Plume joins forces with Nasdaq and Schwab to join DTCC Group

Plume joins DTCC Digital Asset Industry Working Group

Plume announced on August 6 that he has joined the Depository, Trust and Clearing Corporation (DTCC) Digital Asset Solutions Industry Working Group, working with companies such as Charles Schwab, Nasdaq and Alpaca to promote the development of real-world asset networks.

Summary

Plume joined the DTCC tokenization working group with Nasdaq, Charles Schwab, Alpaca and other financial institutions. Before the service was launched in October, the working group had expanded to more than 100 members and partners. The production environment trading test conducted in July covered tokenized treasury bonds, stocks, collateral, securities lending and margin workflows. DTC's custody assets amount to US$114 trillion, but Plume's addition does not mean that all assets will be tokenized. Kimber's transfer agent has been registered with the U.S. Securities and Exchange Commission (SEC) to support Plume in providing a compliance basis for on-chain ownership records for tokenized securities and funds.

Background of the working group and Plume's joining

The working group aims to provide industry feedback on DTCC's tokenization services and to assist in testing the operating standards required for the transition of traditional securities to tokenized forms. Plume's addition has given it a place in a group that had more than 50 companies in May and expanded to more than 100 members and partners in mid-July. However, joining the working group does not mean that DTCC has selected Plume as a support for blockchain, nor does it mean that assets have been issued or commercial integration has been achieved through its network. Neither party announced a deployment schedule or contract amount.

DTCC established a working group to collect opinions from asset management companies, banks, brokers, exchanges, custodians and blockchain companies. Its initial public list included BlackRock, Goldman Sachs, JPMorgan, Circle, Robinhood, Ondo Finance, Nasdaq and Charles Schwab. Plume did not appear on the May list, but its official announcement showed that it has now joined the expanded working group.

Time node: Immediately after DTCC's July production transaction test

This joining occurred after DTCC conducted a production environment test on July 15. More than 30 companies have used securities held by DTC to conduct real-time tokenization transactions on LFDT's private Besu network and public Canton network. The test content includes collateral pledge, securities lending, treasury bond repurchase and delivery, stock settlement, token transfer, and central counterparty margin workflow. Plume did not appear on the list of participants in the July deal, so its membership appears to have begun after production testing. However, neither Plume nor DTCC disclosed a specific joining date or the workflow it would support. This time point is based on an inference based on two public announcements.

DTCC tokenization service is planned to be launched in October

DTCC plans to launch the service in October 2026, allowing DTC participants to create tokenized representations (sometimes called digital twins) of eligible securities in DTC custody and deliver those representations to approved wallets, while converting assets between traditional records and tokenized records. The service operates based on a three-year no-objection letter issued by the SEC in December 2025. Authorized asset classes include Russell 1000 Index components, exchange-traded funds that track major indices, and U.S. Treasuries, notes and bonds. SEC Commissioner Hester Peirce described the plan as a limited pilot and noted that DTC's official ledger will track transfers between registered participant wallets.

As of the end of 2025, the value of assets under DTC custody exceeded US$114 trillion, while DTCC subsidiaries handled US$47 trillion in securities transactions that year. These numbers describe DTCC's broader market infrastructure and do not mean that the entire US$114 trillion escrow base will be tokenized when the service goes online. DTCC also plans to connect the service to the Stellar network in the first half of 2027. Production tests in July used Besu and Canton, indicating that DTCC is adopting a multi-chain architecture rather than limiting services to a single network.

Plume brings regulated record-keeping experience

Plume said it will contribute expertise in compliance standards. The network claims to use compliance partners, transaction controls and built-in anti-money laundering tools to handle tokenized assets. These are the company's descriptions of its infrastructure and are not an independent judgment that every transaction or product complies with applicable law. Its clearer qualifications in the United States come from the Kimber transfer agency. SEC documents show that Plume Network Inc. Owns 100% voting securities in Kimber. Kimber's transfer agent registration will take effect on September 26, 2025, allowing it to perform transfer agent functions under federal requirements. Transfer agents maintain issuer ownership records, process ownership changes and support allocations. Plume said Kimber can maintain both on-chain and off-chain shareholder records for tokenized securities. SEC registration does not constitute recognition of Plume, its network or any investment products.

Next steps before full launch

The immediate focus is on the service DTCC plans to launch in October. Working group members are expected to continue to review operating practices, technical workflows and interoperability. DTCC has not announced specific tasks, network connections or tokenized asset release plans for Plume. Chris Yin, co-founder of Plume, said the partnership will help "bring the global market onto the chain." This statement is forward-looking and its outcome depends on regulation, participant adoption, technology integration and whether the issuer chooses a form of tokenization.

After October, the focus will turn to production transaction volume, assets supported, wallet participation and options to expand the network. Stellar connectivity is planned to be achieved in the first half of 2027, and the SEC's no-objection letter is valid for three years under established conditions. For Plume, the most direct near-term measure will be whether working group participation leads to formal DTCC integration or new issuer relationships. Until such arrangements are announced by both parties, this progress should be seen as an advisory role on the design of the service rather than a confirmed deployment.