The DTCC is pushing for on-chain US Treasury bonds, with Wall Street's clearing system initiating the tokenization of government bonds.

December 17 — The Depository Trust & Clearing Corporation (DTCC), the U.S. securities market’s core infrastructure operator, announced plans to tokenize U.S. Treasury bonds and list them on a blockchain — a key milestone for Wall Street’s multi-trillion-dollar trading ecosystem in adopting distributed ledger technology (DLT). DTCC will enable a subset of U.S. Treasury bonds held by its subsidiary, the Depository Trust Company (DTC), to be minted as on-chain assets on the Canton Network (a permissioned blockchain built by Digital Asset). The firm intends to eventually expand the initiative to a wider array of eligible securities. The project has secured a rare three-year no-action letter from the U.S. Securities and Exchange Commission (SEC), confirming the regulator will refrain from enforcement action as long as the initiative operates as planned. Initial eligible assets include U.S. Treasury bonds, select ETFs, and securities tied to the Russell 1000 Index. The group plans to launch a Minimum Viable Product (MVP) in H1 2026 and scale based on institutional demand. DTCC will also join the Canton Network’s governance body and serve as co-chair alongside Euroclear for the Canton Foundation.