Daily Crypto Briefs 
NEW YORK, December 20, 2025
DTCC said it will work with Digital Asset to tokenize a subset of DTC-custodied U.S. Treasury securities on the Canton Network, a move tied to a post-trade group that said it processed $3.7 quadrillion in securities transactions in 2024, as markets track whether on-chain rails can handle core collateral.
The plan is to mint tokens that represent Treasuries held at The Depository Trust Company, so firms can move and pledge them inside Canton-based workflows while the underlying securities stay in traditional custody. DTCC said it is working toward an MVP in a controlled production environment in the first half of 2026, and it did not disclose which Treasury issues would be included in the initial subset.
Market snapshot
CoinGecko data showed Canton’s CC token with a market cap around $3.6 billion and up about 30.8% over 24 hours at the time of writing. RWA.xyz data showed tokenized U.S. Treasury products at about $8.98 billion in total value with a 7-day APY of about 3.47%.
DTCC’s Canton tokenization plan
In its Dec. 17 press release, DTCC said: “With this partnership, DTCC plans, for the first time, to enable a subset of U.S. Treasury securities custodied at DTC to be minted on the Canton Network.”
In plain terms, tokenization here means turning a Treasury security into a tokenized representation that can be transferred and used in an on-chain workflow, while the underlying bond remains held in custody at DTC. DTCC said the partnership follows DTC’s receipt of a U.S. Securities and Exchange Commission no-action letter to operate a service that tokenizes real-world, DTC-custodied assets.
DTCC also said it will use its ComposerX suite to support the effort and will take a governance role in the network by joining the Canton Foundation as co-chair alongside Euroclear. The company said its depository subsidiary provided custody and asset servicing for securities issues valued at $99 trillion in 2024, setting the scale of assets the industry is testing for on-chain workflows.
From pilot to controlled production
DTCC’s plan follows earlier tokenization pilots, including a U.S. Treasury tokenization test that connected DTCC’s LedgerScan tool to Canton, according to a July 2025 Digital Asset report that said 26 market participants ran 21 Canton nodes and completed over 100 transactions. Tokenization has also been showing up in cash-like products on public chains, including JPMorgan Asset Management’s MONY fund on Ethereum, which we covered in JPMorgan’s $4T Asset Manager Launches a Tokenized Money Market Fund on Ethereum.
Why Canton, not Ethereum or Solana
The Canton Network is built around privacy controls that let market participants share data and settle transactions without broadcasting full positions to a public mempool. The Canton Network site says transactions are private by default and that fees on public infrastructure are paid in Canton Coin, a model that differs from public chains where full transaction data is typically visible by default.
That design choice points to a practical mismatch for post-trade flows that sit inside broker-dealer, custody, and clearing systems. A public chain can be open and composable, but privacy, permissioning, and shared rule-setting tend to be gating requirements when Treasuries are used as collateral between large counterparties.
CC’s market cap sits in the low single-digit billions, while DTCC cites $3.7 quadrillion in annual securities transaction value. If the project scales, tokenized collateral could move between market applications with fewer manual handoffs, which could change how repo, margin, and settlement workflows are managed across firms, and boost the market cap and trading volume of Canton.
DTCC said it plans to expand beyond an initial subset of U.S. Treasuries and move toward a broader range of DTC-eligible assets over time.
What to watch next
Key details were not disclosed, including which Treasury issues are in scope, which firms would be in the first cohort, and how redemption, transfer restrictions, and settlement controls will be handled across Canton applications. Watch for MVP milestones in the first half of 2026 and for specifics on DTCC’s role as Canton Foundation co-chair alongside Euroclear, including standards for tokenized DTC assets and any timeline for adding other asset types.
Primary sources and further reading
| Source | Title |
|---|---|
| | DTCC press release: DTCC and Digital Asset partner to tokenize DTC-custodied U.S. Treasury securities on the Canton Network |
| | Digital Asset PDF: Unlocking collateral mobility through tokenization (U.S. Treasuries use case) |
| | RWA.xyz: Tokenized Treasuries dashboard |
| | Canton Network: Why Canton |
| | CoinGecko: Canton (CC) |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
Frequently Asked Questions
What does it mean to tokenize a DTC-custodied U.S. Treasury?
It means creating an onchain token that represents a U.S. Treasury security held in custody at DTC, so it can move inside a blockchain-based workflow while the underlying asset remains in traditional custody.
Is DTCC launching a public blockchain for Treasuries?
No. DTCC said the work is on the Canton Network and is targeting an MVP in a controlled production environment, not an open retail market.
What is the Canton Network?
Canton is a blockchain network designed for regulated financial market use cases. The Canton Network site says transactions are private by default and that apps can connect under shared rules.
When could this go live?
DTCC said it is working toward an MVP in a controlled production environment in the first half of 2026, and that any expansion will depend on client interest.