For 4 decades, DTCC operated the only “golden record” of who owns what in America. Every share. Every bond. Every Treasury. Guarding $100T in assets.

On December 11, the SEC handed it the keys to the future. With a historic No-Action Letter, the regulator didn’t just allow the DTCC to experiment with blockchain. It allowed it to tokenise the entire U.S. capital market. [Release]

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Today’s Market Signals

  • OCC approves Ripple, Circle, BitGo bank charters. Link

  • Interactive Brokers allows stablecoin funding. Link

  • Tether considers tokenising stock at $500b value. Link

  • Bitcoin hoarding company Strategy remains in the Nasdaq 100. Link

What happened

On December 11, 2025, the SEC issued a “No-Action Letter” to the Depository Trust & Clearing Corporation (DTCC), authorising its subsidiary to launch a production-grade service for tokenising real-world assets (RWAs). The rollout is slated for H2 2026. [Letter] [Platform]

  • The Scope: This isn’t for niche assets. The approval covers highly liquid instruments, including the Russell 1000 index, major ETFs, and U.S. Treasuries.

  • The Tech: The service will utilize ComposerX1, the DTCC’s new orchestration platform that embeds regulatory logic directly into tokens, and the Collateral AppChain2, a settlement layer built on Hyperledger Besu (which is EVM-compatible).

  • The Cover: The No-Action Letter effectively creates a regulatory “sandbox” for the DTCC to operate these rails without fear of enforcement, provided they adhere to specific guardrails.

Be smart: DTCC is doing two things at once. First, it’s protecting its job as the main place that keeps track of who owns what, so that role doesn’t get broken up across different blockchains. Second, it’s making a play to run the show when money and assets start moving on-chain, so it stays at the center of how markets work.