The next wave of tokenized stocks could come from TradFi incumbents themselves. DTC sits at the center of U.S. securities custody and settlement and is developing a service that would let approved institutions tokenize positions already held there. Those tokens could later be converted back into traditional holdings when needed. Because those securities are already in DTC’s system, institutions could use existing positions for onchain settlement, collateral, and lending. That creates a path for much larger balances to move onchain through infrastructure the market already relies on. DTC’s tokens would stay within registered wallets, but its inventory could still matter for open markets. Public chain issuers could eventually use those shares to create and redeem their own tokens, giving onchain trading and lending a much larger stock inventory to draw from.