The Depository Trust & Clearing Corporation (DTCC) has received approval from the U.S. Securities and Exchange Commission to experiment with a tokenized service.
This is an important step towards bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). Furthermore, the initiative is likely to benefit several assets in the cryptocurrency market.
DTCC receives approval from the SEC to tokenize assets
In a recent announcement, DTCC stated that its subsidiary, the Depository Trust Company (DTC), received a no-action letter from the Securities and Exchange Commission. This allows it to tokenize real assets held under the custody of DTC under existing federal securities laws. The service is expected to launch in the second half of 2026.
The no-action letter allows DTC to offer tokenization services for an initial three-year period. During this time, DTC will be able to issue blockchain-based representations of certain traditional securities, with the digital tokens carrying the same ownership rights, investor protections, and legal rights as their traditional counterparts.
According to DTCC, the mandate applies to a limited set of highly liquid assets. These include stocks in the Russell 1000 index, exchange-traded funds tracking major benchmarks, U.S. Treasury bills, and bonds.
Frank La Salla, CEO of the American Stock Exchange, stated, "Tokenizing the U.S. securities market has the potential to yield transformative benefits such as guaranteed portability, new trading venues, 24/7 access, and programmable assets, but this will only be possible if the market infrastructure provides a strong foundation for entering this new digital age."
Which alternative coins could benefit from DTCC's tokenization service?
DTCC has confirmed that it is permitted to provide "limited production environment tokenization services on select blockchains." Notably, specific networks have not yet been selected for this service.
However, this initiative has sparked speculation in the digital asset sector about which regulatory frameworks may ultimately benefit from DTCC's move towards tokenization. Here are three alternative coins that may benefit:
1. Ethereum (ETH)
Ethereum is widely viewed as one of the leading candidates. According to Matthew Sigel, head of digital asset research at VanEck, there is a "99% chance" that DTCC will choose Ethereum for tokenization services.
Chain data supports this view. As of December 12, the total distributed value of tokenized real assets was approximately $18.48 billion, with Ethereum representing about 66% of this market.
Data from RWA.xyz indicates that the network currently hosts approximately $12.2 billion in tokenized assets, making it the dominant public blockchain in this sector.
Ethereum's established role in the issuance of tokenized assets, along with its security and extensive developer ecosystem, enhances its position. DTCC has previously used Ethereum in several of its initiatives.
This places Ethereum in a position to capture transaction fees and liquidity from tokenized securities, which may accelerate its transition to a foundational layer for global finance.
2. Chainlink (LINK)
The next leading competitor is Chainlink. Chainlink is often referred to as the linking layer between systems on-chain and off-chain, a role that closely aligns with DTCC's focus on regulated tokenization, data integrity, and interoperability. Its oracle infrastructure, cross-chain capabilities, and proof-of-reserve solutions are particularly relevant in institutional use cases.
Both entities have a strong track record of collaboration. In 2023, DTCC and Chainlink collaborated on the SWIFT blockchain interoperability project.
In September 2025, Chainlink collaborated with DTCC and 24 financial institutions to address efficiency issues in processing institutional actions. Collectively, this history of collaboration enhances Chainlink's position and has increased optimism among the community.
3. ONDO Finance (ONDO)
The latter is ONDO Finance. As the leader in tokenized equity by total value, ONDO holds $361.2 million, representing 51.64% of the tokenized public equity market valued at $699.51 million.
OND's recent clearance from a two-year SEC investigation bolsters its expansion into tokenization in the U.S. With a 12.67% growth in market share over the past thirty days, OND may be well-positioned to handle increased institutional flows.
Thus, as DTCC's initiative progresses, potential inclusion may benefit all three networks. It could enhance credibility, deepen liquidity, and bolster real-world use cases across these ecosystems.
From a market perspective, the ongoing institutional adoption of tokenized securities may have long-term effects on price performance. Increased on-chain activity, higher transaction volumes, and deeper integration into the regulated financial infrastructure may structurally support the demand for ETH, LINK, and ONDO over time.
