The DTCC is promoting the on-chain representation of U.S. Treasury bonds, and the Wall Street clearing system is initiating the tokenization of government bonds

The core infrastructure operator of the U.S. securities market, DTCC (Depository Trust & Clearing Corporation), announced plans to tokenize U.S. Treasury securities and introduce them on-chain, marking an important step for Wall Street's multi-trillion-dollar trading system towards blockchain.

DTCC stated that it will allow a portion of U.S. Treasury securities held by its subsidiary DTC (Depository Trust Company) to be minted as on-chain assets on the Canton Network (a permissioned blockchain developed by Digital Asset), with plans to gradually expand to a broader range of eligible securities in the future. The plan has received a rare three-year no-action letter from the SEC, confirming that the SEC will not take enforcement action as long as it operates as outlined. Initially applicable assets include U.S. Treasuries, certain ETFs, and securities tracking the Russell 1000 Index. The three parties plan to launch a minimum viable product (MVP) in the first half of 2026 and gradually scale up based on institutional demand. DTCC will also join the governance of the Canton Network and co-chair the Canton Foundation alongside Euroclear.