DTCC aiming to make all 1.4 million securities in its custody digitally eligible

The Depository Trust & Clearing Corporation (DTCC), the central plumbing behind U.S. capital markets, says it is preparing to support digital representations of all 1.4 million securities currently held within its custody system, deepening its commitment to tokenization and redefining how far the technology could reach in U.S. capital markets.

While DTCC’s tokenization platform — built following its 2023 acquisition of Securrency — has already been publicly disclosed, a new comment from DTCC President of Clearing and Securities Services Brian Steele on Thursday suggests the effort is much broader in scope than previously understood.

“Our goal is to eventually enable investors to access the entirety of the market of DTC-eligible securities, which is roughly about 1.4 million CUSIPs, to become digitally eligible and have been onboarded through direct registration,” Steele said during a recent panel alongside Nadine Chakar, DTCC’s global head of digital assets.

That ambition implies a future in which equities, mutual funds, fixed income products, and other instruments could all be moved on-chain, at least in tokenized form, on demand. The rollout is opt-in, and assets will not be forcibly migrated. But DTCC is building infrastructure designed to let participants convert securities into tokenized formats and back in as little as 15 minutes.

The system allows clients to access decentralized finance strategies or 24/7 settlement rails while maintaining a connection to traditional market liquidity. Tokenized assets will preserve existing ownership rights, legal protections, and bankruptcy treatment.

“We are not dictating which wallet or blockchain clients should use,” Chakar said. “Everything we’re doing is to meet them where they are.”

First Focus: Collateral

While the long-term vision is broad, DTCC is starting with one use case that has near-term traction: collateral optimization.

By enabling atomic settlement and 24/7 movement of collateral, DTCC aims to help firms access new financing strategies and shift capital more efficiently across regions and time zones. Tokenized cash — via stablecoins or deposits — will also be supported.

“Collateral is the first port of call,” Steele said. “It’s where we see real, measurable impact today.”

No Bridges, More Standards

DTCC also laid out a firm position against blockchain bridges, citing security concerns. Instead, tokens will be burned and reissued when moved between chains, under the control of DTCC’s orchestration layer.

Chakar emphasized the importance of interoperability built on standards, not just connections. “What we do have today is interconnectivity, and it’s really not the same, but we’re on a journey, and we are definitely committed to working with the industry to get there.”

With one of the largest inventories of financial assets in the world, DTCC’s tokenization roadmap could reshape the post-trade landscape—not by reinventing the market, but by digitizing what’s already there.

“Tokenization has moved from talking points to proof points,” Chakar said. “Now we’re building production infrastructure — and it’s not theoretical.”