The Depository Trust & Clearing Corporation is preparing to open commercial access to its tokenization service at the end of this month. The post-trade giant will let approved institutions create digital twins of traditional securities. The pool covers $30 trillion in assets, about a quarter of funds held by the DTC central securities depository.
The first phase is not open to public blockchains. DTCC will start on two permissioned platforms: the Canton Network and its own Hyperledger Besu environment. Canton uses CIP-56; Besu runs on ERC-20. Live operations begin with 25 liquid instruments. They include U.S. Treasuries, major ETFs, and large-cap stocks from the Russell 1000.
Wall Street pilot sets the stage
The service follows a closed July pilot with more than 30 Wall Street institutions. An October 16 DTCC report described a cautious start. Tokens are pegged 1:1 to underlying securities and keep CUSIP codes and legal rights. DTC remains owner of the official registry.
For users, the process is plain. Converting securities through a UI or API should take no more than 15 minutes. That work is limited to East Coast business hours, 2:00 to 18:00 ET. Once inside, institutions can move tokenized assets between wallets around the clock.
Stellar waits for 2027
Stellar is not part of the first wave. The Stellar Development Foundation has confirmed the project as a 2027 launch partner. Integration with public networks was already planned for the first half of 2027, and the schedule has not changed. Stellar will use its SEP-41 standard and join alongside Circle’s Arc solution.
That delay matters for XLM holders who hoped for an early role. The private Canton and Besu networks will handle the first commercial flow. Stellar stays on the waiting list, perhaps longer if DTCC tightens its rollout.
What comes next
DTCC says it will expand the list of securities, add support for corporate actions, and test on-chain collateral settlements using digital cash. The plan is a large attempt to connect traditional trillions to distributed ledgers. It is also a careful one. Regulators and banks still want closed systems before open ledgers. For now, the $30 trillion market is opening behind permissioned walls.
