The Depository Trust & Clearing Corporation (DTCC) and the Stellar Development Foundation announced on May 27 a plan to enable the tokenization of assets custodied by The Depository Trust Company (DTC), a DTCC subsidiary, on the Stellar network, with deployment expected in the first half of 2027.
This agreement aims to expand DTC’s tokenization service to a public blockchain, as part of DTCC’s multi-chain strategy, while traditional post-trade infrastructure begins testing issuance, management, and transfer models for digital assets within a controlled framework.
DTCC Adds Stellar to Its Tokenization Roadmap
On May 27, DTCC stated that it has partnered with the Stellar Development Foundation to bring the DTC tokenization service to the Stellar network, with DTC-tokenized assets expected to be made available in the first half of 2027. This integration adds Stellar to DTCC’s multi-chain strategy, following tokenization testing steps aimed at connecting traditional assets with blockchain infrastructure.
DTCC described this partnership as a step to expand how traditional assets move through digital ecosystems. The service is designed to allow DTC-tokenized assets to be represented as tokens on the blockchain, while remaining tied to DTC’s existing asset servicing, ownership mechanisms, and post-trade processes.
However, the current announcement does not mean all DTC-custodied assets will be moved to Stellar. The scope of deployment will be phased and subject to the limitations of the pilot reviewed by regulatory authorities.
What the Stellar Integration Covers
According to DTCC, the integration with Stellar will support the transition of traditional assets into tokenized form, while handling lifecycle events such as corporate actions, reporting, and relevant entitlements management. Initial use cases being evaluated include equities in the Russell 1000, ETFs tracking major indices, and US Treasuries, including Treasury bills, notes, and bonds.
Stellar will be added to DTCC’s multi-chain strategy, alongside prior tokenization initiatives involving Digital Asset and the Canton Network. This approach allows DTC to test multiple blockchain infrastructures for traditional assets rather than relying on a single network.
Stellar has long been used for low-cost payments, remittances, and digital asset issuance. Its appearance in the DTC tokenization roadmap expands the network’s role into institutional use cases, particularly as tokenized assets are increasingly tested in traditional capital markets.
Why DTCC’s Role Matters
DTCC is the core post-trade infrastructure of the US financial market, supporting clearing, settlement, custody, and asset servicing for the securities market. DTCC’s subsidiaries processed approximately $4.7 quadrillion in securities transactions in 2025, while DTC provided custody and asset servicing for approximately $114 trillion in securities issues from over 150 countries and territories.
With its central role in the securities transaction processing system, DTCC’s testing of tokenized assets on a public blockchain shows that tokenization is moving closer to traditional capital market models after years of being primarily associated with crypto-native projects.
If successfully deployed, this model could help financial institutions test how traditional assets move within a blockchain environment while maintaining links to existing ownership and investor protection systems.
The Pilot Comes With Regulatory Limits
In December 2025, the SEC issued a No-Action Letter regarding the DTC tokenization service, allowing DTC to operate a pilot under certain conditions. This relief is time-limited, lasting three years from the service launch, and applies within a controlled production environment.
These regulatory limits set DTCC’s plan apart from many open tokenization projects in the crypto market. Tokenized assets in DTC’s model are not freely issued assets on-chain but are tied to registered wallets, participant vetting processes, and compliance requirements such as AML, KYC, and OFAC. DTCC also emphasized that the tokenized form must maintain investor rights and protections equivalent to traditional assets.
This service does not yet enable full on-chain settlement in its initial phase. According to DTCC’s FAQ, tokenized positions can be transferred between registered wallets under a free-of-value model, while value transactions and traditional settlement steps still have their own limitations. This turns the pilot into a testing step for asset representation and transfer in a digital environment, rather than a comprehensive replacement for current settlement models.
RWA Market Context
DTCC’s announcement comes amid strong continued growth of tokenized real-world assets in the crypto market. According to the CoinGecko 2026 RWA Report, the tokenized RWA market cap surged 256.7% over 15 months, from around $5.42 billion at the start of 2025 to $19.32 billion by March 31, 2026.
RWA by tokenized asset class. Source: CoinGecko
The report shows that the momentum spanned multiple asset classes, including tokenized Treasuries, commodities, equities, and credit. Tokenized Treasuries remain one of the most closely watched segments, being directly tied to the demand for bringing US government debt instruments onto on-chain infrastructure.
Even so, the current scale of RWA remains very small compared to the traditional securities market served by DTCC. The gap between a tokenized RWA market in the tens of billions of dollars and the DTC infrastructure servicing around $114 trillion in securities issues highlights why DTCC’s moves attract attention: tokenization is still small, but it is starting to be tested by institutions at the very core of the capital market.
What to Watch Next
Before the integration with Stellar is deployed, DTC is expected to begin operationalizing its tokenization service in the second half of 2026. The initial phase will reveal which asset classes are supported first, the number of participants joining the pilot, how DTCC deploys registered wallets, and whether the service can expand from free-of-value transfers to more complex settlement use cases.
For Stellar, this integration expands the network’s role in institutional payment and tokenized asset use cases. For DTCC, this is the next step in its multi-chain tokenization strategy under a regulatory framework. At present, the greatest significance of the news lies not in traditional assets being moved “on-chain” en masse, but in the fact that a central infrastructure of the US securities market is preparing to bring a portion of its tokenization service onto a public blockchain starting in 2027.
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