DTCC Launches First Onchain Treasury Pilot Under SEC Approval

DTCC has chosen the privacy-focused Canton Network as a partner for tokenisation, the companies said Tuesday.

The plan is to “mint” digital tokens on Canton that represent a subset of U.S. Treasury securities held in custody at DTC, DTCC’s depository. In practical terms, this means taking Treasuries that already sit inside DTCC’s existing custody system and creating blockchain-based versions that can be used in controlled workflows.

This collaboration creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with U.S. Treasury securities and eventually expanding to a broad spectrum of DTC-eligible assets across network providers.

Frank La Salla, CEO of DTCC.

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Canton Network is the Winner

Canton Network was chosen because it fits how regulated finance operates. It is private, permissioned, and restricted. Only approved participants can see or transfer anything, which aligns with compliance and risk requirements in traditional markets.

DTCC and the Canton Network said they are targeting a minimum viable product in a controlled production environment in the first half of 2026. After that, they plan to expand the project based on client demand.

The SEC’s role is critical. DTCC received permission to run this as a limited pilot under strict conditions. That approval allows the test to happen, but also keeps its scope narrow. The initial trial is planned for the first half of 2026 and will only expand if regulators and clients are comfortable.

Digital Asset, the company behind Canton, is backed by firms including BlackRock, Blackstone, Nasdaq, S&P Global, Goldman Sachs, and Citadel Securities.

Separately, DTCC will take a leadership role in Canton’s governance. It will join the Canton Foundation as co-chair alongside Euroclear, giving DTCC a direct role in setting standards for how decentralised financial infrastructure is run.

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