Brief
Central securities depository for virtually all US securities settlement. Building a tokenization service under a December 2025 SEC no-action letter that authorizes three years of tokenized record-keeping for Russell 1000 stocks, major-index ETFs, and US Treasuries. On May 4, 2026 it convened a 50+ firm Industry Working Group (BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Morgan Stanley, Circle, Anchorage, and others) to set standards. Targeting limited production trades July 2026 and full service launch October 2026. Separately tokenizing DTC-custodied treasuries on Canton Network and collaborating with LayerZero's Zero blockchain.
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries, Equities
- Regulatory
- dtcc-settlement-2026
- Jurisdiction
- US
Milestones
How this player got here.
- May 2026Convened 50+ firms (BlackRock, JPMorgan, Goldman, Morgan Stanley, Ondo, Circle, Anchorage) into the Industry Working Group
- Dec 2025Received SEC No-Action Letter authorizing 3-year tokenization service for Russell 1000, ETFs, and US Treasuries
- Feb 2025T+0 settlement roadmap published
- Nov 2024Canton Network settlement pilot
- May 2024Smart NAV pilot with mutual funds
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
- Canton NetworkBuilds on
- LayerZeroIntegratesZero infrastructure collaboration
- ChainlinkIntegratesSmart NAV pilot
- JPMorganIntegratesSettlement platform
- Franklin TempletonIntegratesSmart NAV participant
- BNY MellonIntegratesCollateral services
- State StreetIntegratesSmart NAV participant
- InvescoIntegratesSmart NAV participant
- Goldman SachsIntegratesSettlement platform
- BroadridgeIntegratesDLR repo settlement
- RobinhoodIntegratesSettlement platform
- Fidelity InvestmentsIntegratesSettlement platform
- FireblocksIntegratesCustody infrastructure
- NasdaqIntegratesTokenized equity settlement
