NEW YORK ‒ The Depository Trust & Clearing Corporation (DTCC), the leading post-trade market infrastructure for global financial markets, together with Digital Asset Holdings (Digital Asset) and the Canton Network, announced a new partnership to support the tokenization of assets held at The Depository Trust Company (DTC) on the Canton Network.
This collaboration reflects DTCC’s and Digital Asset’s shared focus on advancing digital innovation across capital markets. It also follows DTC’s recent receipt of a No-Action Letter from the U.S. Securities and Exchange Commission (SEC), allowing DTC to implement and operate a new service that tokenizes real-world assets held in DTC custody.
Under this partnership, DTCC plans, for the first time, to enable a segment of U.S. Treasury securities held at DTC to be issued as tokens on the Canton Network. The parties are working toward a minimum viable product (MVP) in a controlled production setting in the first half of 2026, with the intention to expand the scope and scale of the project over time, depending on client demand. DTCC will use its ComposerX suite of platforms to support the tokenization of these DTC-custodied U.S. Treasury securities.
Digital Asset and the Canton Network
“DTCC’s work with Digital Asset and the Canton Network is a strategic move as we partner across the industry to build a digital infrastructure that connects traditional and digital financial systems and delivers unmatched scale and safety,” said Frank La Salla, CEO of DTCC.
“This relationship gives the industry a roadmap to bring real-world, high-value tokenization use cases to market, starting with U.S. Treasury securities, and over time extending to a wide range of DTC-eligible assets across network providers.”
“This partnership shows the shared vision of leading market participants to build future-proof, interoperable financial systems,” said Yuval Rooz, Co-Founder and CEO of Digital Asset. “DTCC’s leadership in this area speeds up adoption and creates a strong base for meaningful innovation, opening the door to new liquidity options, new products, and better operational performance.”
The full roadmap for the DTCC, Digital Asset, and Canton Network collaboration is expected to stretch over several years. The initial phase focuses on delivering clear value to market participants by giving them access to digitized financial instruments in a secure, regulated environment. This phased rollout supports flexibility, so firms can adopt decentralized technologies while still meeting regulatory standards.
DTCC to Take a Leading Role
“Our goal is to give the industry and DTC Participants access to tokenization tools that support liquidity, operational efficiency, and market transparency. We’re pleased to work with Digital Asset and the Canton Network to bring this initial, production-level activity to life,” said Brian Steele, Managing Director and President, Clearing & Securities Services at DTCC.
“This work expands on DTCC’s prior collateral mobility experiment and fits into our broader strategy to support a secure, transparent, and interoperable digital asset ecosystem that uses the full power of blockchain technology across network providers while keeping traditional markets safe and stable.”
The adoption of tokenized securities is expected to deliver meaningful operational and financial benefits across the market, including for major market makers and hedge funds. By simplifying processes, cutting operational risk, and improving capital efficiency, tokenization is also expected to support stronger balance sheets.
Alongside the tokenization initiative, DTCC will take on a leading role within the Canton Network’s decentralized governance framework. DTCC will join the Canton Foundation as co-chair, together with Euroclear. In this position, DTCC will help shape industry standards for decentralized financial infrastructure.
About DTCC
With more than 50 years of experience, DTCC is the leading post-trade market infrastructure for the global financial services sector. Operating from 20 locations worldwide, DTCC and its subsidiaries automate, centralize, and standardize the processing of financial transactions. The firm reduces risk, increases transparency, improves performance, and drives efficiency for thousands of broker/dealers, custodian banks, and asset managers.
Owned and governed by the industry, DTCC focuses on purposeful innovation, simplifying the complexity of clearing, settlement, asset servicing, transaction processing, trade reporting, and data services across asset classes. The firm strengthens existing financial markets while also supporting the growth of the digital asset ecosystem.
In 2024, DTCC’s subsidiaries processed securities transactions with a total value of U.S. $3.7 quadrillion, and its depository subsidiary provided custody and asset servicing for securities issued in more than 150 countries and territories, with an aggregate value of U.S. $99 trillion.
DTCC’s Global Trade Repository service, through its locally registered, licensed, or approved trade repositories, processes more than 25 billion messages each year. To learn more, visit www.dtcc.com or follow DTCC on LinkedIn, X, YouTube, Facebook, and Instagram.
