DTCC has published an at-a-glance overview of its Tokenization Service, setting out what goes live at launch and what follows in 2027. For Canton, the headline is in the network section: Canton is one of two blockchains live at launch, and the only public one, with tokens issued under Canton’s CIP-56 token standard. The other is Besu, DTCC’s private network.
The service is due to launch this month. DTCC has said October, and Digital Asset CEO Yuval Rooz has pointed to the end of October.
The service in four numbers
- 25 securities available to tokenize at launch
- About $30 trillion in assets available to be tokenized, roughly a quarter of the more than $114 trillion DTC holds
- 1:1 backing by securities held at DTC
- 24/7 peer-to-peer transfers between DTC-registered wallets on the same network
Two networks at launch, two more in 2027
At launch, tokens will live on Canton and on Besu, where they use the ERC-20 standard. That matches the July 15 production event, when DTCC said the digital conversions took place on Canton and Besu. The overview lists two networks as anticipated in 2027: Stellar, using its SEP-41 standard, and Arc, Circle’s new blockchain, using ERC-20. DTCC is one of Arc’s founding validators. Further networks will be added in line with client and market demand.
What works on day one
DTC participants will convert securities into tokens through a web interface or an API. Conversions run from 2 a.m. to 6 p.m. Eastern time on business days, with a target of 15 minutes or less. The resulting token carries the same CUSIP, the same rights and the same investor protections as the book-entry security, and DTC’s official books and records stay where they are.
Once converted, the tokens can move peer to peer, 24 hours a day, between registered wallets on the same network. Wallet registration is open at launch to select third-party wallets, and the tokens are compliance-enabled, with transfer restrictions built in. US Treasuries also get on-chain servicing from the start: distributions and maturities are handled on-chain, with payments made in fiat to participants’ traditional accounts.
Three asset classes are eligible, each starting small. Russell 1000 equities begin with select large-cap names, ETFs with a select group, and Treasuries with a select set of bills, notes and bonds. All three are set to expand over time.
The 2027 roadmap
The second half of the document is the more ambitious part. DTCC lists six areas on its roadmap for 2027 and beyond:
- More networks, starting with Stellar and Arc
- More eligible securities across the Russell 1000, ETFs and Treasuries
- Enhanced controls, including single sign-on and maker-checker approvals
- Expanded asset servicing for equity and ETF corporate actions
- A consolidated stock record across book-entry and on-chain positions
- Settlement and collateral, including on-chain netting and digital cash
DTCC also plans to bring more eligible DTC participants on board over time. It says priorities will be set during 2027 with input from participants and the industry, and it describes the roadmap as indicative: scope, priorities and timing remain subject to its SEC no-action letter and may change.
What it means for Canton
Launching on Canton puts DTC-backed tokens on a public network from the first day, issued under the same CIP-56 standard used by assets across the Canton ecosystem. The limits matter, though. Transfers at launch run between DTC-registered wallets, and only select third-party wallets can register, so these are not open-access tokens.
The roadmap item to watch is settlement and collateral. Today, Treasury payments still land in fiat accounts. Adding digital cash and on-chain netting would let tokenized securities and payments settle together. That is the kind of workflow tested in July, when Temple settled a tokenized Treasury against USDCx and Citadel Securities posted tokenized Treasuries to CME as collateral, and the focus of the Canton Foundation Collateral Subcommittee that DTCC chairs. If it arrives, the service moves from issuing tokens to moving collateral, where Digital Asset sees the biggest efficiency gains.
Quick answers
Which blockchains does the DTCC Tokenization Service use?
Canton Network and DTCC’s private Besu network at launch, with Stellar and Circle’s Arc anticipated in 2027.
How many securities can be tokenized at launch?
25, drawn from Russell 1000 equities, ETFs and US Treasuries, with about $30 trillion in assets available to be tokenized.
When can tokens move?
Peer-to-peer transfers between DTC-registered wallets run 24/7. Conversions between book-entry and token form run 2 a.m. to 6 p.m. ET on business days.
When does it launch?
DTCC has said October 2026. Digital Asset CEO Yuval Rooz has said the end of October.
