Key takeaways

• The Depository Trust & Clearing Corporation plans to connect its tokenization service to Solana in the second half of 2027.
• The service launched in late October with 34 eligible securities representing roughly $30 trillion in assets that can be tokenized.
• Analysts say a December 2025 SEC no-action letter, which limits holdings to registered wallets, may cap the near-term impact on Solana.

The Depository Trust & Clearing Corporation (DTCC) will bring its tokenization service to Solana in the second half of 2027, CoinDesk reported on Thursday. Eligible stocks, exchange-traded funds and U.S. Treasuries held at its Depository Trust Company (DTC) subsidiary could then be converted into tokens on the blockchain.

Solana joins a growing list of networks. DTCC’s tokenization service went live in late October on Canton Network and DTCC’s private Besu blockchain, while Stellar and Circle’s Arc are on the roadmap for next year. DTC holds $114 trillion in securities for banks and brokerages, according to CoinDesk.

The service debuted with 34 eligible securities representing roughly $30 trillion. That figure reflects assets eligible for tokenization, not assets already on a blockchain. DTCC said the tokenized securities will keep their existing ownership rights, investor protections and regulatory safeguards.

“DTCC is bringing regulated, DTC-tokenized securities to another major blockchain ecosystem, giving market participants greater choice in where they access and utilize tokenized assets,” said Frank La Salla, DTCC’s president and CEO. Nick Ducoff, general manager of institutional business at the Solana Foundation, said institutions chose Solana “because it already runs real financial activity at scale.”

Solana hosts about $600 million worth of stock tokens, trailing only BNB Chain and Ethereum, according to RWA.xyz data cited by CoinDesk. Most of that activity involves synthetic stock tokens, which do not give holders the same shareholder rights as the underlying shares.

Tokenized assets are already growing on the network. Solana had about $4.94 billion in total value locked as of Nov. 12, according to DefiLlama, and the value of tokenized real-world assets on the chain rose almost 7% in a month to $4.76 billion as of Nov. 11, Cointelegraph reported.

Wallet Rules May Limit the Impact

Analysts say regulation could cap the near-term effect. Under a December 2025 SEC no-action letter, DTC participants must register wallets to hold the tokenized securities, and the tokens can move only between registered wallets, Cointelegraph reported.

“It’s overstated in the near term because the SEC relief from Dec 2025 keeps these tokens in a walled garden of registered DTC participants,” said Alex Lin, founding partner at venture firm Reforge. He added that permissionless retail and DeFi liquidity “can’t touch these tokens directly yet.”

Kha Nguyen, CEO of analytics platform Birdeye, said more tokenized securities would not automatically lift transactions or demand for SOL. “A trade is one transaction whether it moves $100 or $100 million,” he said. Solana recorded about 6.9 billion transactions in the 30 days to Nov. 11, down almost 40%, per Token Terminal data cited by Cointelegraph.

At launch, DTCC said 20 DTC participants had signed agreements to access the service, but it has not said whether any plan to use Solana. Separately, the OKX and ICE tokenized securities venue is set to launch on Nov. 23. SOL traded at $80.29 at 07:03 UTC on Nov. 13, down 3.06% in 24 hours, according to CoinGecko.