The Depository Trust & Clearing Corporation (DTCC) plans to test trading tokenized securities in July with the aim of launching a full service in October.
The post-trade market infrastructure giant said Monday that more than 50 TradFi and DeFi companies will play a role in designing and rolling out the service. This DTCC industry working group includes Alpaca, Anchorage Digital, BitGo Bank & Trust, BlackRock, Circle and Fireblocks, as well as some of the largest banks in the country.
Source: DTCC
DTCC, which currently maintains $114 trillion in liquid assets from stocks to exchange-traded funds, said it expects the service to enable the tokenization of real-world assets that provide the same rights, investor protections and ownership rights as assets held in traditional form.
In December, DTCC received approval from the U.S. Securities and Exchange Commission (SEC) to offer tokenization services on pre-approved blockchains for three years.
“While this program is a pilot project subject to various operational limitations, it marks a significant additional step in moving markets on-chain,” said SEC Commissioner Hester Peirce. said at the time.
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While the pilot phase will test limited production transactions, the full service is expected to tokenize a specific set of some of the most widely traded liquid assets, including exchange-traded funds that track major indexes, components of the Russell 1000, U.S. Treasuries, bonds and notes, according to the DTCC announcement.
The tokenized RWA market is growing, but remains concentrated
The value of real-world tokenized assets jumped 66% in 2026, with funds, gold and stocks fueling the growth of public blockchains.
Data from analytics platform RWA.xyz shows that tokenized stocks alone grew from $375.4 million on May 3, 2025 to around $1.21 billion on May 3, 2026. Kraken’s xStocks platform has become one of the most visible entrants, reporting over $25 billion in cumulative trading volume since its launch last year.
In January, the New York Stock Exchange and its parent company, the Intercontinental Exchange, announced the development of a new platform for trading tokenized stocks and ETFs. The platform, subject to regulatory approvals, is intended to support a new trading platform on the NYSE for tokenized securities.
Tokenized stocks recently surpassed the value of $1.2 billion. Source: RWA.xyz
Rather than creating a crypto-native parallel market, the site is designed to operate within existing US market rules while leveraging blockchain-based settlement infrastructure.
NYSE Group and Kraken parent company Payward are part of the DTCC industry task force announced Monday.
In March, Reid Noch, vice president of e-commerce at TD Securities, said tokenization is starting to have real implications for market structure, highlighting the NYSE’s proposed tokenized stock alternative trading system as a key development.
Noch described the structure as being closer to a “2.0” market shift, where custody and settlement would remain anchored at DTCC, while trading would comply with national best bid and offer requirements.
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