Morgan Stanley joins DTCC’s first batch of tokenized securities as traditional clearing moves on-chain
On October 28, DTCC launched its tokenization service, DTS. Morgan Stanley became one of the first banks to put U.S. stocks and Treasuries on-chain.
Let’s start with the key points:
DTC holds more than $114 trillion in securities. Twenty institutions signed on in the first batch, and just 34 securities are eligible for the initial on-chain offering. The door has opened only a crack.
Each token is a digital twin of a security held in custody. The original remains at DTC, and the token can be converted back and forth. Tokens can only move between wallets registered with DTC, and for now, they aren’t recognized internally as collateral or as having settlement value.
The scope is also tightly restricted: it covers only Russell 1000 constituent stocks, U.S. Treasuries, and major index ETFs. The SEC no-action letter is valid for three years, and retail investors can’t use it directly today.
Mi Ge’s take is straightforward: this isn’t a startup making the move—it’s DTCC itself, which oversees U.S. stock clearing and settlement. The approach is to leave the original securities in custody and move their “shadows” on-chain first. It’s a slow process, but every step counts. Don’t expect this to push up crypto prices in the short term. What’s really worth watching is whether the program expands and whether collateral use and settlement are eventually allowed.
If U.S. stocks could move around as freely as crypto, which stock would you most want to see go on-chain first? Let’s talk in the comments.
#摩根士丹利首批使用DTCC代币化服务
$BTC
On October 28, DTCC launched its tokenization service, DTS. Morgan Stanley became one of the first banks to put U.S. stocks and Treasuries on-chain.
Let’s start with the key points:
DTC holds more than $114 trillion in securities. Twenty institutions signed on in the first batch, and just 34 securities are eligible for the initial on-chain offering. The door has opened only a crack.
Each token is a digital twin of a security held in custody. The original remains at DTC, and the token can be converted back and forth. Tokens can only move between wallets registered with DTC, and for now, they aren’t recognized internally as collateral or as having settlement value.
The scope is also tightly restricted: it covers only Russell 1000 constituent stocks, U.S. Treasuries, and major index ETFs. The SEC no-action letter is valid for three years, and retail investors can’t use it directly today.
Mi Ge’s take is straightforward: this isn’t a startup making the move—it’s DTCC itself, which oversees U.S. stock clearing and settlement. The approach is to leave the original securities in custody and move their “shadows” on-chain first. It’s a slow process, but every step counts. Don’t expect this to push up crypto prices in the short term. What’s really worth watching is whether the program expands and whether collateral use and settlement are eventually allowed.
If U.S. stocks could move around as freely as crypto, which stock would you most want to see go on-chain first? Let’s talk in the comments.
#摩根士丹利首批使用DTCC代币化服务
$BTC