DTCC launches US securities tokenization service, with Alpaca joining 20 participating institutions

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DTCC has launched a securities tokenization service, with Alpaca among the 20 institutions signed on at launch. The service can convert US stocks, ETFs, and US Treasuries held in custody into tokens and redeem them. Tokenized stocks circulated through the Alpaca network are issued by third parties and generally provide economic exposure but no voting or dividend rights; DTCC, meanwhile, says its tokens retain ownership of and investor protections for the securities held in custody. Initial assets covered by the service include Russell 1000 constituents, major index ETFs, and US Treasuries. DTCC plans to add participants on a rolling basis and include more blockchain networks in 2027.