The Depository Trust Company has launched its production tokenization service, bringing blockchain-based securities directly into existing U.S. post-trade infrastructure. According to DTCC’s official launch announcement, 20 DTC Participants have signed agreements to access the service, including J.P. Morgan, Citi, Morgan Stanley, Bank of America, Fidelity, State Street and UBS. The platform supports tokenized representations of securities that remain held within DTC custody.
DTCC’s product page lists 34 securities available for tokenization at launch representing approximately $30 trillion in assets under DTC custody. That figure is a potential asset pool, not $30 trillion already issued onchain. When a participant converts an eligible position, the conventional security is immobilized within DTC and a corresponding tokenized entitlement is created with the same ownership rights, economic interests and investor protections.
DTCC Moves Tokenization Into Existing Market Plumbing
The launch follows live production transactions involving tokenized equities and Treasuries completed in July across repo, securities lending, collateral and delivery-versus-payment workflows. The distinction is that tokenization has now moved from scheduled production exercises into an ongoing DTC service, although actual adoption will depend on how many securities participants choose to convert and use.
Canton Network and DTCC’s private Besu environment provide the initial blockchain infrastructure, with additional networks expected in 2027. DTC-registered wallets can transfer tokenized positions 24/7 within supported networks, while the underlying securities remain anchored to existing custody records. The architecture builds on DTCC’s earlier selection of Canton for DTC-custodied securities. The model extends traditional market infrastructure onto blockchain rails rather than replacing DTC custody with independent crypto assets.
Other developments this week show similar infrastructure moving into narrower financial workflows. Hong Kong’s Monetary Authority has upgraded Project Ensemble’s EnsembleTX pilot to support 24/7 settlement of tokenized transactions using tokenized central-bank money. The HKMA says the capability can support corporate treasury activity and secondary trading of tokenized funds on licensed platforms. It does not establish universal 24/7 trading for every tokenized fund in Hong Kong.
Tokenized Funds Move Into Treasury and Liquidity Workflows
Uber has separately completed a corporate treasury pilot with HSBC, Franklin Templeton, Tradeweb and Fireblocks on Canton. The company used HSBC Tokenized Deposits to purchase tokenized Franklin Templeton money market fund shares and demonstrated redemption outside conventional market hours. The pilot connected bank money and investment assets through delivery-versus-payment settlement, but no transaction amount or permanent production deployment was disclosed.
That use case reflects a broader shift from simply issuing funds onchain toward making them operational in treasury, collateral and liquidity workflows. Franklin Templeton has already connected tokenized fund shares to institutional collateral arrangements, illustrating how fund tokenization can become useful after issuance rather than remaining only a digital representation of ownership.
Aviva Investors has moved in a similar direction by launching a tokenized share class of its Sterling Liquidity Fund on XRP Ledger. The underlying fund has approximately £22 billion in total AUM, but that should not be interpreted as £22 billion already tokenized on XRPL. The launch creates a blockchain-based share class inside an existing regulated fund while preserving its investment objective, liquidity characteristics and investor protections. It follows Aviva’s earlier tokenization of a USD Liquidity Fund share class in July.
Taken together, the developments point less to financial markets abandoning existing rails than to tokenization being inserted into custody, settlement, treasury and fund-distribution systems that institutions already use. DTCC’s $30 trillion launch universe is the largest illustration of that shift, but the relevant adoption metric will be how much of that eligible value is actually converted, transferred and used in production workflows.