DTCC CEO Frank La Salla: "Tokenization reduces counterparty risk, which for the numbers we are talking about, is enormous."
- Harvey
- 4 days ago
- 1 min read
DTCC received a No Action Letter from the SEC in Dec 2025 which gave it a clear path to tokenize its $100T immoblized assets.
Here is how DTCC sees itself and the future in an onchain market structure:
1️⃣ The Aggregation Layer
DTCC does not intend to disappear in an onchain world.
It sees itself as the centralized asset aggregation layer that guards an deep aggregated liquidity pool.
2️⃣ Tokenized Equities → Extended Market Hours
It sees tokenized equities as key to unlocking 24/5 trading for institutional investors and retail investors alike, especially outside of the US.
3️⃣ Counterparty risk reduction
It sees tokenized assets trading as having massive benefits in reducing counterparty risks and the related risk pricing for the enormous US equities and equities linked markets.
➡️ The BIG questions
The SEC outlined three tokenization models recently and gave an implicit preference for issuer led and DTCC sponsored tokenization approaches. But the reality right now is that the third party derivative model that is seeing the most traction, given that the other two approaches are missing entirely from action.
It has seen $1B in AUM and $2B in trading volume.
So the real question is:
- Do all three models coexist with distinct use cases?
- Does regulatory preference eventually crowd out synthetic models?
- Or does market liquidity consolidate around whichever structure scales fastest?
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