The DTCC, which holds $114T in securities, started tokenizing stocks this week.
@The_DTCC switched on its Tokenization Service on Wednesday. Select Russell 1000 stocks, ETFs and U.S. Treasuries can now be minted 1:1 as tokens, with about $30T in assets eligible.
Each token keeps the same CUSIP and the same shareholder rights as the original. Tokens move 24/7 between registered wallets, while conversions in and out run on business days from 2am to 6pm ET.
About 20 firms signed on at launch, including J.P. Morgan, Citi, Morgan Stanley, Fidelity, Citadel Securities, BofA, State Street and UBS.
This is the firm behind the settlement of nearly every U.S. stock trade, not a crypto startup.
The sticking point is where the tokens actually live.
At launch they run on Canton and a private DTCC version of Besu, with Stellar and Circle's Arc slated for 2027.
Does Wall Street's own tokenization rail pull assets onto public chains, or keep them off?