DTCC, the clearing and settlement core of US capital markets, announced its tokenization service will move from pilot to full production in October 2026, bringing roughly $114 trillion of DTC-custodied assets into scope for on-chain representation. Coverage includes Russell 1000 constituents, ETFs tracking major indices, and US Treasury bills, notes and bonds. The service rests on a December 2025 SEC staff no-action letter (a three-year window from launch); DTCC completed its first real tokenized trades in a July 15 pilot with 50-plus institutions. This marks the first time America’s settlement layer has directly adopted blockchain rails.

BNY Mellon, the world’s largest custodian bank, has officially launched tokenized deposit services for institutional clients, creating digital representations of assets held at the institution on the blockchain. The service enables funds to be used as collateral in secured and margin transactions and supports 24/7 instant payments that bypass traditional fiat channel limits. First clients include Intercontinental Exchange (ICE), Citadel Securities, DRW Holdings, Ripple Prime, Baillie Gifford and Circle. Observers largely attribute US institutions’ interest to the GENIUS Act, which has fueled demand for compliant on-chain yield.

Goldman Sachs is making its Financial Square Treasury Instruments Fund (FTIXX) available to qualified US participants through Lynq, a real-time settlement and treasury-management network for digital-asset institutions. The fund held approximately $105 billion in net assets at the end of August 2026; once integrated, crypto-native trading firms can park idle cash in an established US Treasury money market fund between transactions while retaining access to capital when needed. It is one of the first cases of an ultra-large money market fund opening directly to the crypto trading ecosystem.

Pantera Capital published its “State of Tokenization” report, tracking 671 tokenized assets with a combined market of $331.8 billion. The report finds that on-chain issuance has matured, but compliant, highly liquid secondary markets remain the industry’s core bottleneck: permissioned products account for 59% of sampled market value yet contribute just 0.2% of spot trading volume, while open-access products carry 41% of value and drive 99.8% of spot activity. Meanwhile, tokenized-equity DEX volume reached roughly $2.09 billion over the past 30 days, a liquidity milestone, with Uniswap contributing 60.1%.