DTCC's tokenization service is live on two blockchains, with 20 firms in

DTCC's tokenization play is live on two blockchains. The clearing giant is running the service on Canton Network and on its own private Besu network, with 20 participants already signed up. More networks are on the roadmap for 2027.

The mechanics are built around "digital twins." DTC, DTCC's depository arm, mirrors securities it holds as tokens that carry the same ownership rights, investor protections and economic benefits as the originals. Holders can move between the security and the token, and back again.

Morgan Stanley is already in the water. The bank, which had previously flagged plans to adopt the service, said it has used it to tokenize U.S. equities and Treasuries. DTCC built the thing with input from more than 150 firms.

The regulatory runway got cleared in December 2025, when SEC Division of Trading and Markets staff handed DTC a no-action letter for its proposed preliminary tokenization program, attached to stated conditions. That program covered Russell 1000 constituents, major index exchange-traded funds and U.S. Treasuries.

Now the question is reach. DTCC says it intends to extend tokenized securities through a core U.S. market utility, and the 2027 plan to add blockchain networks suggests the current two-chain setup is a starting point, not the finish line.