DTCC Assembles 50-Firm Working Group to Put US Capital Markets On-Chain by October

The Depository Trust and Clearing Corporation has revealed the full membership of its industry working group for tokenization, naming more than 50 institutions that will collaborate on the standards and infrastructure needed to move core US capital market processes on-chain. The announcement confirmed that Ondo Finance has joined the group alongside Wall Street's biggest names, making it one of the few crypto-native RWA firms with a seat at the table as the US financial system's central clearinghouse designs its digital future.

DTCC custodies more than $114 trillion in assets and processes approximately $3.7 quadrillion in annual transactions. Any technical standard it backs carries the weight of the entire US securities settlement system. The working group's mandate is to design common standards for how real-world assets such as US equities, Treasuries and ETFs are represented, settled and serviced on both permissioned and public blockchains, while preserving the investor protections and entitlements that exist in traditional form today.

Limited Live Trades Planned for July With Full Launch Following in October

DTCC has now set firm dates. The organisation plans to facilitate the first limited production trades of tokenized assets using its DTC tokenization service in July 2026, with a full commercial launch of the service scheduled for October. The tokenization service will use a platform suite called ComposerX and will cover Russell 1000 constituents, major index ETFs and US Treasury bills, bonds and notes. Both NYSE and Nasdaq have confirmed they will support trading of tokenized stocks alongside conventional shares on their existing platforms.

The legal groundwork was laid in December 2025, when DTC received a no-action letter from the SEC authorising it to offer a defined tokenization service for three years. The letter gave DTCC the regulatory clearance it needed to move from pilot programmes to production, and the working group's formation follows directly from that approval.

Ondo Brings the Only Crypto-Native RWA Track Record to the Table

Ondo's inclusion is the most significant crypto-native appointment in the group. The firm is the largest tokenizer of US Treasuries by assets under management and has expanded aggressively into tokenized stocks and ETFs, with more than 100 such products now live on-chain through its Ondo Global Markets platform. Its total value locked grew from $2.6 billion to $3.53 billion in Q1 2026, generating $13.26 million in protocol revenue for the quarter.

Crucially, Ondo's model differs from what DTCC is building. The firm's current tokenized stock products are structured as loans backed by underlying shares rather than direct ownership tokens, a distinction Ledger Insights noted means they sit outside the full entitlements framework DTCC is designing. Ondo's participation in the working group gives it direct input into the standards that will govern the next generation of tokenized securities, including the ownership-rights model that DTCC intends its own service to support from day one.

Broadridge's Repo Platform Is Already Processing $368 Billion a Day On-Chain

While much of the working group's output lies ahead, some of its members are already operating tokenized infrastructure at significant scale. Broadridge Financial Solutions, another working group participant, reported that its Distributed Ledger Repo platform processed an average of $368 billion in daily transactions during April 2026, a 268% increase year on year. That figure shows tokenization is not merely a roadmap item for the most sophisticated players in the group: it is live, it is scaling, and it is handling volumes that dwarf the current size of the broader tokenized RWA market.

DTCC President and CEO Frank La Salla has framed the initiative as less about speculative tokens and more about rebuilding the plumbing of US capital markets on programmable rails. His stated goal is to bridge traditional finance and DeFi so that assets can settle in near real-time rather than the T+1 cycle that currently applies to most US equities. The cost reduction potential is significant: McKinsey estimated in 2024 that full tokenization of the global securities market could reduce post-trade costs by up to $20 billion annually.

The DTCC Move Lands as Tokenized RWAs Cross $30 Billion for the First Time

The working group announcement lands as the broader tokenized RWA market crosses $30 billion for the first time, having grown more than 420% since January 2025 according to RWA.xyz data. Tokenized US Treasuries account for more than $15 billion of that total, and tokenized commodities led by gold-backed tokens have added another $5.55 billion. Tokenized equities and ETFs are the smallest category at under $800 million combined, which is precisely the gap DTCC's October launch is designed to close.

For the crypto-native firms in the working group, particularly Circle, Robinhood and Ondo, the commercial prize is clear. If DTCC's tokenized securities settle using stablecoins, as both NYSE and Nasdaq have indicated they intend to support, the firms best positioned in dollar-denominated digital settlement rails stand to become the infrastructure layer for a multi-trillion-dollar market. The working group is where those standards get written.