U.S. Brokers, Asset Managers & Exchanges: Tokenized Assets: Coming Soon to a Venue Near You

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U.S. Brokers, Asset Managers & Exchanges: Tokenized Assets: Coming Soon to a Venue Near You

Equity Research

21 May 2026

U.S. Brokers, Asset Managers & Exchanges

Tokenized Assets: Coming Soon to SIGNATURE

a Venue Near You

The DTCC has been authorized to tokenize real-world assets, U.S. Brokers, Asset Managers & Exchanges

and the exchanges are developing tokenized trading POSITIVE

capabilities. While we see several benefits from this type of U.S. Brokers, Asset Managers &

Exchanges

upgrade, we think more meaningful uplift in volumes could Benjamin Budish, CFA

come from expanded global trading hours than tokenization +1 212 526 2418

benjamin.budish@barclays.com

itself. BCI, US

Mason Fleming

Overview: Late last year, the DTCC received a No-Action letter from the SEC, essentially +1 212 526 7025

authorizing the organization to start offering services to tokenize real-world DTCC-custodied mason.fleming@barclays.com

BCI, USassets, beginning with equities, ETFs, and US Treasuries. The DTCC expects to roll out a pilot

offering in 2H26, with authorization for three years. In addition to these, the exchanges across

our coverage have announced pilot programs to introduce tokenized equities trading, as well as

other use cases such as tokenized collateral at futures clearinghouses. We view the tokenization

of equities as an infrastructure upgrade that will offer several benefits to the industry, such as

instant settlement, reduced settlement risk, and potential capital savings. That said, we believe

the ultimate P&L impact from faster settlement alone is likely quite modest. At the same time,

tokenized equities could make it easier to offer near 24-hour trading in equities, which could

improve lit exchange market share. In this report, we provide a deep dive on the plumbing of