Platforms · Software · Providers · Markets
The service opens token conversion
DTCC put its tokenisation service into operation on 28 October 2026, with Alpaca among 20 firms enrolled. Participants can represent US stocks, ETFs and Treasuries held at the depository as tokens, then convert them back. Eligible assets at launch include Russell 1000 constituents, ETFs tracking major indices and US Treasury securities. DTCC plans to bring in further participants over time and add blockchain networks in 2027.
The rights attached to tokens depend on the arrangement. Alpaca's risk disclosure says tokens moving through its network are issued by third parties and typically provide economic exposure without voting or dividend rights. DTCC, by contrast, says its tokens preserve the ownership rights and investor protections of the securities it holds, a pool valued at more than $114 trillion. The launch follows a December 2025 no-action letter from the SEC and July test trades involving more than 30 firms. In March, the SEC separately approved a Nasdaq pilot for tokenised Russell 1000 stocks to trade alongside ordinary shares.
Participants and networks differ
Alpaca is not the only firm with tokenised-stock activity in DTCC's collaborator group. Ondo and DRW, both early partners in Alpaca's network, are listed alongside BitGo, Fireblocks and Tradeweb. Kraken, whose xStocks recorded $25 billion in cumulative volume within eight months, is absent from both lists. EToro, which announced tokenised US shares in October 2025, and Robinhood, which sells stock tokens in the European Union, are also missing. Of the six firms discussed here, three appear on DTCC's lists; Alpaca is the only one signed up as a participant.
Alpaca joined DTCC's industry working group in May. According to Alpaca, its system handled redemptions after partners used it in July to tokenise SPY and Circle shares on two networks: DTCC's private Besu network and the Canton Network.
The shares were held at the depository. That system, the Instant Tokenization Network, launched in October 2025 for institutions to exchange shares for tokens in kind; Alpaca says several partners use it to mint and redeem tokenised US equities. Citadel Securities, which participated in Alpaca's $150 million round at a $1.15 billion valuation in January, is also a DTCC participant. The participant group includes J.P. Morgan, Morgan Stanley, UBS, Apex Clearing, Clear Street, DriveWealth, Fidelity Investments and Edward Jones. Charles Schwab and Interactive Brokers are not among the 20. Finance Magnates also reported the participant and collaborator line-up.
| Measure | Figure |
|---|---|
| DTCC participants | 20 firms |
| Securities held by DTCC | More than $114 trillion |
| July test trades | More than 30 firms |
| XStocks cumulative volume | $25 billion within eight months |
| Alpaca funding round | $150 million; $1.15 billion valuation in January |
What this changes for operators
Firms evaluating the service should establish how their existing records will map to token minting and redemption. Which system is authoritative for the underlying securities, and how will operators reconcile those holdings with token balances on the supported networks? Alpaca's July work involved both the Canton Network and DTCC's private Besu network, so the integration scope will depend on which routes a participant uses.
Operations and risk teams should also check the rights attached to each token, including who issues it and whether voting or dividend rights apply. DTCC's statement about investor protections does not, by itself, describe the terms of third-party tokens moving through Alpaca's network. Before onboarding, firms should ask how those differences will be represented in client disclosures, reporting and redemption workflows.
