The Lede
The Depository Trust & Clearing Corp. (DTCC) has confirmed its ambition to make all 1.4 million securities in its custody eligible for digital tokenization. Brian Steele, President of Clearing & Securities Services, signaled the move on Jan. 15, framing it as a bid to fundamentally redefine capital markets infrastructure. This roadmap follows a critical SEC No-Action Letter issued on Dec. 11, 2025, which authorized a three-year pilot program for blockchain-based settlement.
The Pilot & The Platform
While the long-term goal covers the DTCC’s entire catalog, the initial phase is specific. Starting in H2 2026, the pilot will focus on “highly liquid” assets, including U.S. Treasuries and constituents of the Russell 1000 index. The operation relies on ComposerX, the proprietary suite launched in Feb. 2025 (formerly Securrency), which integrates token issuance with legacy settlement systems.
We’ve reached a critical inflection point… The ultimate objective is to build production-ready, secure, and efficient digital market infrastructure. Nadine Chakar, Global Head of Digital Assets at DTCC
Under the pilot’s terms, the tokens themselves are not the securities; they represent “security entitlements” while the underlying assets remain immobilized with Cede & Co. This structure satisfies the SEC’s requirement to maintain current legal protections while testing 24/7 mobility and programmable collateral.
Market Reaction
Despite the macro implications for Real World Assets (RWA), crypto markets remained muted. Ondo Finance (ONDO) traded flat at $0.40 (-2%), while infrastructure provider Chainlink (LINK) slipped 1% to $13.89. The disconnect suggests the market has yet to price in the institutional plumbing being laid by the world’s largest settlement house.
