DTCC's own July 15, 2026 announcement confirms it has entered tokenized securities/stocks via its Tokenization Service, executing live production trades ahead of an October 2026 launch. Ondo Finance corroborates the first tokenized stocks built on DTCC infrastructure alongside major TradFi firms. As DTCC is core U.S. securities settlement infrastructure, the claim that its entry raises competitive pressure on smaller tokenization firms is a reasonable analytical characterization supported by these primary sources. The factual core is well documented; only the competitive-impact framing is interpretive commentary from the Phemex article.