Tokenized Securities Are Moving From Pilots to Plumbing
Ripple won a national trust charter, its stablecoin reached a major exchange, and DTCC tokenization now covers Russell 1000 stocks and Treasuries.
- Ripple has received final approval from the OCC for a National Trust Bank charter, the company says, and is on track to exit 2026 with 900 million dollars in annualised product revenue. Self-reported m:…1519
- Ripple USD market capitalisation is 2.6 billion dollars, up more than 88 percent year to date, the company says, and the stablecoin is backed by reserves including US dollar deposits and short-term Treasuries. Self-reported m:…1519 m:…5829
- DriveWealth is an initial launch participant in the DTCC Tokenization Service, which covers Russell 1000 equities, major index ETFs and US Treasuries. m:…5141
- More than 50 firms had joined the DTCC tokenization service as of May 2026, according to FundGuard, which argues tokenized assets should sit in the same books as traditional assets. m:…9635
A charter and a listing
Ripple has received final approval from the Office of the Comptroller of the Currency for a National Trust Bank charter, the company says, a step that puts a crypto-native firm inside the federally chartered trust system rather than alongside it. The company says it is on track to exit 2026 with 900 million dollars in annualised product revenue, and that it has seen threefold growth in customers and partners in 2026. m:…1519
The distribution move came alongside the charter. Ripple and Coinbase have partnered to bring Ripple USD to Coinbase platforms, where retail and institutional clients can trade and manage it through Coinbase Prime, Coinbase Exchange and the Coinbase retail app. The stablecoin supports deposits and withdrawals across the XRP Ledger, Base and Ethereum networks, with 1-to-1 conversion from US dollars and other supported dollar-denominated stablecoins. m:…5829
Scale claims here come from the company and should be read that way. Ripple says its stablecoin market capitalisation is 2.6 billion dollars, up more than 88 percent year to date, and a separate company release puts it above 2.4 billion dollars since its launch in December 2024. The company also says Ripple Treasury serves more than 1,000 customers across 160 countries, and that its products enabled over 16 trillion dollars in transactions in 2025. m:…1519 m:…5829
Coinbase customers will also gain access to the stablecoin as collateral in a future update, Ripple says, and the company will provide liquidity on the Base network to support growth there. The reserve backing, according to the company, includes US dollar deposits, short-term US Treasuries and other cash equivalents, which is the part of the design that traditional finance will scrutinise first. m:…5829
The DTCC rails
The more consequential plumbing story is DTCC. DriveWealth has joined the initial launch group for the commercial rollout of the DTCC Tokenization Service, developed by The Depository Trust Company, which allows tokenization, transfer and conversion of security entitlements to DTC-custodied securities. Eligible securities include Russell 1000 equities, major index ETFs and US Treasuries. m:…5141
The service operates under a multi-network, interoperable model allowing conversion between traditional book-entry and tokenized forms, and it enables security entitlements to be recorded on-chain while retaining the existing legal framework. Tokenized entitlements can also be transferred outside traditional DTC operating hours, which is the practical difference tokenization makes for a holder, not just a new label on an old asset. m:…5141
DriveWealth completed limited-production trades in July 2026 using the Canton and Besu blockchains, so this rollout follows live testing rather than preceding it. The scale of the incumbent behind it is worth stating plainly: DTCC processed securities transactions valued at 4.7 quadrillion dollars in 2025, and its depository subsidiary provided custody for securities valued at 114 trillion dollars in 2025. m:…5141
The back-office catch
FundGuard argues the remaining bottleneck is accounting, not issuance. Tokenized securities carry the same entitlements, investor protections and ownership rights as traditional securities, the firm notes, but managing them in separate ledgers creates multiple versions of the truth within a firm and requires a reconciliation process signed off by staff. m:…9635
Tokenization changes the record of ownership, settlement timing, lifecycle event execution and data sources, FundGuard says, and tokenized assets can settle on a blockchain at any hour, including weekends. Data for those assets often originates from transfer agents and tokenization platforms that may not be connected to core accounting systems, which is where a separate ledger quietly becomes a second set of books. m:…9635
FundGuard's prescription is that firms should ask whether their accounting platform can add new instrument types through configuration before adding tokenized products, and notes that more than 50 firms had joined the DTCC tokenization service as of May 2026. This suggests the next competitive edge is not offering tokenized assets, but accounting for them without building a parallel operation to do it. m:…9635
What is still unresolved
- Whether regulators treat tokenized entitlements and traditional entitlements identically in a stress event
- How quickly collateral use of the stablecoin on major exchanges expands
- Whether accounting platforms absorb tokenized instruments without separate ledgers
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