DTCC tokenization service is live: tokenized Treasuries on public chains already total $10.78B
DTCC's Tokenization Service went live on Oct 28, 2026, starting with stocks, ETFs and US Treasuries. On public blockchains, the tokenized Treasury and government-securities products on our board hold $10.78B. What is already on-chain, where it sits, and what DTCC's launch does not change in our numbers.
By RWAWeekly team · Oct 29, 2026 · Data as of Oct 29, 2026, 07:27 UTC (RWAWeekly board, refreshed with each data run)
The big picture: the Depository Trust Company, part of DTCC, launched the DTCC Tokenization Service on Oct 28, 2026. Eligible DTC participants can convert DTC-custodied securities into tokenized form and back, and move the tokens between approved wallets 24/7. Before the launch, tokenized Treasuries were already a market on public blockchains: on the RWAWeekly board, 31 Treasury and government-securities products hold $10.78B in distributed value, 56.3% of the $19.15B board total. The eight US government funds we measure directly on-chain account for $7.03B of that.
What DTCC launched
- What: tokenized representations ("digital twins") of securities held at DTC, which DTCC says keep the ownership rights, investor protections and economic entitlements of the traditional securities. DTC has more than $114 trillion in assets under custody.
- Which securities: a December 2025 SEC no-action letter covers Russell 1000 stocks, ETFs tracking major indices, and US Treasury securities. A DTCC spokesperson told CoinDesk that 34 securities are eligible at launch, representing about $30 trillion of market value.
- Who: 20 DTC participants have signed agreements, including Bank of America, Citi, Fidelity Investments, J.P. Morgan, Morgan Stanley, State Street and UBS.
- Where: the Canton Network and DTCC's private Besu network, with more networks planned for 2027. Conversion orders are accepted Monday to Friday, 2:00 a.m. to 6:00 p.m. ET, according to DTC's important notice.
Publicly disclosed DTCC tokenizations
Every DTCC tokenization event we found in public sources, with the amount only where one was disclosed. 1 of the 4 entries discloses an amount; we do not estimate the rest.
| Date | Event | Amount | Source |
|---|---|---|---|
| Jul 15, 2026 | Production trades using DTC-tokenized securities on Besu (DTCC's private network) and Canton; more than 30 firms took part Collateral pledge, securities lending, US Treasury/repo DVP, equity DVP and DVD, token transfer and CCP margin workflows. No tokenized amount disclosed. | Not disclosed | dtcc.com |
| Oct 28, 2026 | DTCC Tokenization Service goes live (Canton and DTCC's private Besu network); 20 DTC participants signed Launch release. No tokenized amount disclosed. | Not disclosed | dtcc.com |
| Oct 28, 2026 | DTC important notice DAS-001 on the Tokenization Service (conversion window Monday to Friday, 2:00 a.m. to 6:00 p.m. ET) Operational notice. No tokenized amount disclosed. | Not disclosed | files.dtcc.com |
| Not dated | Societe Generale moved tokenized US Treasuries as collateral through the DTCC Tokenization Service on Canton Amount as stated in the firm's quote on the Canton Network page. The page gives no date for the transaction. | $10M | canton.network |
DTCC reports its tokenization totals to the SEC privately. Under the SEC staff's December 2025 no-action letter, DTC sends SEC staff a quarterly report that includes the total value of securities tokenized and outstanding; these reports are not published. The first, covering the fourth quarter of 2026, is due around mid-January 2027. We add new entries here when a public source discloses them.
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What is already on-chain: the largest tokenized Treasury products
| Product | Distributed value | Chains listed |
|---|---|---|
| USYC Circle USYC |
$2,374.5M | 3 |
| USDY Ondo US Dollar Yield |
$2,108.3M | 6 |
| BUIDL BlackRock USD Institutional Digital Liquidity Fund |
$2,023.3M | 7 |
| WTGXX WisdomTree Treasury Money Market Digital Fund |
$760.3M | 5 |
| BENJI Franklin OnChain U.S. Government Money Fund |
$666.4M | 6 |
| EUTBL Spiko EU T-Bills Money Market Fund |
$504.0M | 7 |
| USDtb Ethena USDtb |
$474.4M | 1 |
| USTB Superstate USTB |
$472.1M | 1 |
| All 31 products in the category | $10.78B |
Source: RWAWeekly board, on-chain issuer data and DefiLlama. Board data as of Oct 29, 2026, 07:27 UTC. Distributed value = on-chain supply × issuer NAV for the funds we read directly; DefiLlama's value for the rest. Live figures: tokenized Treasuries market size.
The top three, USYC, USDY and BUIDL, each hold more than $2B. The category is not only US funds: EUTBL holds euro-area T-bills, and USDY and USDtb are Treasury-backed dollar tokens rather than money market funds.
Where it sits
Ethereum leads our chain board, followed by BNB Chain, Solana and Stellar; 29 chains with at least $1M of tokenized real-world assets appear on it. Stellar, fourth, holds $1.27B across seven tracked protocols. That is the backdrop to a second announcement this week: on Oct 28, at Stellar's Meridian 2026 conference, Securitize, the tokenization platform behind BUIDL, announced plans to integrate with the Stellar network, with products and timing still to be announced. BUIDL has no Stellar supply on our board today. Neither of DTCC's launch networks appears on our board. DTCC describes Besu as its own private network and Canton as a public network. Canton describes itself as a privacy-enabled network, so token data on it is not publicly readable and we cannot measure supply there the way we read token contracts on other public chains.
Context
DTCC's launch tokenizes securities that already exist inside the traditional system. The products on our board are, mostly, funds and notes that were issued as tokens on public chains, with their own transfer restrictions and eligible-investor rules. The two can meet: DTCC's release describes the service as giving firms "greater scope to transact across traditional and digital environments", and plans further networks for 2027.
Sentiment on X since the launch has been mostly positive, with many posts calling it a milestone for tokenization. A smaller group of posts pushed back on the headline figures, pointing out that $30 trillion is the market value of eligible securities, not the value that has been tokenized.
What the numbers don't tell you
- How much DTCC tokenizes. $30 trillion is what is eligible, not what has been converted. DTCC has not published a converted amount (its quarterly reports to the SEC are private; see the DTCC log above), and its networks are not on our board. Why there is no public figure yet.
- Yields and fees. We don't publish them; we can't verify them from on-chain data.
- Holdings on chains we don't read. Supply on chains outside our coverage is not in our numbers.
- A trend. These are point-in-time figures, refreshed with each data run. Week-on-week changes are on the live board.
See also: Why nobody can tell you how much DTCC has tokenized (yet) · Tokenized Treasuries market size · State of tokenized Treasuries · Tokenized Treasuries by chain · What is BlackRock BUIDL? · All chains · Methodology · All articles
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Figures update with each data run. Eligibility varies by jurisdiction. Many tokenized products are securities restricted to qualified investors. In the US, this generally means accredited investors / qualified purchasers, as applicable. Nothing here is an offer or solicitation to buy or sell any product. Information only. Not financial, investment, tax or legal advice.