The Depository Trust and Clearing Corporation is minting tokenized copies of the securities it already holds at its Depository Trust Company (DTC), and it plans to open the service for production in October 2026. The copies are called digital twins, and each one carries the same CUSIP, ownership rights, legal entitlements and investor protections as the book-entry security behind it.
That sameness is the point. A digital twin is a representation of a position DTC already holds, not a newly issued instrument, and the official books and records stay at DTC. Because the token keeps the same CUSIP, it can be pledged as collateral and settle against the same entitlements as a traditional position. The central ledger that settles most U.S. equities keeps its role while the token adds a movable representation on top of it.
How a position moves
DTCC’s launch materials split the networks into two groups. The Canton Network, a public blockchain used in regulated markets, and DTCC’s own private Besu network are available at launch. Stellar and Circle’s Arc, an EVM-compatible layer-1, sit under the planned-for-2027 tab. Running on several chains is a practical choice: it decides where tokenized collateral can move and which counterparties can accept it.
Once tokenized, a position can move peer-to-peer between DTC-registered participant wallets around the clock. DTCC describes 24/7 access across approved networks while the books remain at DTC. The tokens ship with mint, burn, pause and clawback controls, and ComposerX LedgerScan offers near-real-time ownership tracking across the traditional and blockchain ledgers.
Proof from live trades
DTCC tested the service in production before launch. On July 15, more than 30 firms processed real trades using DTC-tokenized assets, including BlackRock, Goldman Sachs, J.P. Morgan, CME Group and Marex. The exercise covered collateral pledges, securities lending, U.S. Treasury and equity delivery-versus-payment trades, and margin posted to a central counterparty.
Among the conversions, J.P. Morgan tokenized the Invesco QQQ Trust ETF and the SPDR S&P 500 ETF Trust, and Marex ran trades that exchanged tokenized U.S. Treasuries, equities and ETFs for digital cash. A separate leg had J.P. Morgan post tokenized assets to meet margin at CME Group, which signals that collateral mobility, not just trading, is part of the pitch. DTCC says the milestone came seven months after the U.S. Securities and Exchange Commission issued a no-action letter authorizing DTC to tokenize the assets it custodies.
What the service does not do
It does not issue new securities and does not move official records off DTC’s ledger. Transfers stay within DTC-registered participant wallets, so this is institutional market infrastructure rather than a retail venue. On-chain servicing of U.S. Treasuries, with distributions and maturities paid in fiat to participants’ traditional accounts, arrives at launch, while on-chain net settlement, digital cash and broader corporate-action servicing sit on the 2027 roadmap.
The design extends the settlement and custody rails that already handle most U.S. equities into blockchain-based workflows without discarding the central ledger those markets depend on.
Adapted from What Is the DTCC Tokenization Service? Its $30 Trillion Launch Scope, Explained.