The world's largest clearing depository, the Depository Trust & Clearing Corporation (DTCC), has officially launched a platform for tokenizing traditional assets in a "live" mode. This is not just a test — it is a full-scale transition of part of the capital market to blockchain. The first on the list for tokenization include Microsoft shares, leading exchange-traded funds (ETFs), and U.S. government bonds.
The new service operates through the DTCC subsidiary — The Depository Trust Company (DTC). The key difference from all previous projects is legal clarity. These are not "wrapped" assets, but full-fledged securities in tokenized form. Holders of such tokens retain all rights: ownership rights, dividend rights, and voting rights. Moreover, the assets can be converted back to traditional form without losing their legal status.
How the infrastructure works
The platform has been launched in a controlled working environment for DTC participants and their clients. This approach allows the system to be tested under real market conditions while minimizing global risks. The launch was preceded by extensive industry testing involving more than 50 companies, including giants such as BlackRock, BNP Paribas, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and State Street.
The first basket of assets includes not only Microsoft and Circle shares, but also major ETFs such as QQQ and SPY, as well as Treasury bond funds and the U.S. government bonds themselves. Token settlements are carried out on the Hyperledger Besu and Canton Network.
Strategy and future of the market
According to DTCC management, this launch is just the first step in a long-term strategy to integrate traditional and decentralized finance. The company aims to prove that both systems can work side by side. The full rollout of the service is scheduled for October of this year. After that, all clients of the depository, which holds assets worth over $114 trillion, will be able to tokenize eligible securities.
It is important to note that this move aligns with the global trend of growth in the tokenization sector within traditional finance. A year earlier, the DTCC service had already received approval from the U.S. Securities and Exchange Commission (SEC).
Expert opinion: The DTCC launch is not just an experiment, but a signal to the entire market. When the world's largest clearing depository begins tokenizing assets, it means the infrastructure is ready for mass adoption. In the coming years, we will see tokenization become the standard for institutional investors, rather than just a buzzword.