The Depository Trust & Clearing Corporation plans to spread its tokenization infrastructure across several blockchains rather than place U.S. capital-market settlement on one network.
“We process $4 quadrillion of settlements a year. There’s no blockchain that can handle that,” Nadine Chakar, DTCC’s global head of digital assets, said during a Bloomberg Trillions interview. DTCC is working with Canton, Stellar and several other networks as it moves tokenized securities into production.
DTCC subsidiaries processed $4.7 quadrillion in securities transactions during 2025 and provided custody and asset servicing for $114 trillion in securities. Replicating that throughput, asset coverage and operational resilience on one public blockchain would create capacity, privacy and concentration risks for infrastructure supporting U.S. stocks, bonds and funds.
The company’s model keeps DTC’s existing ownership records at the center while allowing approved participants to move blockchain-based representations of securities between registered wallets.
Canton and Stellar Anchor Multi-Chain Rollout
Canton is handling part of DTCC’s first production activity. The privacy-focused network allows regulated institutions to synchronize transactions while limiting sensitive position and counterparty information to authorized participants.
DTCC and Digital Asset began developing a Canton route for DTC-custodied Treasurys after securing regulatory clearance in December. Its July production trial includes collateral transfers, repo transactions and equity trades involving almost 40 firms, including JPMorgan, BlackRock, Goldman Sachs, Vanguard and the New York Stock Exchange.
The trial expands the DTCC tokenization soft launch, which began with selected stocks, exchange-traded funds and U.S. Treasurys ahead of the full service rollout in October.
Stellar provides a separate public-network route. DTCC plans to connect DTC-tokenized assets to Stellar during the first half of 2027, giving approved firms access to public blockchain infrastructure while retaining DTC-backed ownership rights and asset servicing.
Interoperability Replaces Blockchain Exclusivity
DTCC’s tokenization platform is designed to let the same regulated asset move across approved networks rather than remain trapped inside one blockchain environment. Its ComposerX infrastructure handles token creation, lifecycle management and connections between DTC’s traditional systems and blockchain rails.
The Securities and Exchange Commission authorized the controlled service for three years in December 2025. Eligible tokenized positions must retain the same economic rights, investor protections, dividends and governance entitlements as their conventional form.
The current production group is already testing those assets through the JPMorgan, BlackRock and Goldman Sachs tokenization trial. Participants can convert supported securities into tokens, use them in approved transactions and return them to DTC’s conventional book-entry system. DTCC’s full service is scheduled to open to eligible participants in October 2026.
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