U.S. Treasury securities, certain ETFs and eligible Russell 1000 stocks. That month, DTCC also partnered with Digital Asset and the Canton Network to tokenize selected U.S. Treasury securities held at DTC.
In May 2026, DTCC announced plans to work with more than 50 financial firms, including BlackRock, JPMorgan and Goldman Sachs. The initiative covered securities worth about $114 trillion, with limited trades planned for July and a wider rollout targeted for October.
On July 15, 2026, DTCC reported that more than 30 firms had taken part in production trades using tokenized securities across Canton and Besu. The tests covered collateral transfers, securities lending, Treasury repurchase agreements and equity transactions.
These efforts helped prepare DTCC to expand tokenization from production tests to a service for eligible market participants.
Onchain Settlement Ahead
Longer-term goals include on-chain settlement, collateral management, netting, digital cash and expanded corporate-action services at the DTCC.
Such capabilities could push more and more securities trading onto blockchain infrastructure. But the rollout will be dependent on regulatory, operational and market needs and DTCC has not confirmed a timeline for every feature.
The first step is to allow for tokenized securities transfers, while maintaining custody and official ownership records within DTC’s current system. The DTCC also expects to expand the number of eligible assets and add more blockchain networks, with Stellar and Arc due in 2027.
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