In short
- The DTCC is the company behind much of the plumbing of US share and bond markets. Its tokenisation service went live on 28 October 2026.
- It enables the minting of digital tokens that stand for real-world assets held at its depository, and it runs on the Canton Network and DTCC’s own private network.
- The often-quoted $114 trillion is what the depository holds in custody, not the amount tokenised.
- The DTCC’s release does not name the XRP Ledger. That is a fact worth holding onto when you hear claims that say otherwise.
A claim you may have heard
If you follow digital assets, you may have heard that the DTCC has “tokenised $114 trillion”, or that it now runs on the XRP Ledger. Big claims spread fast. This page sets out what the DTCC itself said, so you can tell the record from the noise.
What the DTCC is
The DTCC, the Depository Trust and Clearing Corporation, sits behind much of the US share and bond market. Its depository, DTC, holds securities for the banks and brokers that trade them.
What went live
On 28 October 2026, the DTCC said its Tokenization Service was live. In the DTCC’s words, it “enables the minting of tokenized representations of real-world assets held at DTC”. Put plainly, it can make a digital token that stands for a share, fund or bond already held at the depository.
Twenty DTC participants have signed up to use it, and others are joining over time. More networks are planned for 2027.
This follows the DTCC’s first live trades of tokenised assets in July 2026.
What the $114 trillion means
The DTCC says “DTC has more than $114 trillion in assets under custody”. That is everything its depository holds. It is not the amount that has been tokenised. Any claim that the whole $114 trillion is now tokenised mixes up the two.
Which assets, and which networks
The table sets out what the release says and does not say.
| Question | What the DTCC’s release says |
|---|---|
| Networks at launch | Canton Network; DTCC’s private Besu |
| More networks | Planned for 2027 |
| Users at launch | 20 DTC participants signed up |
| Assets in the US relief | Russell 1000, index ETFs, Treasuries |
| Assets minted at launch | Not stated |
At launch the service works with the Canton Network and DTCC’s own private network, called Besu. More networks are planned for 2027. Twenty DTC participants have signed up. The US regulator’s relief letter of December 2025, which the release cites, covers shares in the Russell 1000 index, ETFs that track major indices, and US Treasury securities. The release does not say which of these the service mints at launch.
Where the XRP Ledger stands
The DTCC’s launch release does not name the XRP Ledger. So, on the record today, the XRP Ledger is not one of the networks this service runs on.
That doesn’t mean the XRP Ledger is outside tokenisation. It is a public ledger that carries its own tokenised assets, such as the euro and dollar stablecoins covered elsewhere in this library.
My view
In my view, an open ledger like the XRP Ledger is the technology best placed to carry assets like these. That’s my opinion, and you don’t have to share it. The facts above stand on their own either way.
One easy next step
If you would like the money lessons in order, from what tokenisation is to how the XRP Ledger works, the free lessons by email walk through each one in plain words. All you need is your first name and email.
Nicholas holds some of the assets discussed in this article.
Education only, not personal or financial advice.