DTCC Launches Tokenisation Service Amid Liquidity Concerns

The tokenisation of assets has made significant progress in recent years, but liquidity remains a major challenge. Even with around-the-clock trading and on-chain settlement, tokens are only as liquid as their exit. This means that investors still need someone on the other side of the trade, a price that tracks the asset behind the token, and a way back to cash or to the conventional security.

The Depository Trust & Clearing Corporation (DTCC) is launching its tokenisation service, allowing institutions to convert securities held at its depository into digital tokens and back. This will provide large pools of capital with access to new liquidity pools and execute digital asset strategies with greater flexibility.

DTCC's approach starts from its own books, using a no-action letter SEC staff issued in December 2025. Tokens representing DTC-held securities can circulate on approved public and private blockchains, but the register never moves, and tokens go only where the record-keeper permits.