Ondo Finance has been selected to join a working group led by the Depository Trust & Clearing Corporation that aims to tokenize traditional assets for U.S. capital markets. The DTCC, which custodies over $114 trillion in assets and processes roughly $3.7 quadrillion in transactions each year, is pulling together some of the biggest names in finance for the effort.
Who's in the room
Alongside Ondo, the working group includes BlackRock, Goldman Sachs, J.P. Morgan, Franklin Templeton, and Bank of America. That's a lineup that covers asset management, investment banking, and custody — a sign that the push to put real-world assets on blockchain has buy-in from the incumbents, not just the crypto-native firms.
DTCC President and CEO Frank La Salla said tokenization could reshape markets by improving liquidity, transparency, and efficiency. No specific timeline or pilot was announced, but the group's formation itself is a concrete step beyond the white papers and conference panels that have dominated the conversation so far.
Ondo's edge in tokenized markets
Ondo controls an estimated 70% of the tokenized equity market and has already partnered with Franklin Templeton to offer five ETFs as 24/7 tradable assets on blockchain via crypto wallets. The firm is going after the $30 trillion global ETF market — a target that suddenly looks less far-fetched with the DTCC's infrastructure behind the effort.
The company is currently the largest tokenizer of stocks, ETFs, and U.S. Treasuries. For a firm that controls roughly 70% of the tokenized equity market, a seat at this table is less a courtesy and more a recognition of the market's direction.
What this means for the broader push
Tokenization has been a buzzword in crypto for years, but the DTCC's involvement moves it from theoretical to operational. The DTCC doesn't just set standards — it processes the settlement and custody backbone for nearly every U.S. stock and bond trade. If its working group develops a framework that major banks actually use, that could accelerate the timeline for mainstream adoption of tokenized securities.
Ondo's inclusion signals that regulators and legacy market infrastructure providers see tokenization as an evolution, not a fringe experiment. The working group is expected to produce recommendations and potentially pilot projects, though no public deadlines have been set.
