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XLM DTCC: A single blockchain cannot support its US$4700 trillion market size
The Depository Trust and Clearing Corporation plans to expand its tokenized infrastructure to multiple blockchains rather than place U.S. capital market clearing on a single network.
"We handle US$4 trillion in settlement business every year, and no blockchain can carry this scale." Nadine Chakar, global head of digital assets at DTCC, said in an interview. DTCC is working with multiple networks such as Canton and Stellar to promote the production of tokenized securities.
DTCC subsidiaries processed US$4700 trillion in securities transactions in 2025 and provided custody and asset services for US$114 trillion in securities. Relying solely on a single public blockchain to replicate such throughput, asset coverage, and operational resilience would pose capacity, privacy, and concentration risks to the infrastructure that supports U.S. stocks, bonds, and funds.
The company's model puts DTC's existing ownership records at the core while allowing authorized participants to transfer blockchain-based securities representatives between registered wallets.
Canton and Stellar dual-chain parallel deployment
Canton undertook part of the first batch of DTCC production activities. This privacy-conscious network allows regulated agencies to synchronize transactions while limiting sensitive position and counterparty information to authorized participants.
After DTCC and Digital Asset obtained regulatory clearance in December 2025, they began to develop the Canton route for DTC custody of treasury bonds. Its July production test involved collateral transfers, repurchase transactions and equity transactions at nearly 40 institutions, including JPMorgan Chase, BlackRock, Goldman Sachs, Vanguard Group and the New York Stock Exchange.
This test expands the scope of DTCC tokenization trials, which initially covered select stocks, exchange-traded funds and U.S. Treasury bonds, and is expected to be fully launched in October.
Stellar provides another public network route. DTCC plans to connect DTC tokenized assets to Stellar in the first half of 2027, allowing authorizing companies to both use public blockchain infrastructure and retain ownership records and asset services supported by DTC.
Interoperability replaces blockchain exclusivity
DTCC's tokenization platform is designed to allow the same regulated asset to flow between multiple recognized networks, rather than being trapped in a single blockchain environment. Its ComposerX infrastructure is responsible for token creation, lifecycle management, and connecting DTC's legacy systems to the blockchain track.
The U.S. Securities and Exchange Commission approved the controlled service for a three-year period in December 2025. Eligible tokenized positions must retain the same economic rights, investor protection, dividends and governance rights as traditional forms.
The current production team has trial-run these assets in tokenization tests led by JPMorgan Chase, BlackRock and Goldman Sachs. Participants can convert backing securities into tokens, use them in approved transactions, and then transfer them back to DTC's traditional bookkeeping system. DTCC's comprehensive service plan will be open to eligible participants in October 2026.
