DTCC Launches Tokenization Service on Canton Network

Depository Trust & Clearing Corporation (DTCC) will launch its tokenization service on the Canton Network in October, facilitating the conversion of traditional assets to digital format and the transfer of collateral in minutes. This service will provide on-chain access to a portion of the $114 trillion that DTCC custodies, although the size of that portion is not specified. The activation follows tests conducted in July with 40 financial firms, including JPMorgan Chase, Goldman Sachs, and BlackRock. During these tests, the technology was validated with U.S. Treasury securities, and buy and sell transactions were executed under the delivery versus payment scheme. Additionally, securities lending contracts, near real-time margin deliveries, and intraday repurchase operations with government bonds were carried out. Canton Network, a layer 1 institutional network, aims to facilitate interoperability between traditional markets and digital assets, processing over $9 trillion monthly in real-world assets. However, the price of its native cryptocurrency, CC, has fallen by more than 7% in the past week, reflecting a negative trend in the digital asset market.

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