DTCC backs interoperability approach for tokenized markets

Global Head of Depository Trust & Clearing Corporation (DTCC) Nadine Chakar stated that the company will prioritize seamless interoperability across blockchains rather than building closed ecosystems for tokenized securities. 

During a virtual forum on Thursday, Nadine Chakar stated that DTCC values interoperability and is not in the business of creating a setting where technical constraints prevent digital assets from moving smoothly between blockchains. Chakar said in a statement, “We’re not building walled gardens.” She added, “Interoperability, for me, is being able to move things seamlessly from one chain to another, without risk or extra expenses.”

Chakar added that Messaging protocols that facilitate communication within the traditional financial system may one day become a relic of the past. However, they will serve DTCC well as the company moves forward into a world where “every single day, you’ve got somebody launching a new L1,” she added.

DTCC expands tokenized securities across multiple blockchains

Chakar confirmed that DTCC is dedicated to collaborating with the institutional finance and digital assets sector on interoperability. However, her remarks highlighted the careful approach the incumbent is adopting as it enters a market where North Korea has stolen billions of dollars through sophisticated cyberattacks.

To successfully tokenize digital assets, DTCC signaled last month that it will partner with Canton Network, a permissioned blockchain designed specifically for institutions. 

The firm’s managing director, Brian Steele, explained that the decision to partner with Canton Network was in response to Wall Street’s operational demands by providing after-hours financing and enhancing market makers’ liquidity.

According to Steele, each blockchain will likely have distinct features and an environment that make it suitable for its intended use. However, Steele noted that DTCC will use evaluation criteria for future expansions, including security and resilience, while also taking customer demand into account.

Frank further claimed that the partnership develops a path for bringing real-world, high-value tokenization use cases to market, beginning with U.S. Treasury securities and eventually extending to a wide range of DTC-eligible assets across network providers.

However, several crypto-natives criticized the concept. Carlos Domingo, CEO of Securitize, a digital asset securities company funded by BlackRock, cast doubt on the tokens’ status as representations of protected assets rather than “native” to the network. In response, DTCC reiterated that its top objective is to allow customers to select from a variety of blockchains, as long as they adhere to strict security and institutional resiliency standards.

Apart from Canton, DTCC announced it intends to provide tokenized securities on “AppChain,” an open-source, permissioned network for apps that is compatible with Ethereum. 

SEC approves DTCC’s expanded ACS Triparty clearing service

While DTCC advances its tokenized securities strategy on multiple blockchains, the firm is simultaneously expanding its traditional clearing services.

On January 7, the U.S. Securities and Exchange Commission (SEC) authorized DTCC to offer the ACS Triparty Service as part of its current Fixed Income Clearing Corporation (FICC) Agent Clearing Service (ACS) offering. This action marked another phase in the organization’s efforts to optimize both traditional and digital financial infrastructure.

The U.S. securities settlement firm revealed that FICC filed a regulation with the SEC to provide the ACS Triparty Service in September 2025.

The company said that, with SEC approval, FICC is now able to provide Agent Clearing Members and their Executing Firm Customers with a Triparty Agent Clearing Service. In particular, DTCC stated that FICC’s Agent Clearing Members will be able to submit for clearing eligible triparty repo transactions between their Executing Firm Customers and either the Agent Clearing Member (“done-with”) or another Government Securities Division (GSD) Netting Member.

FICC will use BNY’s global collateral infrastructure to provide the ACS Triparty Service in order to facilitate both “done-with” and “done-away” cleared triparty repo trades, according to the U.S. securities settlement firm.

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