Resolution Criteria

The market resolves YES if DTCC publishes a press release or updates its website declaring the tokenization service "launched" by December 31, 2026. Resolution does not require active tokenizations by participants—only an official announcement of launch. Check the DTCC news page at https://www.dtcc.com/news and tokenization page at https://www.dtcc.com/digital-assets/tokenization for resolution.

Background

DTCC's depository subsidiary received an SEC No-Action Letter in December 2025 clearing it to offer a tokenization service for U.S. securities. The service is expected to begin rolling out in the second half of 2026 and will initially support Russell 1000 equities, ETFs tracking major indices, and U.S. Treasury bills, bonds and notes. The service will be built on DTCC's ComposerX platform suite and is intended to create unified liquidity across traditional and digital markets. DTCC is working toward a minimum viable product in a controlled production environment during the first half of 2026, with plans to expand based on client interest.

Considerations

The No-Action Letter provides a three-year authorization period, meaning DTCC has until December 2028 to operate the service under the relief granted. The distinction between a "launch" announcement and actual participant adoption is important—the market resolves on the former, not the latter. Delays in testing or regulatory clarifications could push the launch announcement into 2027, though DTCC's stated timeline targets H2 2026.