The Defiant - DeFi Podcast How the DTCC is Tokenizing $100 Trillions in Assets | Tom Sullivan
Mar 20, 2026
Tom Sullivan, Managing Director at DTCC Digital Assets, leads efforts to tokenize securities and modernize market infrastructure. He discusses why regulatory clarity unlocked tokenization, which assets (Treasuries, Russell 1000 stocks, ETFs) are targeted, and how tokenized securities preserve legal rights. Short takes cover collateral mobility, 24/7 markets, interoperability across ledgers, and a careful Q3 controlled rollout.
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Acquisition Turned Experiments Into Production
- DTCC's Securrency acquisition accelerated production-ready tokenization after a decade of experimentation.
- The purchase let DTCC move from proofs of concept to building tokenization products at member-focused scale.
Regulatory Clarity Was The Key Unlock
- Regulatory clarity from the SEC was a major unlock, enabling DTCC to pursue tokenization in a controlled, compliant way.
- Sullivan says the no-action engagement gave market participants confidence to adopt tokenized solutions.
What Asset Classes DTCC Will Tokenize First
- The SEC no-action letter allows DTCC to tokenize U.S. Treasuries, Russell 1000 stocks, and most liquid ETFs as a phased subset.
- DTCC will enable members to create on-chain versions with the same legal rights and full utility as traditional holdings.