Wall Street begins full-scale shift onchain as DTCC, NYSE, and Tradeweb roll out tokenized markets, targeting faster settlement, 24/7 trading, and trillions in unlocked liquidity

Major Wall Street market infrastructures are moving from small pilots to production plans for onchain, tokenized markets, aiming for faster settlement, 24/7 trading, and more efficient use of collateral. According to an overview by Jason Rosenthal linking to primary documents, three key institutions are at the center of this shift: DTCC, the New York Stock Exchange (NYSE), and Tradeweb. DTCC, which processes the vast majority of U.S. securities transactions, obtained an SEC no‑action letter in December 2025 allowing it to tokenize real‑world assets on approved blockchains and is preparing a production tokenization service for U.S. Treasuries in 2026. DTCC and Digital Asset are working to bring DTC- and Fed-eligible securities onchain via the Canton Network, initially focusing on tokenized U.S. Treasuries and planning a broader rollout of additional assets in the second half of 2026. This is framed as laying the foundation for a large pool of tokenized, high‑quality collateral that can be financed and rehypothecated more efficiently across time zones and outside normal market hours. In parallel, the NYSE has announced a new tokenized securities platform—separate from its legacy exchange—that aims to support onchain trading and settlement of U.S. equities and ETFs with 24/7 market hours, instant settlement, fractional shares, and stablecoin or tokenized deposit funding, in partnership with banks such as BNY and Citi. This “always‑on” venue is intended to be compliant with U.S. securities regulation but to use blockchain as the primary settlement layer, allowing experimentation with continuous markets without disrupting the core exchange. Meanwhile, Tradeweb has already executed fully onchain repo financing of U.S. Treasuries against USDC—including over weekends and outside traditional settlement windows—with a working group that includes Bank of America, Citadel Securities, DTCC, and Virtu Financial, demonstrating real‑time, atomic settlement and off‑hours liquidity for government bond markets. Together, these initiatives indicate that core market utilities—exchanges, clearinghouses, and electronic trading platforms—are moving beyond pilot projects toward integrating tokenization into production market infrastructure, with the potential to compress settlement cycles, unlock idle collateral, and create more global, continuous capital markets.

✨ AI-generated background, compiled from web sources — not editorial content.

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