DTCC receives green light to launch tokenisation service
12 December 2025 US, UK, Hong Kong
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The Depository Trust and Clearing Corporation’s (DTCC) subsidiary, the Depository Trust Company (DTC), has received a No-Action Letter (NAL) from the US Securities and Exchange Commission (SEC) to offer, under federal securities laws and regulations, a new service to tokenise real-world, DTC-custodied assets, in a controlled production environment.
DTC anticipates beginning to roll out the service in the second half of 2026.
The No-Action Letter authorises DTC to offer a tokenisation service for DTC participants and their clients on pre-approved blockchains for three years.
Under the NAL, DTC will have the ability to tokenise real-world assets, with the digital version having all the same entitlements, investor protections and ownership rights as the asset in its traditional form.
In addition, DTC will provide the same high level of resiliency, safety and soundness as that of traditional markets.
The authorisation applies to a defined set of highly liquid assets, including the Russell 1000 Index, which represents 1,000 large publicly traded US companies, as well as ETFs tracking major indices and US Treasury bills, bonds, and notes.
The No-Action Letter is significant because it allows DTC to launch the service once finalised, under certain limitations and representations, more quickly than would have otherwise been possible.
Frank La Salla, president and CEO, DTCC, comments: “I want to thank the SEC for its trust in us. 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, but this will only be achievable if market infrastructure provides a robust foundation to usher in this new digital era.
“We welcome this opportunity to further enable and innovate for the industry, our participants and their clients. We look forward to partnering across the industry to tokenise real-world assets safely and securely while advancing the future of finance for generations to come.”
DTC anticipates beginning to roll out the service in the second half of 2026.
The No-Action Letter authorises DTC to offer a tokenisation service for DTC participants and their clients on pre-approved blockchains for three years.
Under the NAL, DTC will have the ability to tokenise real-world assets, with the digital version having all the same entitlements, investor protections and ownership rights as the asset in its traditional form.
In addition, DTC will provide the same high level of resiliency, safety and soundness as that of traditional markets.
The authorisation applies to a defined set of highly liquid assets, including the Russell 1000 Index, which represents 1,000 large publicly traded US companies, as well as ETFs tracking major indices and US Treasury bills, bonds, and notes.
The No-Action Letter is significant because it allows DTC to launch the service once finalised, under certain limitations and representations, more quickly than would have otherwise been possible.
Frank La Salla, president and CEO, DTCC, comments: “I want to thank the SEC for its trust in us. 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, but this will only be achievable if market infrastructure provides a robust foundation to usher in this new digital era.
“We welcome this opportunity to further enable and innovate for the industry, our participants and their clients. We look forward to partnering across the industry to tokenise real-world assets safely and securely while advancing the future of finance for generations to come.”
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