The core securities infrastructure in the United States begins to connect to public chains. This entry into Solana is not an ordinary stock-mapped token but a tokenized asset supported by the traditional custody system, retaining the original securities rights.

On November 12, the Depository Trust & Clearing Corporation (DTCC) announced plans to integrate its securities tokenization service with the Solana network in the second half of 2027. At that time, eligible stocks, ETFs, and U.S. Treasury bonds can be transformed into on-chain assets through DTCC's tokenization service, circulating between traditional financial infrastructure and blockchain networks.

The plan is backed by the massive traditional securities market. DTCC disclosed that its depository institution DTC had approximately $114 trillion in securities value under custody and serviced in 2025. Now, this infrastructure is beginning to extend to public chains.

34 securities, approximately $30 trillion in assets, are already eligible for tokenization

DTCC's tokenization service did not start with Solana.

On October 28, DTCC officially launched the Tokenization Service, initially integrating with the Canton Network and DTCC's private Besu network. The service allows eligible participants to convert securities stored within the DTC system into tokenized form and switch between traditional and tokenized forms.

The first batch of eligible securities includes 34 stocks, ETFs, and U.S. Treasury bond-related assets, representing about $30 trillion in tokenizable asset scale.

It is important to distinguish: the $30 trillion refers to the scale of eligible assets, not the total value of tokens already issued on the blockchain, let alone funds that have flowed into Solana.

Currently, DTCC has announced 20 contracted participating institutions, including traditional financial institutions such as JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, UBS, and Fidelity.

Solana is the new network in DTCC's multi-chain strategy. According to the plan, the tokenized versions of assets held by DTC are expected to be available on Solana in the second half of 2027.

What is the difference from ordinary synthetic stock tokens?

In the past, the crypto market has seen many on-chain tokens linked to stock prices of companies like Apple, Tesla, and NVIDIA.

However, these types of products are typically issued by third parties and track stock prices through collateral, derivatives, or other structures. Holding a token does not necessarily mean the holder owns the actual stock of the corresponding company, nor do they necessarily enjoy shareholder voting rights, dividends, or other rights.

The model promoted by DTCC this time is different.

Tokenized assets correspond to securities actually held within the DTC system. According to DTCC's explanation, the tokenized version retains the ownership rights, investor protection, and regulatory assurance of the original securities, and can be converted between traditional forms and tokenized forms.

In simple terms, the core of ordinary synthetic stock tokens is to track price, while DTCC aims to realize a on-chain form of real securities while retaining original legal rights.

This distinction determines that the markets targeted by the two are different: the former mainly serves crypto trading needs, while the latter hopes to connect brokers, custodian banks, asset management institutions, and the traditional securities market.

Why do traditional securities need to enter public chains?

The traditional securities market already has a mature trading, custody, and settlement system. DTCC does not intend to completely replace these systems with blockchain, but hopes to add a new way for asset circulation.

Securities tokenization could bring about three changes.

Firstly, asset liquidity. The trading, settlement, and transfer of traditional securities are restricted by market operating hours and existing processes, whereas on-chain assets have the opportunity to be transferred over a longer time frame.

Secondly, collateral efficiency. Tokenized securities can be more conveniently moved between different financial institutions and digital asset systems in the future, increasing the flexibility of collateral deployment.

Thirdly, multi-chain interoperability. DTCC has not bound its services to any single public chain but first connected to Canton and the private Besu, then plans to connect to Solana, and continue to expand to other networks.

This means that the competition among public chains is no longer just about competing for trading users and DeFi funds, but has begun to vie for the issuance, custody, and settlement entry of traditional financial assets.

The real test is whether assets can enter actual financial processes

For Solana, DTCC's integration plan brings recognition from traditional securities infrastructure, but that does not mean that tens of trillions of dollars in assets will automatically enter the Solana ecosystem.

Actual implementation still depends on whether participating institutions adopt it, which securities receive support, how wallet and trading permissions are managed, and whether tokenized assets can be accepted by other financial systems.

Especially since DTCC emphasizes retaining the original investor protections and regulatory arrangements, this also means that the use of on-chain assets is not completely open. Holder qualifications, compliance requirements, and asset transfer rules will still be subject to traditional securities system constraints.

DTCC's connection to Solana this time deserves attention not for how many assets are ready to go on-chain, but rather because the traditional securities registration, custody, and settlement system is beginning to provide a genuine entry point for on-chain assets. RWA is transitioning from third-party issued tokens to a direct involvement of traditional financial infrastructure.

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