Momentum is building for the institutional adoption of tokenized securities in the U.S. The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced on Dec. 11 that its subsidiary DTC received a no-action letter (NAL) from the U.S. Securities and Exchange Commission (SEC), authorizing a new tokenization service for DTC-custodied assets.

DTCC shared on social media platform X:

In an historic milestone, DTC received a no‑action letter from the SEC to tokenize certain DTC‑custodied assets. By leveraging blockchain, DTCC aims to bridge TradFi and DeFi, advancing a more resilient, inclusive and efficient global financial system.

“The no-action letter authorizes DTC to offer a tokenization service for DTC participants and their clients on pre-approved blockchains for three years,” the announcement details. “Under the NAL, DTC will have the ability to tokenize real-world assets, with the digital version having all the same entitlements, investor protections and ownership rights as the asset in its traditional form.” The announcement further states: “In addition, DTC will provide the same high level of resiliency, safety and soundness as that of traditional markets.”

The approval is widely viewed as significant because it embeds tokenization within systemically important market infrastructure rather than positioning it as an experimental overlay. By explicitly preserving legal certainty, custody standards, and investor protections, the framework addresses core concerns that have limited institutional participation in digital asset markets.

Read more: Largest Clearing House in the US Acquires Digital Asset Firm Securrency

Frank La Salla, President and CEO of DTCC, opined:

Tokenizing the U.S. securities market has the potential to yield transformational benefits such as collateral mobility, new trading modalities, 24/7 access and programmable assets, but this will only be achievable if market infrastructure provides a robust foundation to usher in this new digital era.

The broader implications of the no-action letter extend well beyond DTCC’s own services. Authorization to tokenize highly liquid assets, including the Russell 1000, major index-tracking ETFs, and U.S. Treasury securities, signals growing regulatory comfort with blockchain-based representations of core financial instruments. DTCC Managing Director Brian Steele said the initiative shows innovation can scale without compromising the resilience that underpins U.S. markets, while Nadine Chakar, managing director and head of digital assets at DTCC, said distributed ledger technology enables programmability and mobility while maintaining trust.

With DTC planning a controlled rollout in the second half of 2026, the move positions tokenization as a structural evolution of capital markets infrastructure. As regulatory clarity reaches systemically important institutions, the decision may accelerate institutional adoption and reinforce the case for tokenized assets as a mainstream component of global finance.

• What did the SEC approve for DTCC and DTC?
  The SEC issued a no-action letter allowing DTC to offer a tokenization service for DTC-custodied assets on approved blockchains.
• Which assets can be tokenized under the DTC framework?
  Highly liquid assets such as U.S. Treasury securities, Russell 1000 stocks, and major index-tracking ETFs are included.
• Why is the DTCC tokenization approval significant?
  It embeds tokenization within systemically important market infrastructure while preserving investor protections and legal certainty.
• When will DTC roll out its tokenization service?
  DTC plans a controlled rollout of the tokenization service in the second half of 2026.

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