The Depository Trust & Clearing Corporation (DTCC) has announced the launch timescale for its tokenization solution, with limited live transactions from July 2026 and a launch in October. The systemically important market infrastructure received a no action letter from the SEC in December 2025 allowing it to tokenize stocks in the Russell 1000 alongside ETFs and US Treasuries. It also announced a more than 50 strong DTCC Industry Working Group.
Frank La Salla, DTCC President and CEO, mentioned that the tokenization service would support “bridging TradFi and DeFi”, which is reflected in the working group members. Both Nasdaq and NYSE will support trading of tokenized stocks alongside traditional ones, which will settle via conventional DTC infrastructure. However, once the stocks are in tokenized form, they can be settled on chain, likely using stablecoins. That explains the inclusion of multiple stablecoin issuers among the working group participants: Anchorage Digital (USDtb, Tether’s onshore coin USAT), BitGo (WLFI’s USD1) and Circle.
While DTCC tokenized stocks include full ownership rights for the token holders, that’s not the case for the currently popular tokenized stock offerings from Ondo Global Markets (Ondo GM) and Kraken-owned xStocks which are actually structured loans backed by stocks. Ondo Finance (owns 9.9% of Ondo GM) and Payward (Kraken’s parent) are participants alongside Alpaca, the broker dealer that provides custody for both projects.
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