Wall Street pasa a la cadena: DTCC, el Banco de Inglaterra y Uber

Wbe3数据 · 2026-10-31T13:02:44.000Z

Durante años, «tokenización» fue una palabra de presentaciones para inversores. Esta semana apareció en tres lugares muy distintos: una gigante de la compensación, un banco central y el departamento de tesorería de una empresa de transporte con conductor. Ninguna de ellas nació en el mundo cripto. Esa es la noticia. 1) DTCC entra en funcionamiento Según informes, el servicio de tokenización de DTCC entró en funcionamiento el 28 de octubre, con los primeros 34 valores bajo custodia de DTC acuñados como gemelos digitales 1:1 en cadena. Se dice que se han inscrito unas 20 grandes instituciones, y la propuesta es ofrecer acceso a una base de custodia de aproximadamente 114 billones de dólares. Cabe señalar que la fuente en este caso es un informe secundario del sector, así que hay que tomar las cifras exactas como datos publicados, no auditados. El punto estructural se mantiene: la infraestructura de los mercados tradicionales se está trasladando a la cadena desde dentro, no a través de una plataforma de intercambio de criptomonedas.

For years, "tokenization" was a pitch-deck word. This week it showed up in three very different places: a clearing giant, a central bank and a ride-hailing company's treasury desk. None of them is a crypto-native. That's the story.
1) DTCC goes live
Per reports, DTCC's tokenization service went live on October 28, with the first 34 DTC-custodied securities minted as 1:1 digital twins onchain. About 20 large institutions are said to have signed up, and the pitch is access to a custody base of roughly $114 trillion. Note the source here is a secondary industry briefing, so treat the exact numbers as reported, not audited. The structural point stands: the plumbing of traditional markets is moving on-chain from the inside, not via a crypto exchange.
2) The Bank of England opens a consultation
The Bank of England launched a consultation on how central counterparties (CCPs) could accept tokenized versions of eligible collateral. Its principle is "same risk, same regulatory outcome": tokenization alone won't disqualify an asset, but the collateral must stay transferable, saleable and valuable under stress. The Bank also flags technology risk, such as what happens if a bridge linking a token to its underlying asset is compromised. Today's scope is assets already eligible (cash, financial instruments, bank guarantees, gold). The Bank is also asking industry about tokenized money market fund shares, tokenized gold and stablecoins for the future. Feedback is open until February 12, 2027. That is a consultation, not a rule change.
3) Uber tests tokenized treasury
Uber reportedly ran a corporate treasury pilot on the Canton Network with HSBC, Franklin Templeton, Tradeweb and Fireblocks. The company used tokenized bank deposits issued by HSBC to buy shares of a tokenized money market fund. It's a pilot, not a product launch, and the report we checked is a brief summarizing another outlet. Still, the use case is telling: nothing speculative, just cash management.
Why these three belong together
Notice what is NOT being tokenized: memecoins, governance tokens or yield farms. It's deposits, money market funds, securities and collateral. The common thread is that blockchains are being tested as settlement and collateral infrastructure, with regulators setting the terms rather than fighting the idea.
The other side of the ledger
Stablecoins are the connective tissue. DefiLlama shows USDT at about $179.7B and USDC at about $71.9B circulating right now. USDT is down roughly 1.5% from a week ago while USDC is slightly up. Meanwhile Circle has asked the SEC to treat compliant payment stablecoins like cash in securities-market rules, in a comment letter on the proposed Regulation Crypto Assets. If the BoE ever lets stablecoins into the collateral conversation, the competition among issuers will shift from "who has the most supply" to "who has the cleanest reserves and legal wrapper".
Risks and open questions
• Pilots are not production. Many tokenization pilots stall at the legal and operational layer.
• Interoperability: a tokenized security that can't move between venues is just a database entry.
• Bridge and custody risk: the BoE itself called it out, and this week's headlines about the largest exchange hack on record are a reminder that infrastructure is only as strong as its weakest key.
• Value capture: if institutions run permissioned rails, how much of this flows to public-chain tokens? That is not obvious, and anyone claiming certainty is guessing.
What to watch next
1. How many more securities DTCC adds beyond the first 34.
2. Responses to the BoE consultation before February 12, 2027.
3. Whether more corporate treasuries follow Uber's pilot with real balances.
4. Stablecoin supply trends, since they are the cash leg of every one of these trades.
My read: the most important crypto adoption story right now isn't a price chart. It's boring finance quietly adopting the technology, one pilot and one consultation at a time. Boring is usually what scale looks like.
Which of the three do you think matters most: clearing, collateral or corporate treasury? Tell me below.
Data: DefiLlama (stablecoin supply), cryptoninjas (BoE consultation), Token Times/Crypto Economy (Uber pilot), Aurellix (DTCC).
#Tokenization #RWA #Stablecoins
Not financial advice.