DTCC, the core infrastructure operator of the U.S. securities market, plans to tokenize U.S. Treasury bonds and mint them on-chain, signaling a measured push toward blockchain-enabled settlement across Wall Street’s vast, multi-trillion-dollar market.

Under the plan, portions of assets held by its Depository Trust Company (DTC) subsidiary will be minted as on-chain assets on the Canton Network, a permissioned blockchain from Digital Asset, with staged expansion to other eligible securities.

The initiative is supported by a three-year SEC no-action letter, indicating the agency won’t pursue enforcement if operations stay within scope. A MVP is slated for the first half of 2026 to assess institutional demand.

DTCC will join Canton Network governance and co-chair the Canton Foundation with Euroclear, coordinating ecosystem oversight. Eligible assets include U.S. Treasury bonds, certain ETFs, and securities tracking the Russell 1000 Index.