TL;DR

• On October 28, DTCC's DTC launched tokenization services, with 20 participating institutions signing connection agreements.
• On-chain tokens are digital copies of the rights of custody securities, with unchanged security identification codes and rights, and do not issue new securities.
• Related subjects: Canton (CC), JPMorgan, Citibank, State Street.

On October 28, 2026, DTCC (the Depository Trust & Clearing Corporation) announced that the DTCC Tokenization Service is officially launched. Twenty DTC participating institutions, including JPMorgan, Citibank, State Street, Morgan Stanley, Bank of America, and Barclays, have signed connection agreements, with subsequent rollouts planned.

Once the news spread, the headline "The $30 trillion US stocks go on-chain" became widely circulated. However, what DTCC is actually doing is creating a digital copy that can be brought on-chain or reverted back to traditional form of the official record of "who owns this custody security" in the DTC ledger. The US stock market itself has not moved to a public blockchain.

It is important to clarify a layer of relationships. The US stocks that investors see in their brokerage accounts legally represent a security entitlement recorded in the DTC ledger, not a stock certificate. DTC has created an on-chain mirror of the same entitlement, backed by custody securities at a 1:1 ratio, maintaining CUSIP (security identification code), ownership, economic rights, and investor protection.

Two Forms of the Same Stock

DTC has not issued any new securities. Its approach is to mint the existing custody positions into "tokenized entitlements," which are then delivered to participating wallets. The so-called "on-chain" here refers to the rights records being put on-chain, rather than issuing new securities.

The official boundaries are very specific. On the same chain, when both parties have registered wallets, tokens can be transferred point-to-point 24/7, with transfers settling immediately, without waiting for T+1. However, conversions between traditional and token forms, as well as cross-chain transfers, still require DTC's conversion service, which is open from 2:00 PM to 6:00 PM Eastern Time on business days, aiming to complete within 15 minutes.

On the first day, over 30 convertible securities were available, covering some Russell 1000 constituents, ETFs tracking major indices, and US Treasury bonds. The first day connected to two chains, namely Canton and the privately owned Besu network of DTCC. Plans are in place to connect to other networks in 2027.

The $30 trillion figure comes from DTCC's stated criteria, referring to the total market value corresponding to this batch of convertible securities. It represents the "tokenizable scope," not the scale that has already been minted.

Who Can Use It, What Can Be Transferred, What Cannot Be Done

This service is not open to the public. Only DTC participating institutions can connect directly, and tokens can only flow between wallets registered with them. It is a controlled channel for institutions, not an open DeFi, nor a new trading application for ordinary investors.

The legal basis is a no-action letter given to DTC by the SEC’s Trading and Markets Division on December 11, 2025. Staff indicated that within the three years described by DTC, enforcement actions are not recommended. This is a temporary exemption at the staff level, not a legislative act by Congress, nor a permanent authorization.

SEC Commissioner Hester Peirce referred to this as a gradual step towards moving the market on-chain, while reminding that this is a pilot project with operational limitations.

Before launch, on July 15 of this year, DTC completed small-scale production trading with over 30 institutions, covering collateral, borrowing, repurchase, and equity settlement. However, there is still a distance from signing agreements to volume running. On the first day of launch, DTCC did not disclose minting volume or transfer counts.

Canton's Market Didn't Keep Up With the "$30 Trillion"

The crypto market interpreted this as a sole catalyst for Canton. Market data shows that CC was priced at around $0.10 before and after its launch, remaining stable within 24 hours, and dropped about 11% over 7 days, without showcasing any volume breakthrough matching the "30 trillion on-chain."

Multi-chain design is one reason. DTCC's Chief Digital Officer Nadine Chakar stated clearly that no single chain can carry the volume they need. On the first day, Besu was alongside Canton, with Stellar expected to join in the first half of 2027, and Circle's Arc also on the roadmap.

Another line was progressing on the same day. According to the Wall Street Journal, JPMorgan, AMD, Coca-Cola, and other companies have joined the camp opposing the unauthorized tokenization of their stocks by third parties, extending the list to 33 companies.

These third-party products only relate to price, not providing voting rights, and issuers can request delisting. DTCC sells the same CUSIP and the same rights. The two forms of "tokenized stocks" are vying for the definition of the same term.

Citibank's judgment stands on the latter side. Nadine Teichman, head of tokenized securities at Citibank, stated that the industry will move towards digital twins like DTCC, and consumers must distinguish exactly what they are buying. Citibank's research anticipates that in a mid-2026 baseline scenario, tokenized assets will reach $5.5 trillion by the 2030s. That is a forecast for 2030, not validation of this launch.

The Door Has Opened, but Scale Is Not Yet Here

To gauge the weight of this matter, one should not look at the length of the list but whether there is any volume. The signing of 20 agreements only indicates that major banks do not wish to be absent from the official channel, and does not mean that all 20 are actively participating.

The absence of names also carries information value. Industry media Ledger Insights pointed out that the largest custodian bank in the US, BNY Mellon, and Goldman Sachs, which participated in the July trial run, are not among the first batch to connect.

Stronger constraints come from the settlement mechanism. In the traditional system, NSCC (National Securities Clearing Corporation) net settlement can compress the actual settlement volume to about 2% of the total trading volume. If the on-chain lacks netting and also lacks on-chain cash, the narrative of 24/7 transfer efficiency is only half completed. Cross-chain and on-chain cash settlement are currently both on the roadmap for 2027.

Whether the no-action letter can be converted to a permanent status after three years remains unanswered. The entrance has indeed opened, but whether it is "just opened a door" or "moved house" will depend on the minting volume in the next few quarters, whether collateral application chains can run smoothly, and when tokenized deposits or stablecoins will be introduced.

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