DTCC is moving into tokenization, and its three-stage roadmap is increasingly stitching together traditional finance and the on-chain world. If the “native issuer” model that comes last is actually rolled out under regulation, then it’s truly a paradigm shift in securities issuance.

Global stock tokenization is being advanced, and DTCC has launched a token pilot on the Canton Network. The rollout is in three phases: a wrapped model, SPV holding, and tokenized ownership. More than 70% of market value is traded on chains such as Ethereum, Solana, and BNB Chain. An ownership confirmation model maps existing eligible securities onto the chain. An issuer-led model allows companies to natively issue securities on-chain; when Securitize is listed on the NYSE, it completes the tokenization of its own common stock. This has the greatest potential but requires clear regulation. The three models are expected to coexist long term, with beneficiary chains including Ethereum, Solana, BNB Chain, Avalanche, and the Canton Network.