In short
- Tokenisation is the digital representation of a real asset as a token.
- The record of who holds the token is kept on a digital ledger.
- In October 2026, DTCC switched on a tokenisation service.
- Banks and issuers are also using the XRP Ledger, for stablecoins and custody.
You may have seen the word tokenisation in the news, and wondered what it means in practice. This lesson takes the word apart and shows who is doing it, with dates.
What tokenisation means
A token is a digital record on a ledger. Tokenisation links that token to a real asset, such as a share, a bond or money in a bank.
The Reserve Bank of Australia describes tokenisation as the digital representation of real-world assets as tokens that can be stored and traded.
A live example from New York
On 28 October 2026, DTCC’s Tokenization Service went live. DTCC says it “enables the minting of tokenized representations of real-world assets held at DTC”.
It runs on the Canton Network and DTCC’s private Besu network. Twenty of DTC’s participants have signed up to use it, others join on a rolling basis, and more networks are planned for 2027.
DTC has more than US$114 trillion in assets under custody. That is everything it holds, not the amount turned into tokens.
Where the XRP Ledger fits
The XRP Ledger is not one of DTCC’s networks. It is in use for tokens elsewhere, by named firms.
In February 2026, SG-FORGE, part of the French bank Societe Generale, said its euro stablecoin, EUR CoinVertible, “is now launched on the XRP Ledger”.
On 27 October 2026, BNY said it “now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its Digital Asset Custody platform”. RLUSD is Ripple’s US dollar stablecoin. BNY says it oversees US$63.4 trillion in assets under custody or administration, as of 30 September 2026; that is not money it owns.
Ripple says it and BNY are expanding work on tokenised trade finance on the XRP Ledger, starting with C2FO.
| Who | What | Ledger | When |
|---|---|---|---|
| DTCC | Tokenisation service live | Canton, Besu | 28 Oct 2026 |
| SG-FORGE | Euro stablecoin launched | XRP Ledger | Feb 2026 |
| BNY | Custody of XRP and RLUSD | XRP Ledger | 27 Oct 2026 |
| Ripple, BNY | Trade finance, with C2FO | XRP Ledger | Oct 2026 |
In words: DTCC’s tokenisation service went live on 28 October 2026 on the Canton Network and its own Besu network. SG-FORGE launched its euro stablecoin on the XRP Ledger in February 2026. BNY said on 27 October 2026 that it supports custody of XRP and RLUSD. And Ripple says it and BNY are expanding trade finance work on the XRP Ledger, starting with C2FO.
What Australia’s law says
Australia has passed the Corporations Amendment (Digital Assets Framework) Act 2026. It makes a tokenised custody platform a financial product, with some exceptions.
The Act starts 12 months after it received assent on 8 April 2026. The Act’s own table gives 8 April 2027; ASIC says 9 April 2027.
My own view
I think the XRP Ledger is one of the strongest ledgers for this kind of work. It’s just an opinion. You don’t have to like it or agree with it.
Where this leaves you
Tokenisation is a new way to record who owns what. The asset, the custodian and the rules still decide what a token is worth to the person holding it.
When you next read about a token, three questions cut through: what real asset stands behind it, who holds that asset, and which ledger keeps the record.
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Nicholas holds some of the assets discussed in this article.
Education only, not personal or financial advice.