DTCC's tokenization pilot wrapped with 30 firms, and the clearing house launches its service in October. NYSE's venue plans still hinge on instant settlement.
The DTCC's July pilot settled tokenized securities trades across equity delivery, repo, and collateral posting, and the clearing house now plans to launch its Tokenization Service in October. The test ran on DTCC's private Besu network and the public Canton network, with BlackRock, Goldman Sachs, JPMorgan, Nasdaq, Circle, Ondo Finance, Citadel Securities, and Vanguard among the participants.
The October launch follows a no-action letter from SEC staff supporting the service. Lynn Martin, president of NYSE, said in Seoul that the exchange keeps building blockchain settlement infrastructure. NYSE submitted its proposed venue for tokenized securities in January through parent Intercontinental Exchange. The venue would pair NYSE's Pillar matching engine with blockchain post-trade infrastructure, built for 24/7 trading, instant settlement, fractional shares, dollar-denominated orders, and stablecoin payments, pending regulatory clearance.
An April SEC filing set out the rules that would let certain tokenized securities trade alongside common stocks. Eligible instruments need identical ticker symbols, CUSIPs, rights, and privileges; the list includes Russell 1000 stocks and major index ETFs. The DTC pilot, though, settled on a T+1 model, a different track from the instant-settlement design of NYSE's proposed venue.
NYSE's March partnership with Securitize made the firm its first announced digital transfer agent for the future market infrastructure. NYSE must give members 30 days' notice before tokenized trades run through the DTC pilot program.
The SEC filing that defined the eligible-securities rules was dated April 12. The distinction between the pilot's T+1 settlement and the venue's instant-settlement ambition is the gap between what DTCC can clear today and what NYSE has proposed for 2026.
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