DTCC has launched the DTCC Tokenisation Service through its Depository Trust Company subsidiary, creating tokenised representations of securities held at DTC.

The service allows market participants to convert eligible securities between traditional and tokenised forms and deliver them to digital wallets. It is intended to bring tokenised securities into regulated financial markets through DTC's existing market infrastructure.

DTC holds more than USD $114 trillion in assets under custody, linking the initiative to one of the largest pools of securities in market infrastructure. Tokenised securities created through the service are designed to retain the ownership rights, investor protections and economic entitlements of the underlying traditional securities.

Twenty DTC participants have signed agreements to access the service: Alpaca, Apex Clearing Corporation, Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities, Morgan Stanley, State Street, UBS and Velocity Capital.

Users will be onboarded on a rolling basis. The early participants span banks, brokerages and market-making firms, suggesting broad interest from established securities businesses as tokenisation moves further into regulated markets.

The service was developed with input from more than 150 firms in DTCC's DTC Digital Assets Solutions Industry Working Group, which brought together firms from traditional finance and digital asset markets as the framework was built.

"Today marks the culmination of years of work to bring tokenized securities into a regulated framework supported by trusted market infrastructure," said Frank La Salla, President and Chief Executive Officer of DTCC.

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