Represents the first step in DTCC’s broader strategy to hold securities on-chain custodied at DTC
New York/London/Hong Kong/Singapore, December 17, 2025 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, alongside Digital Asset Holdings (Digital Asset) and the Canton Network, today announced a new partnership to enable the tokenization of The Depository Trust Company (DTC)-custodied assets on the Canton Network. The partnership reflects Digital Asset’s and DTCC’s mutual commitment to pioneering digital transformation across capital markets. Today’s partnership announcement follows DTCC’s recent receipt of a No-Action Letter from the SEC to implement and operate a new service to tokenize real-world, DTC-custodied assets.
With this partnership, DTCC plans, for the first time, to enable a subset of U.S. Treasury securities custodied at DTC to be minted on the Canton Network. The organizations are working towards an MVP, in a controlled production environment during the first half of 2026, with plans to increase the size and scope of the project in the months that follow, based upon client interest. To begin, DTCC will leverage its ComposerX suite of platforms to enable the tokenization of U.S. Treasury securities custodied at DTC.
“DTCC’s partnership with Digital Asset and the Canton Network is a strategic step forward as we collaborate across the industry to build a digital infrastructure that seamlessly bridges the traditional and digital financial ecosystems and provides unmatched scalability and safety,” said Frank LaSalla, CEO of DTCC. “This collaboration creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with U.S. Treasury securities and eventually expanding to a broad spectrum of DTC-eligible assets across network providers.”
“This partnership reflects the collective ambition of leading market participants to create future-proof, interoperable financial ecosystems,” said Yuval Rooz, Co-Founder and CEO of Digital Asset. “DTCC’s leadership in this space not only accelerates industry adoption but establishes a foundation for meaningful innovation, unlocking new liquidity opportunities, products, and operational improvements.”
While the full DTCC, Digital Asset and Canton Network partnership roadmap is anticipated to unfold over multiple years, the first phase aims to deliver tangible benefits to market participants by providing access to digitized financial instruments in a secure and regulated environment. This phased approach helps ensure flexibility and adaptability, allowing participants to adopt decentralized technologies while meeting regulatory requirements.
“Our goal is to enable the industry and DTC Participants to take advantage of tokenization capabilities that enhance liquidity, operational efficiency and market transparency. We welcome the opportunity to partner with Digital Asset and the Canton Network to bring this first, production environment activity live,” stated Brian Steele, Managing Director, President, Clearing & Securities Services at DTCC. “This effort builds upon DTCC’s prior collateral mobility experiment and is part of the firm’s broader strategy to advance a secure, transparent and interoperable digital asset ecosystem that leverages the full potential of blockchain technology across network providers while ensuring the resiliency and safety of traditional markets.”
It is anticipated that adoption of tokenized securities could generate significant operational and financial efficiencies across market participants, including major market makers and hedge funds. The ability to streamline processes, reduce operational risk, and enhance capital efficiency is also anticipated to create a positive impact on balance sheets.
In addition to the tokenization initiative, DTCC will assume a leadership position within the Canton Network’s decentralized governance structure, joining the Canton Foundation as co-chair alongside Euroclear. This new role will enable DTCC to actively participate in setting industry-wide standards for decentralized financial infrastructure.
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About the DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2024, DTCC’s subsidiaries processed securities transactions valued at U.S. $3.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $99 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.
About the Canton Network:
The Canton Network is the only public, permissionless blockchain purpose-built for institutional finance–uniquely combining privacy, compliance, and scalability. Governed by the Canton Foundation with participation from leading global financial institutions, Canton enables real-time, secure synchronization and settlement across multiple asset classes on a shared, interoperable infrastructure. The open-sourced network is powered by its native token, Canton Coin, and supports decentralized governance and collaborative application development. It’s the proven link between the promise of blockchain and the power of global finance, making finance flow the way it should.