Depository Trust & Clearing Corporation (DTCC) has received approval from the U.S. Securities and Exchange Commission (SEC) for a pilot implementation of a regulated tokenized service.
This step stands out as an important development towards bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). Moreover, this initiative could positively impact many assets in the cryptocurrency market.
Approval from the SEC for Tokenization of Assets to DTCC
In a recent statement, DTCC announced that its subsidiary The Depository Trust Company (DTC) has received a No-Action Letter from the SEC. This allows DTC to tokenize real-world assets that are currently in its custody under existing federal securities laws. The service is expected to be launched in the second half of 2026.
The No-Action Letter decision allows DTC to offer its tokenized service for the first phase over three years. During this process, DTC will be able to issue blockchain-based representations of certain traditional securities. Digital tokens will provide the same ownership rights, investor protections, and legal guarantees as traditional assets.
According to DTCC, this authorization encompasses a limited group of assets with high liquidity. These include stocks in the Russell 1000 index, exchange-traded funds tracking major indices, as well as U.S. Treasury bonds, notes, and bills.
DTCC Chairman and CEO Frank La Salla stated: 'The tokenization of the U.S. securities market has the potential to offer transformative advantages such as collateral mobility, new trading opportunities, 24/7 access, and programmable assets. However, these can only be realized if the market infrastructure provides a solid foundation for this transition into the digital age.'
Which Altcoins Could Rise with DTCC's Tokenized Service?
DTCC emphasizes that it can offer 'tokenized service in a limited production environment' on selected blockchains. Notably, no definitive decision has yet been made regarding any network.
However, this development has accelerated speculation about which ecosystems in the digital asset sector could benefit from DTCC's tokenization step. Here are three altcoins that could potentially stand out:
1. Ethereum (ETH)
Ethereum is seen by many as one of the strongest candidates. According to Matthew Sigel, Head of Digital Assets Research at VanEck, the likelihood of selecting Ethereum for DTCC's tokenized service is '99% high.'
On-chain data also supports this approach. As of December 12, the total market value of tokenized real-world assets is approximately 18.48 billion dollars, with about 66% of this on Ethereum.
RWA.xyz data shows that there are currently approximately 12.2 billion dollars worth of tokenized RWAs on the Ethereum network. Thus, Ethereum holds the dominant position as the public blockchain in this space.
The fundamental role of Ethereum in the issuance of tokenized assets further strengthens its position when combined with network security and a large developer community. DTCC has also previously utilized Ethereum in various initiatives.
This development could accelerate the process of making Ethereum a foundational layer for global finance by capturing transaction fees and liquidity from tokenized securities.
Chainlink (LINK): Number 2
Another significant candidate is Chainlink. Chainlink is often referred to as a layer that connects on-chain and off-chain systems. This role aligns closely with DTCC's focus on regulated tokenization, data integrity, and compliance. Its oracle infrastructure, cross-chain integration capabilities, and proof-of-reserve solutions particularly stand out for institutional use.
There is also a history of collaboration between the two organizations. In 2023, DTCC and Chainlink worked together on SWIFT's cross-chain compatibility project.
In September 2025, Chainlink collaborated with DTCC and 24 financial institutions to seek solutions for inefficiencies in corporate transactions. While all these collaborations further increased Chainlink's reliability, they also boosted optimism in the community.
3. Ondo Finance (ONDO)
At the bottom of the list is Ondo Finance. Leading in tokenized stocks by total value, Ondo constitutes 51.64% of the tokenized public stock market with a size of 361.2 million dollars. The total market is 699.51 million dollars.
Ondo's recent clearance from a two-year investigation by the U.S. Securities and Exchange Commission (SEC) has greatly boosted the tokenization drive in the U.S. In the last 30 days, Ondo's market share has increased by 12.67%, indicating its readiness for larger institutional fund inflows.
As DTCC's initiative progresses, the potential inclusion of all three networks could create significant advantages for ecosystems. This could enhance reliability, allow for deeper liquidity, and strengthen the impacts on real-world use cases.
From a market perspective, ongoing institutional adoption of tokenized securities could influence price performance in the long run. Increased on-chain activity, higher transaction volumes, and tighter integration with regulated financial systems could lay the groundwork for structural demand supporting ETH, LINK, and ONDO over time.
