Tokenized DTC Treasuries on Canton by DTCC: status and timeline

Tokenized DTC Treasuries on Canton

A service that converts US Treasuries held in DTC custody into tokenized instruments on the Canton Network, enabling near-real-time settlement and improved collateral mobility across institutions.

ProtoStage 2 of 5

Minimum viable product planned for H1 2026; full production by H2 2026.

Updated 17 Dec 2025Checked 10 Oct0 updates this week

Milestones

Next · Minimum viable product in controlled environment

SEC no-action letter issued11 Dec 2025Complete.
DTCC-Canton partnership announced17 Dec 2025Complete.
Minimum viable product in controlled environmentTarget Jun 2026Not yet reached.
Full production launchTarget Dec 2026Not yet reached.

Most important updates

DTCC announces plan to tokenize US Treasuries on Canton Network; DTCC becomes co-chair of Canton Foundation17 Dec 2025

Upcoming

Jun 2026Minimum viable product in controlled environment (next)
Dec 2026Full production launch

Current obstacles

Operational complexity of parallel systemsDTC must operate both tokenized and traditional settlement systems for years, requiring new internal processes and validation logic.
Institutional adoption and training5,600 existing DTC members must learn new tokenization workflows and integrate Canton into their systems.

Physics limits

Legal certaintySecurities law was written for centralized ledgers. Courts have not yet tested whether tokenized assets have identical legal standing to registered securities.
Network throughputCanton must process settlement volumes comparable to NASDAQ and NYSE, roughly 3–5 billion shares daily. Early blockchain platforms have throughput ceilings measured in thousands of transactions per second.

How it works

3 parts

Tokenization

Securities become blockchain-native

Treasuries in DTC custody are converted to tokens on Canton, preserving legal properties while gaining blockchain speed.

Settlement

Near-real-time transfers

Tokenized Treasuries transfer between institutions on Canton in seconds, vs multi-day traditional settlement.

Custody

DTC remains custodian

Tokenized securities remain with DTC, preserving oversight and legal protections while enabling blockchain-speed transfers.

Spec sheet

Spec	Tokenized DTC Treasuries on Canton
Daily government securities settled	$11.4 trillion^R (reported)
Total assets in DTC custody	$114 trillion^R (reported)
Client firms served	5,600^R (reported)

^R reported by the company

Update log

1 update

Wed 17 Dec 2025

Major: DTCC announces plan to tokenize US Treasuries on Canton Network; DTCC becomes co-chair of Canton FoundationPressCommercial

About DTCC

The team behind Tokenized DTC Treasuries on Canton

DTCC

Treasury tokenization, post-trade settlement

DTCC is the primary post-trade infrastructure in the US, managing $114T in securities. In Dec 2025, DTCC announced tokenizing US Treasuries on Canton Network, with MVP in H1 2026 and full production by H2 2026.

DTCC settles 99% of US equity transactions and manages $11.4T in daily government securities settlement.
Partnered with Digital Asset's Canton Network to tokenize US Treasuries, becoming co-chair of Canton Foundation with Euroclear.
Tokenization improves liquidity and settlement speed by converting Treasuries to blockchain-native instruments while preserving DTC custody.

dtcc.com (opens dtcc.com)Company profile →

Founded: 199927 yrs
Headquarters: United States
Status: Private
Valuation: private
Works in: CryptoStablecoins & tokenization
Coverage: 1 program · 2 updateslatest 17 Dec 2025checked 10 Oct
Partners: Digital Asset (opens digitalasset.com)Euroclear (opens euroclear.com)US Securities and Exchange Commission

Spec

Tokenized DTC Treasuries on Canton

Daily government securities settled

$11.4 trillion^R (reported)

Total assets in DTC custody

$114 trillion^R (reported)

Client firms served

5,600^R (reported)