Hey, it’s Marc,

We’ve watched DTCC’s tokenization push since day one, and Monday’s news is the biggest yet. DTCC will put Russell 1000 stocks, major ETFs, and U.S. Treasuries on-chain. Limited launch in July. Full commercial rollout in October. BlackRock, Goldman, JPMorgan, Citi, and Kraken are all in the working group. [RELEASE]

The blockchain pitch was always to kill the middlemen. The middleman that clears $5 quadrillion a year just swallowed it instead. Let’s unpack.

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What happened

On May 4, 2026, the DTCC publicly advanced DTC’s native tokenization service, and announced its commercial launch in October. More than 50 firms are already in the working group that helped DTCC build this platform, including BlackRock, Goldman Sachs, J.P. Morgan, Citi, Anchorage Digital, Circle, Ondo Finance, and Payward, Kraken’s parent company. [RELEASE]

The mechanics: Securities sit in a Digital Omnibus Account on DTC’s central ledger, then mint as tokens on approved chains. Underlying registration stays with Cede & Co., DTC’s nominee that already holds title to nearly every U.S. equity. LedgerScan, an off-chain system, becomes the official book of record. If the chain breaks, DTC burns the tokens and restores your traditional position.

DTCC has not named the chains. Canton Network is the leading candidate. It already runs $362B in daily Treasury repo for Goldman, BNP, and DTCC.