#SEC向DTC发布无行动函允许资产代币化 $BTC $ETH $BNB 2025 December 11, 2023, the U.S. SEC issued a no-action letter to the Depository Trust Company (DTC), allowing it to launch custodial asset tokenization services. This is a key breakthrough in the on-chain transformation of traditional financial assets. The specific details are as follows:
1. Pilot Core Information: This authorization is for three years, with DTC planning to gradually roll out the service in the second half of 2026. The first batch of tokenized assets will include Russell 1000 components, mainstream index ETFs, and high-quality, highly liquid U.S. Treasury securities, with tokenized assets possessing the same rights and investor protection mechanisms as traditional assets. The service will be conducted on approved L1/L2 blockchains, and DTC will ensure the same level of security and robustness as traditional markets.
2. DTC's Key Position: As a subsidiary of DTCC, DTC is the core securities depository in the U.S., currently holding over $100 trillion in custodial assets, processing transactions amounting to $37 trillion annually, and controlling key processes such as central securities depository and settlement for U.S. stocks. Its push for tokenization is akin to moving the core ledger of the U.S. stock market to the blockchain.
3. Policy and Industry Impact: The SEC has exempted some compliance requirements for the pilot program and has also required DTC to submit quarterly reports with relevant operational data. This move establishes an official tokenization framework, breaking the previous model of third-party institutions mapping assets, and will reshape the existing RWA (Real World Asset) landscape. It also allows U.S. stocks to evolve towards a model of “front-end matching + back-end on-chain asset management,” potentially enabling 24-hour trading, instant settlement, etc. In the future, exchanges like Binance may directly connect with DTC to obtain official tokenized assets.
