According to Caixin, on December 11, 2025 EST, the US Securities and Exchange Commission issued a “no action letter” to Depository Trust, a subsidiary of the American Depository Trust and Settlement Company, approving it to provide on-chain tokenization services for specific real-world assets in a controlled production environment. The license is valid for three years. The statement called this action a “preliminary basic version” of DTCC's tokenization service, a pilot, which will be launched in 2026. Early qualifying securities that can be tokenized were limited to Russell 1000 constituent stocks, US bonds, mainstream ETFs, etc.

According to Caixin, on December 11, 2025 EST, the US Securities and Exchange Commission issued a “no action letter” to Depository Trust, a subsidiary of the American Depository Trust and Settlement Company, approving it to provide on-chain tokenization services for specific real-world assets in a controlled production environment. The license is valid for three years. The statement called this action a “preliminary basic version” of DTCC's tokenization service, a pilot, which will be launched in 2026. Early qualifying securities that can be tokenized were limited to Russell 1000 constituent stocks, US bonds, mainstream ETFs, etc.