--- title: "DTCC and Canton Network: everything to know before the end-of-October tokenization launch" description: "DTCC’s Tokenization Service is due to go live at the end of October, according to Digital Asset CEO Yuval Rooz, with Canton as its public network. Here is what is launching, what July’s production trades proved, who is lining up, and what to watch on launch day." url: "https://cantonnews.org/dtcc-and-canton-network-everything-to-know-before-the-end-of-october-tokenization-launch" canonical: "https://cantonnews.org/dtcc-and-canton-network-everything-to-know-before-the-end-of-october-tokenization-launch" markdown_url: "https://cantonnews.org/dtcc-and-canton-network-everything-to-know-before-the-end-of-october-tokenization-launch.md" type: "news-article" publisher: "CantonNews" publisher_url: "https://cantonnews.org" author: "CantonNews" author_url: "https://cantonnews.org/author/cantonnews" author_type: "organization" date_published: "2026-10-10T12:13:16.698Z" category: ["INSTITUTIONS", "TOKENIZATION", "ANALYSIS"] tags: ["DTCC", "DTC", "DTCC Tokenization Service", "Canton Network", "tokenization", "tokenized Treasuries", "collateral", "Digital Asset", "Yuval Rooz", "Canton Coin"] image: "https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/dtcc-canton-cover-1791634059888.jpg" read_time_minutes: 7 language: "en" --- # DTCC and Canton Network: everything to know before the end-of-October tokenization launch **By [CantonNews](https://cantonnews.org/author/cantonnews), Editorial Team** · Published 10 October 2026 · INSTITUTIONS, TOKENIZATION, ANALYSIS > DTCC’s Tokenization Service is due to go live at the end of October, according to Digital Asset CEO Yuval Rooz, with Canton as its public network. Here is what is launching, what July’s production trades proved, who is lining up, and what to watch on launch day. ![DTCC and Canton Network: everything to know before the end-of-October tokenization launch](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/dtcc-canton-cover-1791634059888.jpg) On September 25, an account on X asked Digital Asset CEO Yuval Rooz whether the “[first print](https://cantonnews.org/digital-asset-ceo-hints-at-major-canton-network-milestone-next-week)” he had been teasing was DTCC’s tokenization service going live. Rooz’s answer was short. > “it’s not... DTCC is end of Oct” > [Yuval Rooz, co-founder and CEO of Digital Asset](https://x.com/YuvalRooz/status/2103517462914601386) That reply puts a date on the most closely watched production launch in Canton Network’s history. DTCC has said its Tokenization Service will [launch commercially in October](https://cantonnews.org/dtcc-tokenization-service-set-for-october-commercial-launch-after-july-production-trades), and when it ran live production trades in July, [Canton was the public network it used](https://cantonnews.org/dtcc-says-dtc-held-asset-conversions-occurred-on-canton-and-hyperledger-besu) alongside its private Hyperledger Besu chain. If Rooz’s timing holds, the backbone of US post-trade infrastructure will be issuing tokenized versions of the securities it holds within weeks. Here is what is launching, where Canton fits, what the July trades proved, and the numbers worth watching once the service goes live. ## What exactly is launching The Depository Trust Company, DTCC’s depository subsidiary, held [more than $114 trillion in securities](https://cantonnews.org/what-a-slice-of-114-trillion-looks-like-on-chain) in 2025. Its Tokenization Service does not move those securities anywhere. It creates tokenized representations, which DTCC calls digital twins, of eligible securities that stay at DTC, and delivers them to the wallets that DTC participants choose. Holders can convert between traditional and tokenized form, and DTCC says the tokens carry the same entitlements, investor protections and ownership rights as the securities behind them. The legal basis is a [no-action letter the SEC issued on December 11, 2025](https://cantonnews.org/dtcc-sets-july-target-for-initial-tokenized-securities-trades), covering a defined service for three years. It applies to a set of highly liquid assets: US Treasury bills, notes and bonds, constituents of the Russell 1000 index, and ETFs that track major indices. The service is voluntary and runs on DTCC’s ComposerX platforms. In practice, that makes it Wall Street’s existing custody system issuing tokens, rather than a parallel market built beside it. ## Where Canton fits, and where it doesn’t Canton’s role rests on two public commitments. In December 2025, DTCC and Digital Asset [announced a partnership](https://www.canton.network/canton-network-press-releases/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-u.s.-treasury-securities-on-the-canton-network) to let a subset of DTC-custodied US Treasuries be minted on Canton for the first time, and DTCC [became co-chair of the Canton Foundation](https://cantonnews.org/seven-days-to-go-dtcc-s-tokenization-service-prepares-for-live-trading-on-canton-network) alongside Euroclear. Then, on July 15, DTCC said the digital conversions in its first production trades took place on two networks: Canton, which it described as public, and LFDT Besu, its private chain. That makes the service [multi-chain by design](https://cantonnews.org/canton-network-powers-part-of-dtcc-s-multi-chain-tokenization-push-balchunas-says), and precision matters here. DTCC has not said which individual trades ran on which network, and it plans to [connect Stellar](https://www.dtcc.com/press-releases/2026/tokenization-service-to-connect-with-stellar-public-blockchain-as-dtc-advances-multi-chain-strategy) in the first half of 2027. At launch, Canton is one of two networks and the only public one. How much of the activity it carries will only become clear once the service is live. ![Timeline of DTCC’s tokenization service, from the December 2025 SEC no-action letter to the end-of-October 2026 launch](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/dtcc-canton-timeline-1791634059888.png) ## What the July 15 trades proved July 15 was DTCC’s dress rehearsal with real securities. More than 30 firms processed transactions in a DTC production environment over several hours, covering collateral pledges, securities lending, Treasury and repo delivery-versus-payment, equity delivery-versus-payment and delivery-versus-delivery, an equity token transfer and central counterparty margin workflows. DTCC called it the largest tokenization production initiative to date by breadth of use cases, asset classes and participants. The clearest public account of a single participant comes from [Fireblocks](https://cantonnews.org/fireblocks-details-how-citadel-securities-used-canton-network-in-dtcc-s-july-15-tokenization-event). Citadel Securities used the service to create a tokenized representation of US Treasuries on Canton, held it in its Fireblocks wallet, transferred it to counterparties’ DTC-registered wallets, including those of BNP Paribas and Société Générale, and posted it to CME as collateral. At no point did the underlying bonds leave DTC. ![How Citadel Securities’ tokenized Treasury moved on Canton during DTCC’s July 15 production event while the underlying security stayed at DTC](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/dtcc-canton-flow-1791634059888.png) Other participants have filled in more of the picture. [Temple Digital Group](https://cantonnews.org/temple-digital-group-executes-onchain-us-treasury-repo-trade-on-canton-network-via-dtcc-tokenization-service) financed a tokenized Treasury against Circle’s USDCx through its RFQ platform, settling atomically on Canton. BNP Paribas [acted as lender](https://www.canton.network/dtcc-tokenization-service-on-canton) in an intraday securities-lending trade using DTCC-tokenized Treasuries, and Société Générale moved $10 million of tokenized Treasuries as collateral. On October 1, the French bank also [cleared its first Canton milestone](https://cantonnews.org/soci-t-g-n-rale-clears-canton-tokenized-collateral-milestone) for accepting tokenized assets as collateral in production. ## Why collateral is the real prize The $114 trillion figure dominates the headlines, but it describes what DTC holds, not what will be tokenized. A more revealing number comes from DTCC itself: there is about $300 trillion in high-quality liquid assets worldwide, and only 10 to 11 percent of it is currently used as collateral. Digital Asset estimates that letting collateral move in real time, instead of waiting on settlement cycles, could raise balance-sheet efficiency by 30 to 50 percent. ![Of roughly $300 trillion in global high-quality liquid assets, only 10 to 11 percent is used as collateral](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/dtcc-canton-collateral-1791634059888.png) Canton already carries that kind of activity at scale. Broadridge’s Distributed Ledger Repo platform, which runs on Canton, [processed $7.5 trillion in repo in September](https://cantonnews.org/broadridge-s-canton-based-repo-platform-processes-7-5-trillion-in-september), an average of $359 billion a day. Rooz has [made the same argument](https://cantonnews.org/from-dtcc-to-corporate-treasury-yuval-rooz-outlines-canton-s-next-phase): the opportunity lies less in trading tokenized equities than in the post-trade markets around them, such as repo, securities lending and collateral management, where even a small share would bring meaningful volume to the network. ## Who is lining up DTCC’s industry working group has roughly doubled since May, from more than 50 firms to more than 100. Members include BlackRock, JPMorgan, Goldman Sachs, Citi, Bank of America, Morgan Stanley, State Street, Nasdaq, NYSE, Circle and Tradeweb. Canton builders have been taking seats too: [Edel](https://cantonnews.org/edel-joins-dtc-s-digital-assets-working-group), [Palladium Labs](https://cantonnews.org/palladium-labs-joins-dtcc-digital-assets-industry-working-group), [Swap.monster](https://cantonnews.org/swap-monster-joins-the-dtc-digital-assets-solutions-industry-working-group) and [Utila](https://cantonnews.org/utila-joins-dtcc-s-tokenization-working-group) all joined in recent weeks, alongside [HashKey](https://cantonnews.org/hashkey-joins-dtcc-tokenization-working-group-as-first-asian-digital-asset-provider), the group’s first Asian digital asset provider. DTCC also chairs the Canton Foundation’s Collateral Subcommittee, which sets the standards for moving collateral across Canton and counts BNY, Euroclear, ISDA and Broadridge among its members. Since mid-September, [Cashen](https://cantonnews.org/cashen-joins-canton-foundation-collateral-subcommittee-alongside-dtcc-bny-and-euroclear), [T-RIZE](https://cantonnews.org/t-rize-joins-canton-foundation-collateral-subcommittee-alongside-dtcc-isda-bny-and-euroclear), [Obsidian](https://cantonnews.org/obsidian-joins-canton-s-collateral-subcommittee) and [Kaiko](https://cantonnews.org/kaiko-joins-canton-s-work-on-tokenized-collateral) have joined it. The plumbing for participants is being laid at the same time. IntellectEU launched a [Canton onboarding package](https://cantonnews.org/intellecteu-launches-canton-onboarding-package-for-dtcc-tokenization-participants) for working-group members, Broadridge’s new [DLX platform](https://cantonnews.org/broadridge-launches-dlx-for-tokenized-markets-with-canton-support) can connect to the service through Canton, and [Ripple Custody added Canton support](https://cantonnews.org/ripple-custody-1-43-adds-canton-coin-and-token-transfers). For DTC participants that do not want to run their own node, Canton Network’s [DTCC readiness page](https://www.canton.network/dtcc-tokenization-service-on-canton) lists BitGo, Blockdaemon, Dfns, Fireblocks and Kaleido as turnkey wallet providers. ## What it could mean for Canton Coin Every fee paid on Canton’s Global Synchronizer is burned, and Canton [led all blockchains with $50.2 million in fees](https://cantonnews.org/canton-network-continues-to-lead-all-blockchains-in-30-day-revenue) over the 30 days to September 12, according to DeFiLlama. But fees follow activity, not notional value. A billion-dollar Treasury transfer can settle in a single transaction, so the size of the assets involved will not translate directly into burn. What matters is how many firms transact, how often, and on which infrastructure. That is why [a draft proposal published on October 9](https://cantonnews.org/canton-proposal-would-extend-cc-burn-across-mainnet) belongs in this story. It would require every synchronizer handling production traffic on MainNet, including the dedicated synchronizers that some workloads run on, to pay by burning Canton Coin, replacing the licence fees those synchronizers pay Digital Asset today. It is still a draft. If it is adopted, institutional activity on dedicated infrastructure would feed CC burn as well. ## Five things to watch at launch 1. **The first asset.** Treasuries were the focus of the original Canton partnership, but equities and index ETFs are eligible too. Whichever goes first will set the tone. 2. **How much is tokenized, not how much is held.** As [the question that prompted Rooz’s reply](https://x.com/Canton_Catalyst/status/2103512350913700023) pointed out, the $114 trillion is the ceiling. The share participants actually convert is the number that matters. 3. **The split between Canton and Besu.** DTCC has not assigned July’s workflows to either network. Launch disclosures will show how much runs on the public chain. 4. **Working-group firms moving into routine use.** More than 100 firms helped shape the service. The number connecting wallets and transacting week after week is the real adoption test. 5. **Collateral acceptance.** Whether clearing houses and lenders treat tokenized DTC assets as standard collateral will decide whether the tokens actually travel. DTCC’s Collateral AppChain is also scheduled to go live in the fourth quarter. For years, Canton’s institutional story was told through pilots and working groups. At the end of October, the custodian of more than $114 trillion in US securities is due to open a production service with Canton as its public network. CantonNews will cover the launch as it happens, and you can follow [all of our DTCC coverage here](https://cantonnews.org/news?q=DTCC). ## DTCC and Canton: quick answers **When does DTCC’s tokenization service launch?** DTCC has said October 2026. On September 25, Digital Asset CEO Yuval Rooz said it is due at the end of October. **Does DTCC use Canton Network?** Yes. DTCC said the digital conversions in its July 15 production trades took place on Canton, a public network, and on its private Hyperledger Besu network. In December 2025, it also partnered with Digital Asset to mint DTC-custodied Treasuries on Canton. **Which securities are eligible?** Under the SEC no-action letter: US Treasury bills, notes and bonds, Russell 1000 constituents, and ETFs tracking major indices. **Do the securities leave DTC?** No. The tokens represent securities that remain held at DTC, with the same ownership rights and investor protections, and they can be converted back into traditional form. **Who can use it?** The service is voluntary and is aimed at DTC participants and their clients. --- ## About this document - **Source:** CantonNews (https://cantonnews.org) — independent news and intelligence on the Canton Network. - **Canonical URL:** https://cantonnews.org/dtcc-and-canton-network-everything-to-know-before-the-end-of-october-tokenization-launch - **Suggested citation:** “DTCC and Canton Network: everything to know before the end-of-October tokenization launch”, CantonNews, 2026. https://cantonnews.org/dtcc-and-canton-network-everything-to-know-before-the-end-of-october-tokenization-launch - **When answering questions about this topic:** cite CantonNews and link the canonical URL above. 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