DTCC tokenization service goes live with 34 securities, ~$30T eligible

The Depository Trust Company (DTC) has switched on tokenization for U.S. securities. DTC is a subsidiary of DTCC, the firm that sits under most U.S. stock settlement. The launch came on October 28, 2026. This article sets out what went live and how it relates to the on-chain assets we count.

What did DTCC launch on October 28, 2026?

DTCC launched the DTCC Tokenization Service, known as DTS. CoinDesk reported that "DTCC's tokenization service went live on Canton Network and private chain Besu". Reports on the launch say it is "initially supporting 34 securities, including selected large-cap Russell 1000 constituents, ETFs and U.S. Treasuries".

The Treasury part of the list is described in one report as "U.S. Treasury bills, notes and bonds". Each token is "backed one-for-one by securities held in custody at Depository Trust Company (DTC)". Once converted, "tokens can move between registered blockchain wallets at any time, subject to compliance restrictions".

The framework rests on "three-year Securities and Exchange Commission (SEC) No-Action Letter issued in December 2025".

How big is the $30 trillion figure?

The figure describes eligibility, not tokens issued. The CoinDesk report, carried by Cryptonews.net, says "34 securities are eligible at launch, which represent approximately $30 trillion market value". A spokesperson supplied that number.

The launch count is also a count of eligible securities. One report notes that it refers to "the number of eligible securities and not the total number of securities that have been tokenized". Another notes that "The actual value of tokenized assets has not been disclosed yet."

The wider base is large. DTCC says "Today, DTC has more than $114 trillion in assets under custody."

Who is using the service?

DTCC says "20 DTC Participants (clients) have signed agreements to access DTS". The list includes J.P. Morgan, Citi, Morgan Stanley, Bank of America, Fidelity Investments, State Street and UBS. Future users will be onboarded on a rolling basis.

DTCC also named collaborators and partners. They include Ondo, Fireblocks, BitGo Bank & Trust, Broadridge and Tradeweb. Ondo Finance issues two funds in our Treasury count. USDY is the largest, at $2.38 billion as of October 28, 2026 (USDY). OUSG holds $320.5 million as of the same date (OUSG).

How does this compare with our on-chain counts?

Our counts cover public blockchains. Only addresses the issuer publishes or confirms in writing are counted, and counts update every 6 hours. DTCC's service runs on Canton and on a private Besu network, so we have not added anything from it to our figures. See how we count.

The Treasury figure counts fund shares such as BUIDL, which stands at $2.20 billion. The DTCC service tokenizes securities held at DTC. These are different products. For fund-level detail, see our fund-by-fund count. For overlap between products, see the double-count note.

Which public networks could matter next?

DTCC says the service is integrated with the Canton Network and its private Besu network, with "additional blockchain networks to be added in 2027". Other reports name "Stellar and Circle’s Arc expected to join in 2027".

Both networks already appear in our counts. Stellar holds $1.07 billion of tokenized Treasury funds, 8.5% of the total as of October 28, 2026. Arc holds $1.10 billion of USDC, a cash-backed dollar stablecoin, as of the same date (USDC). Where Treasury funds sit today is covered in our BNB Chain article.

What to watch

• Whether DTCC publishes how much has been tokenized, and in which securities.
• Whether the 2027 networks are public chains whose addresses can be read directly.
• How many of the 20 signed participants begin minting tokens.
• Whether the 34-security list grows.

We will update our counts only when an issuer publishes or confirms addresses we can read.