From Quadrillions to Tokenization: DTCC's Billion-Dollar Bet on Canton's Digital Securities

The Depository Trust & Clearing Corporation, the financial infrastructure powerhouse that cycles $3.7 quadrillion through global markets annually, just took a bold step into blockchain territory—and what comes after quadrillion in market ambitions might be entirely digital.

On Wednesday, DTCC revealed it will tokenize U.S. Treasuries on Canton Network, a privacy-focused blockchain designed specifically for institutional finance. This isn’t just another pilot project. The SEC rubber-stamped DTCC’s three-year authorization just last week, clearing the way for securities issuance on public and private blockchains alike.

DTCC Assumes Command in Canton’s Governance Layer

The partnership goes deeper than mere participation. DTCC will co-chair Canton Foundation alongside Euroclear, the Belgium-headquartered settlement infrastructure firm. This power-sharing arrangement signals DTCC’s commitment to shaping the future of tokenized asset infrastructure, not merely adopting it.

Frank La Salla, DTCC’s CEO, framed the initiative as establishing a “framework for high-value tokenization,” with expansion to additional networks and asset classes on the horizon. Translation: This is phase one of a multi-year transformation.

Canton’s Institutional-Grade Foundation

Canton Network isn’t a fringe experiment. Digital Asset’s infrastructure supports $6 trillion in assets across 600+ institutions. The network’s defining feature—configurable privacy combined with institutional compliance—addresses Wall Street’s core concern: how to harness blockchain efficiency without sacrificing control or regulatory alignment.

Unlike public blockchains where every transaction broadcasts to the entire network, Canton employs sub-transaction privacy. Participants see only the transaction components relevant to them, operating on a strict need-to-know basis.

The Market Reads the Tape

Canton’s native token CC reflects growing confidence in the ecosystem. Trading since last month, CC climbed to $0.15 as of latest data, representing a 16.76% surge in 24-hour trading. While the token remains 56% below its debut price, the trajectory signals institutional interest isn’t fading.

Recent investment rounds bolster this thesis. Digital Asset attracted capital from heavyweight names—BNY Mellon (one of America’s oldest banks), iCapital, Nasdaq, and S&P Global contributed to this month’s funding round. Earlier in 2025, Goldman Sachs participated in a $135 million raise.

What Happens When Markets Go Digital?

Don Wilson, CEO of trading firm DRW, captured the broader significance on X: this announcement represents “a fundamental shift in how markets will operate.” He characterized it as Wall Street’s measured but accelerating embrace of digital assets—what comes next won’t just reshape securities settlement, but the entire market infrastructure.

DTCC’s Treasury tokenization launch on Canton is the opening move. The expected release of additional approved networks suggests this is the beginning of a multi-venue, tokenization-native future for institutional finance.