DTCC Tokenization Service: Welcome

The Tokenization Service enables DTC participants—on a voluntary basis—to:

• Register wallets
• Convert eligible securities from their DTC participant accounts into tokenized assets held in registered wallets

This guide provides information on use of the Tokenization Service to:

• Manage your digital accounts
• View securities eligible for the service
• Register a wallet
• Create a Conversion Order (tokenize a security)

Additional features of the Tokenization Service

• DTC participants may register wallets for use with the service. Tokens are transferable solely between Registered Wallets on the platform.
• Regardless of underlying client arrangements, the DTC participant associated with a Registered Wallet remains the entitlement holder of record.
• Tokenized securities processed through the Tokenization Service remain recorded in DTC’s official books and records.
• The service integrates specific blockchains. Although the service is wallet-agnostic, wallet providers may have integration requirements.

Benefits of Tokenized Transactions

• Tokenized transactions can enable near real-time settlement through atomic delivery versus payment. Securities and cash move simultaneously to reduce settlement risk.
• Tokenization can enable automation by embedding corporate actions and compliance controls directly into smart contracts, allowing them to execute automatically as the asset moves.
• Tokenization offers a significant advantage for specific use cases, such as collateral management. In appropriate market arrangements, tokenized collateral can move high‑quality assets in near real-time across borders and time zones, enabling faster margin response and more efficient collateral use.
• More efficient collateral use and effective liquidity management.

Note

You can read the SEC’s Division of Trading and Markets No-Action letter, which permitted DTC to launch a three‑year pilot to tokenize highly liquid securities, such as U.S. Treasuries and ETFs, beginning in 2026. The program uses whitelisted wallets and a Digital Omnibus Account, with DTC remaining the official recordkeeper.