Tokenization moved beyond theoretical discussion at Sibos 2026, where DTCC Managing Director Nadine Chakar and Chainlink co-founder Sergey Nazarov outlined concrete timelines and infrastructure requirements for tokenized financial markets.
Chakar and Nazarov emphasized the unglamorous technical fundamentals required to scale tokenization from pilot projects to functioning markets. Their priorities included compliance features, continuous operability for tokenized equity, and interoperable infrastructure that works across asset types.
Chakar argued that robust underlying systems should take precedence over specific asset transfer methods, while Nazarov suggested that adoption by major financial institutions could be accelerated through mechanisms like DTCC's AppChain for tokenized stock.
DTCC Tokenization Timeline
In December 2025, the SEC issued DTCC a No-Action Letter authorizing a controlled three-year environment for tokenizing DTC-custodied assets. This regulatory clarity creates a defined window for institutional participation without regulatory uncertainty.
In July 2026, DTCC conducted preliminary trades of tokenized US securities with major institutions. These initial trades paved the way for the full DTC tokenization service launch scheduled for October 2026.
The next phase involves the DTCC Collateral AppChain, projected to launch in Q1 2027. The system incorporates Chainlink's Cross-Chain Interoperability Protocol, or CCIP, designed to connect different blockchains and enable asset and data movement between them. The platform aims to deliver near real-time collateral management across multiple markets and blockchain environments.
Background and Context
Chakar joined DTCC in 2023 following the company's acquisition of Securrency, where she had served as CEO overseeing tokenization initiatives. She currently sits on DTCC's Executive Committee.
Sibos 2026 took place from September 28 to October 1, 2026, in Miami Beach, Florida. The conference's theme was "Digital finance for AI-driven economies," with sessions covering tokenized securities, tokenized cash, and AI's potential role in financial system operations.
Market Implications
The SEC No-Action Letter is central to institutional participation, providing clarity on regulatory boundaries during the three-year controlled period. Chainlink's CCIP integration into the Collateral AppChain represents a significant step for the interoperability technology within core US market infrastructure, though the launch remains targeted for Q1 2027.
Key metrics to monitor include whether the DTC tokenization service launches as scheduled in October 2026, which institutions participate, whether round-the-clock tokenized equity trading becomes operational, and the Collateral AppChain's progress toward its Q1 2027 target.
