The launch follows a December 2025 no-action letter from the Securities and Exchange Commission (SEC) and test trades with more than 30 firms in July. The SEC separately approved a Nasdaq pilot in March for trading tokenized Russell 1000 stocks alongside ordinary shares.
London’s trading industry is coming home!
Kraken and Robinhood Are Not on the List
Firms already active in tokenized US stocks split on DTCC’s launch lists. Ondo and DRW, both early partners of Alpaca’s tokenization network, appear among the collaborators DTCC named, alongside BitGo, Fireblocks and Tradeweb.
Kraken, whose xStocks passed $25 billion in cumulative volume within eight months, is on neither list, and neither is eToro, which announced tokenized US shares in October 2025. Robinhood, which sells stock tokens in the European Union, is also absent.
Of the six firms named here, three made DTCC’s lists, with Alpaca the only one signed up as a participant.
Alpaca’s Part in the July Trades
Alpaca joined DTCC’s industry working group in May. In July, it said, it helped partners tokenize SPY and Circle shares held at the depository on the Canton Network and DTCC’s private Besu network, then redeem them through its own system.
That system is the Instant Tokenization Network, which Alpaca launched in October 2025 to let institutions swap shares for tokens in kind. The company said several partners now use it to mint and redeem tokenized US equities.
Alpaca said tokenized US equities scale “when traditional markets and onchain markets share the same foundation.”
One of its backers is now a fellow participant. Citadel Securities took part in the $150 million round that valued Alpaca at $1.15 billion in January and also signed up for the DTCC service.
The rest of the list runs from J.P. Morgan, Morgan Stanley and UBS to clearing firms Apex Clearing, Clear Street and DriveWealth. Among retail brokers, Fidelity Investments and Edward Jones signed up, while Charles Schwab and Interactive Brokers are not among the 20.
Eligible assets at launch are Russell 1000 constituents, ETFs tracking major indices and US Treasury securities. DTCC said it will onboard more participants on a rolling basis and plans to add blockchain networks in 2027.
