Overview
- In December 2025 the SEC issued a No‑Action Letter that allows a three‑year DTCC pilot to place real DTC‑custodied securities on a blockchain under close supervision.
- DTCC is in pre‑production in mid‑June 2026 and is targeting limited production tokenized trades in July 2026 that would expand in October 2026.
- The pilot will include select Russell 1000 stocks, major index ETFs and U.S. Treasuries and has been developed with more than 50 financial firms, including large asset managers and banks.
- DTCC built the service on its 2023 Securrency acquisition, rebranded as DTCC Digital Assets, and plans a planned integration with the Stellar public blockchain in the first half of 2027 as part of a multi‑chain approach.
- Regulators and market participants say the pilot is cautious: DTCC aims to preserve existing legal ownership and custody rights, the SEC can restrict or stop the program if issues arise, and tokenization could shorten settlement while raising custody, compliance and resilience challenges.