Depository Trust & Clearing Corporation (DTCC) has been approved by the U.S. Securities and Exchange Commission (SEC) to launch a regulated tokenization services pilot program.
This marks a significant step in bridging traditional finance (TradFi) with decentralized finance (DeFi), and this project is expected to bring benefits to various asset types in the cryptocurrency market as well.
DTCC has been approved by the U.S. SEC for the tokenization of assets.
In a recent announcement, DTCC stated that its subsidiary, The Depository Trust Company (DTC), received a No-Action Letter from the SEC, allowing the transfer of real-world assets into tokens under DTC's oversight according to federal securities law. This project is expected to begin operations in the second half of 2026.
The No-Action Letter allows DTC to provide tokenization services in an initial phase for a period of 3 years. During this time, DTC can issue digital assets based on traditional securities on the blockchain, and these tokens will have ownership rights, investor protections, and legal rights similar to the originals.
According to DTCC, this approval applies to a number of highly liquid asset classes, including stocks in the Russell 1000 Index, ETFs tracking major indices, and U.S. Treasury bills, notes, and bonds.
Tokenizing the U.S. stock market could create transformative benefits, such as enhancing collateral potential, opening new trading formats, 24/7 accessibility, and programmable assets. All this can happen only if the market infrastructure is robust enough to support this new digital era, as Frank La Salla, President and CEO of DTCC, stated.
Which altcoin in the United States might benefit from DTCC's tokenization services?
DTCC emphasizes that the company is authorized to provide tokenization services only in a “limited production environment on a selected blockchain.” Currently, no network has been chosen for such services.
However, this project has sparked predictions in the digital asset sector about which ecosystems will benefit the most from DTCC's entry into the tokenization business, and here are three altcoins that may gain advantages.
1. Ethereum (ETH)
Ethereum is often viewed as one of the top contenders, with Matthew Sigel, head of digital asset research at VanEck, stating there is a “99%” chance that DTCC will choose Ethereum for its tokenization services.
Additionally, on-chain data further supports this view, as of December 12, the total value of real assets that have been tokenized is approximately 18.48 billion USD, with Ethereum holding about 66% market share, the highest.
Data from RWA.xyz shows that currently the network has a value of tokenized RWA of about 12.2 billion USD, making Ethereum the prominent public blockchain in this group.
Ethereum's significant role in issuing tokenized assets, combined with its security and extensive developer ecosystem, reinforces its position. Moreover, DTCC has previously utilized Ethereum for various projects.
These factors enhance Ethereum's opportunity to earn transaction fees along with liquidity from tokenized securities and may help accelerate Ethereum's transformation into the foundational layer of the global financial system.
2. Chainlink (LINK)
The next contender is Chainlink, which is often referred to as a crucial connector between on-chain and off-chain systems, aligning with DTCC's emphasis on tokenization that is under regulatory oversight, data certification, and cross-platform connectivity. Chainlink's oracle structure, cross-chain capabilities, and proof-of-reserve solutions address institutional use cases very effectively.
Both organizations also have a history of collaboration, as in 2023, DTCC and Chainlink partnered on SWIFT's blockchain interoperability project.
In September 2025, Chainlink partnered with DTCC and 24 financial institutions to address inefficiencies in the data management processes of companies. Therefore, considering this past collaboration, it further enhances Chainlink's credibility and has increased confidence within the community.
3. Ondo Finance (ONDO)
The last entry is Ondo Finance, as it leads in the tokenized equity sector with the highest total value. Ondo holds 361.2 million USD, representing 51.64% of the total market for tokenized registered equity valued at 699.51 million USD.
Recently, Ondo received confirmation from the SEC after a lengthy two-year audit, further supporting Ondo's expansion in the token market in the United States. With a market share growth of 12.67% over the past 30 days, Ondo is well-positioned to robustly accommodate increasing institutional investment.
Thus, as DTCC's projects move forward, the opportunity for inclusion may positively impact all three networks. This will help enhance credibility, deepen liquidity, and reinforce real-use cases within this entire ecosystem.
From a market perspective, it is evident that the increasing acceptance of tokenized assets by institutions may impact price movements in the long term. The rise in blockchain activity, higher transaction volumes, and deeper connections with the regulated financial infrastructure all support structural demand for ETH, LINK, and ONDO in the long run.
