A month ago, An Jian disassembled and explained how DTCC, the U.S. securities depository and clearing company, completed its first tokenized-asset trading tests in a production environment. More than 30 traditional financial institutions and digital asset companies participated, and it plans to officially launch the service in October. Over the past month, stock-token products from various CEXs—including Binance—have been moving forward at a doubling pace. That’s why I want to go into more detail about this.
Different from ordinary asset mapping, DTCC’s approach is to keep all ownership rights, investor protection, and entitlement arrangements associated with traditional securities for the tokenized securities—it’s not just issuing a simple “shadow token.” As a core infrastructure institution of the U.S. securities clearing and settlement system, DTCC personally stepped in to conduct production-environment testing rather than stopping at concept validation. The significance of this signal is far greater than that of any crypto-native company launching its own tokenized product.
The underlying clearing infrastructure of traditional finance is truly migrating onto the chain. Earlier, the SEC approved in March that Nasdaq could allow eligible listed securities to be traded in a tokenized form. They even used the same CUSIP codes as traditional stocks, granting the same substantive rights and continuing to trade under existing securities rules.
It’s not hard to see that tokenized securities are being advanced with the mindset of “new bottle, old wine, but with more efficient underlying settlement,” rather than creating an entirely separate parallel system detached from regulation. This is a well-worn playbook of Wall Street—and that’s also why this path is easier for institutions to accept and coordinate for testing than many tokenization attempts that are purely DeFi.
So I believe the official launch of DTCC’s service in October is a concrete milestone worth marking on your calendar. After that, the tokenized securities track will see a meaningful expansion of supply. Starting to understand the basic product forms in this space now will be much more comfortable than scrambling to catch up after it goes live #BStocks #TOKENIZED
Different from ordinary asset mapping, DTCC’s approach is to keep all ownership rights, investor protection, and entitlement arrangements associated with traditional securities for the tokenized securities—it’s not just issuing a simple “shadow token.” As a core infrastructure institution of the U.S. securities clearing and settlement system, DTCC personally stepped in to conduct production-environment testing rather than stopping at concept validation. The significance of this signal is far greater than that of any crypto-native company launching its own tokenized product.
The underlying clearing infrastructure of traditional finance is truly migrating onto the chain. Earlier, the SEC approved in March that Nasdaq could allow eligible listed securities to be traded in a tokenized form. They even used the same CUSIP codes as traditional stocks, granting the same substantive rights and continuing to trade under existing securities rules.
It’s not hard to see that tokenized securities are being advanced with the mindset of “new bottle, old wine, but with more efficient underlying settlement,” rather than creating an entirely separate parallel system detached from regulation. This is a well-worn playbook of Wall Street—and that’s also why this path is easier for institutions to accept and coordinate for testing than many tokenization attempts that are purely DeFi.
So I believe the official launch of DTCC’s service in October is a concrete milestone worth marking on your calendar. After that, the tokenized securities track will see a meaningful expansion of supply. Starting to understand the basic product forms in this space now will be much more comfortable than scrambling to catch up after it goes live #BStocks #TOKENIZED