The U.S. Securities and Exchange Commission has granted the Depository Trust Company (DTC) a no-action letter to begin a pilot program for on-chain securities settlement. DTC plays a central role in U.S. capital markets, maintaining the official ledger of record for securities ownership, clearing, and settlement. Its parent organization, the Depository Trust & Clearing Corporation (DTCC), processed approximately $3.7 quadrillion in securities transactions in 2024.

The pilot allows DTC to evaluate how blockchain-based settlement processes might function within a regulated framework. Structured as a limited test, the effort gives regulators and market participants a controlled environment to assess operational performance, compliance considerations, and risk controls before any broader adoption.

While narrow in scope, the decision lands at a moment when the scale of assets potentially affected by tokenization is becoming increasingly difficult to ignore.

Research cited by the World Economic Forum has estimated that as much as $867 trillion in traditional financial assets could be impacted by blockchain-based market infrastructure over time, spanning equities, debt, derivatives, real estate, and private markets. That figure frames the DTC pilot less as a technology experiment and more as an early signal in a much larger structural transition.

Corporate Balance Sheets Move On-Chain

The DTC initiative arrives alongside a broader shift underway in corporate finance. According to research published by Thomas Carter, 142 publicly traded companies now operate as Digital Asset Treasury Companies, or DATCOs. These firms have incorporated digital assets into their treasury strategies, collectively holding an estimated $137 billion in crypto-related assets.

The DATCO model, initially popularized by companies such as MicroStrategy, treats digital assets as long-term balance sheet instruments rather than short-term trading positions. Over the past year, adoption has accelerated as companies reassess capital allocation strategies amid inflation concerns, currency exposure, and evolving monetary policy.

This shift is increasingly visible in earnings calls and regulatory filings, where digital asset disclosures are becoming more common across sectors that historically had little direct exposure to blockchain technology.

Financial Institutions Expand Blockchain Exposure

Traditional financial institutions are also increasing their engagement with blockchain infrastructure.

Charles Schwab, which oversees more than $12 trillion in client assets, has publicly discussed plans to expand crypto trading and custody services. Analysts suggest Schwab’s participation could bring additional scale and regulatory familiarity to digital asset markets.

JPMorgan continues to build on its blockchain initiatives through platforms such as Onyx and JPM Coin, while exploring expanded institutional trading, settlement, and payment services. These efforts reflect sustained demand from corporate and institutional clients seeking blockchain-based solutions that align with existing compliance and risk frameworks.

Regulatory posture has also evolved. The Office of the Comptroller of the Currency has issued guidance and approvals enabling federally chartered institutions to engage in certain crypto-related activities, provided appropriate safety, soundness, and supervisory controls are maintained.

Tokenization and Market Infrastructure

Beyond banks and corporates, market infrastructure providers and private investment platforms are advancing initiatives focused on tokenized equity, private credit, and alternative assets. These developments point to growing interest in blockchain-based issuance models designed to operate alongside traditional capital markets rather than outside them.

As settlement, issuance, and treasury management increasingly intersect with blockchain technology, infrastructure readiness has become a central theme. Firms with experience navigating regulatory frameworks and institutional requirements are positioned to support this transition.

One example is Deal Box, which has worked with projects such as OroBit to support market positioning, exchange readiness, and institutional structuring intended to align tokenized assets with emerging on-chain settlement standards.

A Measured Shift, Looking Ahead

The DTC pilot does not immediately change how U.S. securities settle. Broader adoption will depend on regulatory outcomes, market acceptance, and demonstrated operational performance. Still, combined with the rise of DATCO treasury strategies, expanding institutional participation, and estimates of hundreds of trillions of dollars in assets potentially impacted, the direction of travel is becoming clearer.

Blockchain technology is moving from experimental applications toward regulated financial use cases. Governance, compliance, and integration are taking precedence over novelty.

As pilots advance and disclosures expand, the coming years—particularly leading into 2026—are likely to define how deeply blockchain becomes embedded in U.S. market infrastructure. For institutions across capital markets, the question is shifting from whether this transition occurs to how prepared they are as it unfolds.

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