The Depository Trust & Clearing Corporation’s (DTCC) Tokenisation Service (DTS) is now live, bringing tokenised assets into regulated market infrastructure. According to DTCC, the service will help investors move assets more efficiently, tap new liquidity pools and mobilise collateral faster.
DTS enables the minting of tokenised representations of real-world assets held at DTCC’s subsidiary, the Depository Trust Company (DTC), which has more than $114 trillion in assets under custody. Eligible users can hold DTC-tokenised securities entitlements, convert them between traditional and tokenised form, and have them delivered to the digital wallets of their choice. These tokenised securities, or digital twins, keep the same ownership rights, investor protections and economic entitlements as their traditional counterparts.
To date, 20 DTC participants have signed agreements to access DTS: Alpaca, Apex Clearing Corporation, Bank of America, Barclays, BNP Paribas, Brown Brothers Harriman (BBH), Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities (USA), Morgan Stanley, State Street, UBS and Velocity Capital. Further users will be onboarded on a rolling basis.
“Working with more than 150 firms in our Industry Working Group, we built a service designed to support institutional use of tokenized securities at scale within a trusted operational framework,” said Brian Steele, president of Clearing & Securities Services at DTCC.
Interoperable model
DTS uses a multi-network, interoperable model that lets firms convert and deploy assets across traditional and tokenised markets, supporting liquidity in existing markets while extending it on-chain. DTCC’s stated aim is to build an ecosystem that bridges established market infrastructure and distributed ledger technology. The service is currently integrated with the Canton Network and DTCC’s private Besu network, with more blockchains due to be added in 2027.
Beyond the participants using DTS directly, DTCC has assembled a wider ecosystem of market participants, wallet providers, applications and technology firms to support interoperability as tokenisation use cases develop. Collaborators include BitGo Bank & Trust, Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, Ondo, Prometheum Capital, Talos, Taurus, Temple Digital Group, Tradeweb, Transcend and Virtu.
The launch builds on a no-action letter issued to DTC by the US Securities and Exchange Commission (SEC) in December 2025, which cleared the way for a tokenisation service within DTC’s custody framework.
Beyond proofs of concept
For the launch participants, joining DTS means adapting how they work. BBH says that, along with its fellow participants, it is evolving its operating model across custody, network management, operations, risk and technology.
“Tokenisation promises new forms of efficiency and new routes to distribution. The industry is moving beyond proofs of concept and what matters now is understanding where in the value chain tokenization affects the servicing of an asset. Tokenization changes the form of the security, but not the fundamental role of a custodian holding and servicing it on behalf of its clients,” said Parth Gargava, head of Digital Asset Strategy at BBH.