Wall Street’s Backbone DTCC Teams with Digital Asset to Tokenize U.S. Treasuries on Canton Network

The plumbing of global finance just got a blockchain upgrade. The Depository Trust & Clearing Corporation (DTCC), the behemoth that settles most U.S. securities transactions, is partnering with blockchain firm Digital Asset to bring U.S. Treasury securities onto the Canton Network. This isn't a test—it's a direct move to tokenize the world's safest asset.

Why This Move Cuts Through the Noise

Forget speculative crypto assets. This project targets the $26 trillion U.S. Treasury market, the bedrock of the global financial system. Tokenization here means creating digital, programmable versions of T-bills and bonds that can settle in minutes, not days. The Canton Network, a privacy-enabled blockchain designed for institutions, provides the rails. It's a system built for compliance, not anonymity.

The Institutional On-Ramp Just Got Paved

This partnership bypasses years of regulatory hand-wringing. DTCC's involvement signals that the old guard isn't just watching—it's building. The project aims to create a seamless bridge between traditional settlement systems and blockchain-based networks. Imagine institutional portfolios where Treasuries, equities, and digital assets interoperate on a single, automated ledger. The efficiency gains could be staggering, even if the fees for moving them probably won't change.

A Provocative Step Toward a Unified Ledger

This collaboration pushes beyond proof-of-concepts into live, scalable infrastructure. It answers the biggest critique of institutional crypto: where's the real volume? By tokenizing Treasuries, DTCC and Digital Asset are injecting the ultimate form of 'real-world asset' liquidity directly into the digital ecosystem. It’s a masterstroke that could make blockchain indispensable to mainstream finance, finally giving portfolio managers something to tokenize besides their excuses.

The future of finance isn't about replacing banks—it's about making their most profitable, slow-moving machinery run at internet speed. With DTCC at the wheel, that future just got a lot closer.

Regulatory Backing Allows On-Chain Expansion

The latest partnership follows DTCC’s recent receipt of a No-Action Letter from the U.S. Securities and Exchange Commission, allowing it to implement and operate a new service to tokenize real-world assets held at The Depository Trust Company (DTC).

The firm said regulatory clarity provides the foundation for DTCC’s on-chain strategy allowing the organization to experiment with blockchain-based workflows while remaining aligned with existing market safeguards and compliance standards.

By working with Digital Asset and the Canton Network, DTCC said it aims to bridge traditional post-trade infrastructure with distributed ledger technology in a controlled and institution-ready environment.

U.S. Treasury Tokenization Pilot Planned for 2026

Under the partnership, DTCC plans to mint a subset of U.S. Treasury securities custodied at DTC on the Canton Network.

The organizations are also targeting a minimum viable product in a controlled production environment during the first half of 2026. Based on client demand, DTCC said it expects to expand both the scale and scope of the project in subsequent phases.

To support the initiative, DTCC said it will leverage its ComposerX suite of platforms, which is designed to facilitate tokenization and interoperability across market infrastructures.

Building Institutional-Grade Digital Infrastructure

DTCC CEO Frank LaSalla describes the collaboration as a step toward creating digital infrastructure that connects traditional and digital financial ecosystems.

“This collaboration creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with U.S. Treasury securities and eventually expanding to a broad spectrum of DTC-eligible assets,” he said.

Long-Term Vision for Capital Markets Tokenization

Digital Asset Co-Founder and CEO Yuval Rooz said the partnership highlights a collective ambition among market leaders to build interoperable, future-proof financial systems.

He notes that DTCC’s involvement could unlock new liquidity opportunities, products, and operational efficiencies across capital markets.

While the full roadmap is expected to unfold over several years, the initial phase is intended to deliver benefits to market participants by providing access to tokenized U.S. Treasurys in a regulated environment.

JPMorgan to Launch Tokenized Money-Market Fund on Ethereum

Earlier this week the Wall Street Journal report reported JPMorgan Chase’s $4 trillion asset-management division is launching its first tokenized money-market fund on the ethereum blockchain, according to a

The bank will initially seed the vehicle with $100 million of its own capital before opening it to external investors, reports the WSJ.