The Depository Trust & Clearing Corporation (DTCC) has taken a major step toward digital market adoption after its subsidiary, The Depository Trust Company (DTC), received a No-Action Letter (NAL) from the US SEC to offer a tokenisation service for real-world, DTC-custodied assets.
The service is expected to roll out in the second half of 2026.
Under the NAL, DTC can tokenise highly liquid assets, including the Russell 1000 index, major ETFs, and US Treasuries, on pre-approved blockchains for three years. The digital tokens will carry the same investor protections, entitlements, and ownership rights as their traditional counterparts, while maintaining the resiliency and security associated with DTC’s existing infrastructure.
Frank La Salla, DTCC CEO, said the move could transform financial markets by enabling collateral mobility, programmable assets, and 24/7 access, provided market infrastructure delivers a robust foundation. Brian Steele, DTCC Managing Director, added that the initiative builds on the firm’s legacy of technological innovation and market integrity.
The tokenisation platform will be supported by DTCC’s ComposerX suite, allowing participants and clients to access a single pool of liquidity across traditional finance and decentralised finance ecosystems. Nadine Chakar, head of Digital Assets at DTCC, noted the service leverages nearly a decade of exploration into distributed ledger technology to ensure assets remain secure, programmable, and transferable across jurisdictions.
The NAL authorises DTC to operate in a controlled production environment across L1 and L2 blockchain networks. Further details on participant onboarding, wallet registration, and network approval processes will be released in the coming months.
