The Depository Trust & Clearing Corporation (DTCC) has admitted Ripple Prime to the working group building its tokenization service, a step the digital-asset arm of the XRP company frames as a foothold inside Wall Street’s post-trade plumbing ahead of a limited production run planned for July.
DTCC has said it is targeting initial tokenized security trades in July, with a broader service launch scheduled for October. The rollout follows a No-Action Letter that DTC, its securities-depository subsidiary, secured from the Securities and Exchange Commission in December, authorising a defined tokenization service for participants and their clients over a three-year window.
DTCC executives have pointed to government debt as the likeliest early winner. Nadine Chakar, the group’s managing director and global head of digital assets, has predicted that Treasuries would dominate tokenization through the year, and cast the wider effort in institutional terms rather than speculative ones.
The gap between a working group and a live service remains the harder part. Tokenized Treasuries have already grown into a multi-billion-dollar niche led by funds from BlackRock and others, yet most of that activity settles off to the side of legacy systems rather than through them. DTCC’s pitch is to fold tokenization into the rails that already move trillions, which raises the bar for reliability far above a standalone pilot.
Several open questions travel with the July trial: whether tokenized records can settle atomically against cash without breaking existing custody and reconciliation processes; how the service handles corporate actions, dividends and Treasury coupon payments on-ledger; and how participants reconcile a shared ledger with the account-based books they run today.
There is also the risk of scope creep. The pilot is time-boxed and asset-limited, and expanding beyond Russell 1000 stocks, major ETFs, and U.S. Treasuries would reopen questions regulators have so far answered only for the safest instruments.
The firms, part of the DTCC Industry Working Group, represent a broad cross section of the TradFi and DeFi ecosystems, including custodians, asset managers, brokers, trading venues, application and back-office service providers, and more. Firms participating in the DTCC Industry Working Group include Alpaca, Anchorage Digital, Apex Clearing Corporation, Backpack, Bank of America, BetaNXT, BitGo Bank & Trust, N.A., Bitwave, BlackRock, BNP Paribas, Broadridge, Charles Schwab, Circle, Citadel Securities, Citi, Digital Asset (creators of Canton Network), DriveWealth, DRW, EDX Markets LLC, Fireblocks, FIS, Fi-Tek, Franklin Templeton, Goldman Sachs, Hilltop Securities Inc., HSBC, Interchange Clearing, Invesco, Jefferies, J.P. Morgan, Lloyds Bank, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley, Nasdaq, NYSE Group, Inc., Ondo Finance, Payward (parent company of global crypto platform Kraken), Principal Bank, Raymond James, RBC Capital Markets, Ripple Prime, Robinhood Markets, Inc., RQDClearing LLC (RQD), SEI, State Street, StoneX, Talos, TD Securities USA LLC, Tel-Aviv Stock Exchange (TASE), TradeStation Securities, Inc., Tradeweb, UBS, Velocity Clearing, LLC, Virtu Financial, Vision Financial Markets, and Wells Fargo.
DTCC plans to facilitate the initial, limited production trades of real-world assets tokenized using DTC’s tokenization service in July 2026 and then plans to launch the service in October 2026. DTCC will continue collaborating with the DTCC Industry Working Group to align best practices, advance industry readiness and prove operational and technical workflows, including the use of DTC tokenized assets in a production environment and their ability to interoperate across many chains.
For a market that has spent years promising tokenized settlement, the calendar now carries weight. The limited production trades are meant to begin in July and, if they hold up, feed into the October launch that would move the service from experiment to offering. Whether Ripple Prime and its fifty-odd counterparts can turn a controlled trial into working infrastructure is the question the next quarter is set to answer.