The Depository Trust & Clearing Corporation (DTCC) has received approval from the U.S. Securities and Exchange Commission (SEC) for a pilot operation of a regulated tokenization service.
This decision marks significant progress in bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). This initiative is likely to benefit various assets in the cryptocurrency market.
DTCC, SEC Asset Tokenization Approval
In a recent announcement, DTCC stated that its subsidiary, the Depository Trust Company (DTC), has obtained a 'No-Action Letter' from the SEC. This allows DTC to tokenize real-world assets (RWA) under DTC custody in accordance with existing federal securities laws. This service is expected to be gradually introduced in the second half of 2026.
Through the No-Action Letter, DTC can provide tokenization services for the first three years. During this period, DTC can issue blockchain-based tokens for certain traditional securities, and the digital tokens will have the same ownership, investor protection, and legal rights as existing securities.
According to DTCC, this approval applies to a limited set of assets with high liquidity. This includes stocks in the Russell 1000 index, ETFs tracking major benchmarks, and U.S. Treasury securities (bills, notes, bonds, etc.).
"Tokenization of the U.S. securities market can bring transformative effects such as collateral mobility, new transaction methods, 24/7 access, and programmable assets. However, these changes can only be realized when market infrastructure provides a solid foundation for the new digital era." – Frank La Sala, President and CEO of DTCC
DTCC tokenization service…Beneficiary altcoins?
DTCC emphasized that it can provide a 'limited production environment tokenization service on a designated blockchain.' However, the specific network to which this service will apply has not yet been selected.
This movement has sparked much speculation about which ecosystems will benefit from DTCC's entry into tokenization in the digital asset industry. In particular, three altcoins below are drawing attention.
1. Ethereum (ETH)
Ethereum is considered one of the most promising candidates. According to Matthew Sigel, head of digital asset research at VanEck, there is a "99% probability" that DTCC will choose Ethereum for tokenization services.
According to on-chain data, as of December 12, the total circulating value of tokenized real-world assets (RWA) is approximately $18.48 billion, and Ethereum accounts for about 66% of the total market.
According to data from RWA.xyz, the network currently hosts approximately $12.2 billion worth of tokenized RWA, making it the most dominant public blockchain in this sector.
Ethereum is strengthening its competitiveness by combining a strong position in tokenized asset issuance, security, and a wide developer ecosystem. DTCC has used Ethereum in several projects in the past.
As a result, Ethereum is positioned to secure transaction fees and liquidity for tokenized securities. This may accelerate the trend of Ethereum transitioning to a core layer of global finance.
2. Chainlink (LINK)
The next major candidate is Chainlink. Chainlink is often mentioned as a connecting layer between on-chain and off-chain systems, closely related to the regulated tokenization, data integrity, and interoperability that DTCC emphasizes. Chainlink's oracle infrastructure, cross-chain capabilities, and Proof-of-Reserve solutions are particularly well-suited for institutional demand.
The two companies already have a history of collaboration. In 2023, DTCC and Chainlink worked together on SWIFT's blockchain interoperability project.
In September 2025, Chainlink partnered with DTCC and 24 financial institutions. This is a measure to address the inefficiencies in corporate action processing. The history of such collaborations has further enhanced Chainlink's credibility and heightened optimism within the community.
3. Ondo Finance (ONDO)
The last mention is Ondo Finance. Leading the tokenized equity sector in terms of total deposits, Ondo holds $360.12 million. This represents 51.64% of the entire $690.51 million tokenized listed equity market.
The recent conclusion of the SEC's two-year investigation into Temperature provides additional confidence in the expansion of tokenization in the U.S. The market share has increased by 12.67% over the past 30 days, and Temperature is expected to respond adequately to the increased influx of institutional funds.
As DTCC's projects progress, comprehensive participation from all three networks can positively impact them. Increased reliability, deepened liquidity, and the spread of real-world use cases are expected.
From a market perspective, institutional adoption of tokenized securities could influence price movements in the long term. As on-chain activity and transaction volume increase and the link with regulatory financial infrastructure deepens, structural demand for ETH, LINK, and ONDO may grow over time.
