DTCC Plans to Connect Its Tokenization Service to Solana in Second Half of 2027

The Depository Trust & Clearing Corporation said Thursday, Nov. 12, that it plans to connect its Tokenization Service to the Solana blockchain, with eligible securities held at its Depository Trust Company expected on the network in the second half of 2027.

The service is already live elsewhere. It launched Oct. 28 on the Canton Network and on DTCC's own private Besu network. A similar agreement with the Stellar Development Foundation was announced in May, with DTC-tokenized assets expected on Stellar in the first half of 2027. Circle's Arc network is also expected in 2027.

What DTCC says it is building

DTCC says tokens issued through the service carry the same ownership rights and regulatory protections as the traditional securities they mirror. Official books and records stay with DTC. Each token carries the same CUSIP as the book-entry security.

Conversion orders run from 2 a.m. to 6 p.m. ET on business days, with a target of 15 minutes or less, according to DTCC's service documentation.

"DTCC is bringing regulated, DTC-tokenized securities to another major blockchain ecosystem, giving market participants greater choice in where they access and utilize tokenized assets while preserving the protections of traditional markets," said Frank La Salla, DTCC's president and CEO.

Nick Ducoff, general manager of institutional at the Solana Foundation, said Solana already supports active financial use at scale. He said linking it to DTCC's service lets tokenized securities settle and move like any other on-chain asset.

The scale, and the limits

The numbers behind DTCC are enormous. Its subsidiaries processed $4.7 quadrillion in securities transactions in 2025, and its depository held more than $114 trillion in securities, according to the company.

The tokenization service itself is much narrower. A December 2025 SEC no-action letter authorizes DTC to tokenize Russell 1000 constituents, ETFs tracking major indices and U.S. Treasury securities. DTCC says its scope and priorities stay tied to that letter. The service's fact sheet lists 25 assets at launch.

Twenty DTC participants signed agreements to access the service at launch. They include Barclays, Bank of America, BNP Paribas, Citadel Securities, Citi, Fidelity Investments, J.P. Morgan, Morgan Stanley, State Street and UBS. More than 150 firms in the DTC Digital Assets Solutions Industry Working Group gave input on the design. DTCC has not said whether any of the 20 plan to use Solana.

The walled-garden problem

The same SEC letter that makes the service possible also restricts it. DTC participants must register the wallets that hold tokenized securities, and the tokens can only be transferred between registered wallets.

Alex Lin, founding partner at venture firm Reforge, told Cointelegraph the impact is "overstated in the near term." In his words, the relief "keeps these tokens in a walled garden of registered DTC participants, so permissionless retail and DeFi liquidity can't touch these tokens directly yet."

"Regulators need to let these assets work as true onchain collateral and that's more policy than tech," Lin said.

Lin also gave the bullish side of the argument. Solana's years of heavy memecoin trading, he said, served as "a public stress test" showing the network can handle retail-scale volume cheaply and reliably. "The casino paved the way for more institutional plumbing," he said.

Birdeye CEO Kha Nguyen noted that Solana has seen growing demand for tokenized stocks without DTCC. Birdeye's H1 2026 report put tokenized-stock trading volume on the network at around $4.9 billion in the first half of the year.

Where SOL stands

Solana's token traded near $81 after the announcement, down roughly 4% to 5% over 24 hours as broader crypto markets pulled back, according to CoinMarketCap data. It is down 24.3% over the past month. Daily closes slid from about $107 on Oct. 21 to about $83 on Nov. 11.

SOL last closed at or above $200 on Oct. 26, 2025. Getting back there from $81 would take a gain of about 147%. The network held about $4.94 billion in total value locked as of Nov. 12, according to DefiLlama.

The launch is more than half a year out, and the price moves above predate it. Nothing in DTCC's announcement sets a timeline for opening these tokens to wallets outside the registered-participant system.

What comes next

Stellar is slated to come first, in the first half of 2027, with Solana following in the second half. The open question is whether the SEC loosens wallet and transfer limits before then. Without that, Solana would host tokenized Treasuries and index stocks that only a closed group of registered DTC participants can hold or move.