The Rollup · Nov 7, 2026 · 19m · 14m saved
With Tom Pikett, Executive Director at DTCC Digital Assets
DTCC's tokenization service is live with 34 securities, a mix of equities, ETFs and US Treasuries. Tom Pikett, the DTCC Digital Assets executive director who leads product for tokenization and its collateral app chain, told The Rollup that the list is short but the reach behind it is large.
"That unlocks in the region of about 30 trillion that could come on chain." — Tom Pikett
Most of the industry talks about the tokens themselves. Tom says DTCC's real product is collateral that can move around the world at any hour, starting with a chain that goes live in the first half of next year.
The full interview is covered here so you can skip it. 19 minutes of audio, 5 minutes of reading.
Here are the 6 insights that matter.
Key Takeaways
DTCC's tokenization service is live with 34 securities, the scope its no-action letter allows
Tom says the token is not the product: the value is collateral that can move when a market is closed
A tokenized money market fund share could be posted as margin directly, instead of being redeemed into cash first
DTCC nets 98% of the trades it processes, so Tom doubts gross, trade-by-trade settlement fits everywhere
DTCC's collateral app chain goes live in the first half of next year, which Tom calls "the big unlock"
1. 34 Securities, $30T Opening
DTCC's tokenization service went live with the 34 securities its no-action letter, received last year, permits: equities, ETFs and US Treasuries.
Tom says the breadth of those 34 securities matters more than the count
"I think the scale is the important thing, right? Even though it's only 34 securities." — Tom Pikett
The service connects to the Canton Network and to Hyperledger Besu, DTCC's internal ledger, and DTCC has also been public about links to Stellar and Circle's Arc. Tom called the launch "foundational" and early relative to the size of the opportunity.
"I think we're super excited about it. Our participants seem to be super excited about it. But it's like the first step. There's lots more for us to do." — Tom Pikett
