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DTCC has formed a tokenization working group for U.S. markets and tapped Ondo alongside BlackRock, Goldman, JPMorgan, Circle, and others to help design how equities and Treasuries move on-chain.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n The Depository Trust & Clearing Corporation has launched an industry working group to push forward tokenization in U.S. capital markets, with tokenization specialist Ondo Finance confirming it has been selected to participate.<\/p>\n According to Ondo\u2019s announcement, the group brings together heavyweights from traditional finance and crypto, including asset managers like BlackRock and Franklin Templeton, banks such as Goldman Sachs, JPMorgan, Morgan Stanley, and Bank of America, market makers Citadel Securities, market operators like the New York Stock Exchange, and crypto-native firms Circle, Fireblocks, and Robinhood.<\/p>\n The mandate is to help DTCC define common standards for how real-world assets such as U.S. equities and Treasuries are represented, settled, and serviced on permissioned and public blockchains, ensuring that tokenized instruments remain interoperable with existing post-trade infrastructure.<\/p>\n <\/p>\n DTCC, which provides custody and settlement plumbing for nearly all U.S. securities, oversees more than $100\u2013$114 trillion in assets and processes roughly $3.7 quadrillion in transactions annually, giving any technical standard it backs outsized influence over the future of on-chain markets.<\/p>\n In prior commentary, Nadine Chakar, global head of DTCC Digital Assets, described the \u201c$75 trillion tokenization opportunity\u201d in mature markets, saying that \u201cbringing the benefits of tokenization to mature markets which collectively are over $75 trillion is a tremendous opportunity.\u201d<\/p>\n DTCC\u2019s push comes after the U.S. Securities and Exchange Commission issued a no-action letter in late 2025, clearing its DTC subsidiary to operate a controlled tokenization service for DTC\u2011custodied assets, with rollout expected in the second half of 2026.<\/p>\n In a\u00a0DTCC<\/a>\u00a0explainer, the firm said it plans to use a platform suite called ComposerX to tokenize U.S. Treasuries and other securities and to \u201cbring the core processes of the U.S. capital markets on-chain\u201d while preserving existing investor protections and regulatory oversight.<\/p>\n DTCC president and CEO Frank La Salla has argued that \u201ctokenization will significantly change the way markets operate,\u201d promising it will bring \u201cnew levels of liquidity, transparency, and efficiency to investors\u201d by making assets programmable and settlement closer to real time.<\/p>\n He has also framed the initiative as less about speculative tokens and more about \u201ctokenizing financial infrastructure,\u201d saying the goal is to bridge traditional finance and DeFi so that \u201cinstitutionally custodied equities and Treasuries can gain blockchain-native liquidity, programmability, and near-real-time settlement.\u201d<\/p>\n A recent crypto.news\u00a0overview<\/a>\u00a0described the SEC\u2019s green light for DTCC\u2019s tokenization service as a \u201chistoric crypto pivot by a $100 trillion custodian,\u201d noting that the first wave will focus on highly liquid equities and government debt.<\/p>\n Another crypto.news\u00a0analysis<\/a>\u00a0highlighted DTCC\u2019s partnership with Digital Asset to tokenize U.S. Treasuries, arguing that adoption could \u201cgenerate significant operational and financial efficiencies across market participants.\u201d<\/p>\n A separate crypto.news\u00a0feature<\/a>\u00a0stressed that by pulling in specialists like Ondo alongside BlackRock and major banks, DTCC is signaling that tokenization is moving from pilots to the core of U.S. market structure.<\/p>\n <\/p><\/div>\n\n\n
DTCC pulls Ondo into the heart of tokenization design<\/h2>\n
DTCC\u2019s on-chain pivot and La Salla\u2019s vision<\/h2>\n