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SEC approves DTCC pilot to record US securities on blockchains

Written by Heidi Cuthbert Published dez. 12 2025Last Updated dez. 12 2025

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The SEC has granted the Depository Trust Company a three-year No-Action Letter enabling it to mint and burn blockchain-based tokenised entitlements representing securities held in custody.

The approval allows DTCC to run a blockchain recordkeeping system for the first time, covering eligible assets such as Russell 1000 equities, US Treasurys and major index ETFs.

Under the programme, participants may convert traditional book-entry entitlements into tokenised versions stored in permissioned blockchain wallets.

The No-Action relief temporarily waives compliance obligations including 19b-4 filings and certain clearing-agency infrastructure standards.

The pilot is expected to begin in the second half of next year following the SEC’s confirmation that enforcement action will not be pursued.

DTCC said the initiative aims to “bridge TradFi and DeFi, advancing a more resilient, inclusive, and efficient global financial system,” it stated on X.

Tokenisation requests will see DTCC debit securities from its central ledger and credit them to a digital omnibus account before minting the corresponding blockchain token.

Tokens may exist on public or private blockchains provided they meet DTCC technical requirements.

All wallets involved must be “registered” with DTCC, ensuring movements occur within a fully permissioned structure.

DTCC will maintain a root wallet with authority to reverse or correct transactions in cases of error or misconduct.

Transfers of tokenised entitlements may occur outside standard market hours, reducing reconciliation frictions while maintaining regulatory safeguards.

The SEC requires DTCC to submit quarterly reports detailing usage statistics, supported blockchains, wallet volumes, outages and any exercised reversal actions.

The pilot could streamline securities operations by integrating blockchain transparency into core market infrastructure.

DTCC has yet to publish the list of supported networks, emphasising that regulatory conditions focus on operational oversight rather than a specific chain architecture.

DTCC representatives did not immediately respond to a request for comment on network selection or technical scope.