The Depository Trust & Clearing Corporation launched its DTCC Tokenization Service on Oct. 28, 2026, connecting the Depository Trust Company’s $114 trillion custody platform to production tokenization for the first time. The service creates digital representations of eligible securities already held by DTC, preserving their ownership rights, investor protections and economic entitlements while allowing conversion between traditional and tokenized forms. DTS currently operates on the Canton Network and DTCC’s private Besu network, with additional blockchains planned for 2027. Twenty DTC participants have signed access agreements, including JPMorgan, Morgan Stanley, Bank of America, Barclays, Citi, Fidelity Investments, UBS and State Street, although DTCC has not disclosed tokenized transaction volumes or identified securities converted through the service. Ondo Finance is an ecosystem collaborator and helped shape the service through DTC’s Digital Assets Solutions Industry Working Group. The company has issued CRCLon, tied to Circle stock, and SPYon, tied to the SPDR S&P 500 ETF, using tokenized entitlements backed by DTC. Ondo was also the first tokenization company to join DTCC’s Fund/SERV. The platform was developed with input from more than 150 firms and follows a December 2025 U.S. Securities and Exchange Commission no-action letter covering components of the Russell 1000, exchange-traded funds tracking major indexes and U.S. Treasury securities. DTCC previously completed limited live production and onchain transactions, including a July 2026 tokenized U.S. securities transaction supported by Chainlink and more than 30 institutions. The launch establishes regulated infrastructure for institutional tokenization, but access agreements do not demonstrate regular usage or secondary-market liquidity.