DTCC announced its tokenization service on May 4, 2026, and moved it into limited production in July after receiving a December 2025 SEC No-Action Letter. The platform is designed to bring Russell 1000 components, exchange-traded funds and U.S. Treasuries onto distributed ledgers, with more than 50 firms participating, including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo and Nasdaq. DTCC, which custodies $114 trillion in securities and processed $4.7 quadrillion in transactions in 2025, previously identified October 2026 as the planned date for commercial operation, initially involving U.S. Treasuries on Canton Network and LFDT Besu chains. Nasdaq, NYSE Arca and the broader NYSE also secured 2026 approvals for tokenized settlement or related rule changes. The SEC and CFTC subsequently expanded the regulatory framework for tokenized NMS stocks, collateral and recordkeeping. The developments coincide with growth in stablecoin-linked products and a tokenized asset market valued by rwa.xyz at about $38.6 billion in late September 2026, although Citi expects legacy and tokenized systems to operate alongside each other during a potentially difficult transition.