DTCC cleared to tokenise US markets in historic crypto pivot by $100 trillion custodian

The machinery that powers US markets is about to go onchain.

The Depository Trust & Clearing Corporation said on Thursday that it received a no-action letter from the US financial watchdog, paving the way for tokenisation for real-world assets.

According to the Securities and Exchange Commission’s letter, the DTCC can now issue blockchain-based representations of highly liquid assets, including Russell 1000 stocks, exchange-traded funds, treasury bills, notes, and bonds.

The digital versions will carry the same ownership rights, investor protections, and entitlements as traditional securities.

“Tokenising the US securities market has the potential to yield transformational benefits such as collateral mobility, new trading modalities, 24/7 access and programmable assets,” the DTCC’s chief executive Frank La Salla said.

The DTCC is the premier US securities depository institution, holding roughly $100 trillion in assets.

‘Significant step’

The move is the latest step by the US government towards crypto-friendly infrastructure.

It follows a sweeping wave of regulatory changes under President Donald Trump aimed at bringing digital assets onshore, modernising market technology, and positioning the US as the global centre for crypto.

“Distributed Ledger Technology has the power to reshape markets, and DTCC is championing this transformation through innovative actions and bold solutions,” Nadine Chakar, head of digital assets at DTCC.

The initiative “marks a significant incremental step in moving markets onchain,” SEC commissioner Hester Peirce said. “I am looking forward to seeing how DTC’s participants benefit from this program.”

Rollout on approved blockchains is expected in the second half of 2026.

Washington doubles down

The green light for the DTCC is the latest adjustment to the American financial system by the SEC and the Commodity Futures Trading Commission.

On Monday, the CFTC announced the launch of a digital assets pilot programme that will include Bitcoin, Ethereum, and the second-largest stablecoin, USDC.

It follows a tokenised collateral initiative launched in September.

Acting CFTC chair Caroline Pham vowed to usher in “America’s Golden Age of Innovation and Crypto.”

“The CFTC is also providing regulatory clarity through tokenised collateral guidance for real world assets like US Treasuries,” Pham said.

Meanwhile, SEC chair Paul Atkins has embarked on a campaign to overhaul the agency’s crypto regulations.

And he doesn’t want a future administration to undo his hard work promptly.

“What is really important to me is that we future-proof what we’re doing,” Atkins said during the Blockchain Association’s fourth annual policy summit in Washington, DC.

“So that whatever happens down the road, we don’t have the pendulum swinging the other way, and then having a lot of our efforts washed away.”

Crypto market movers

• Bitcoin is up 2.6% over the past 24 hours, trading at $92,588.
• Ethereum is up 1.6% on the day and trades at $3,252.

What we’re reading

• Terra founder Do Kwon sentenced to 15 years, more than prosecutors requested — DL News
• XRP ETFs close in on $1bn inflows as investors drive ‘new price discovery’ — DL News
• SEC Drops Biden-Era Investigation Into Ondo Finance — Unchained
• Is Ethereum the Next Amazon? Haseeb Qureshi on Revenue, Profit & Long-Term Value — Milk Road
• Stream Finance founders sue business partner, allege $93m used to cover personal losses — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.