The Depository Trust & Clearing Corporation (DTCC), which handles the clearing and settlement of nearly all U.S. stock trades, is exploring the issuance of a U.S. dollar-backed stablecoin, The Information reported on June 12, citing sources familiar with the matter.
According to the report, DTCC is in the early stages of evaluating whether to launch a stablecoin that could facilitate the settlement of trades and movement of assets across markets.
However, the sources said the DTCC would not proceed unless Congress passes legislation providing a regulatory framework for stablecoins.
They did not disclose a timeline and DTCC has not publicly commented on the report.
Quadrillions in volume
DTCC plays a central role in U.S. financial infrastructure, processing $2 quadrillion in securities transactions annually.
The organization has previously run pilot programs involving distributed ledger technology and tokenized collateral, including initiatives involving U.S. Treasury assets.
The reported initiative comes amid a growing push by major financial institutions to explore stablecoins and tokenized cash as part of broader digital transformation strategies.
While the potential use cases for a DTCC-issued stablecoin remain under consideration, the effort aligns with the firm’s existing work on digital asset infrastructure and its interest in programmable money and near-instant settlement.
Financial zeitgeist
Stablecoins are seeing increasing traction and interest from traditional finance amid the improving regulatory landscape, especially in the U.S. where they have drawn increased attention from US lawmakers under President Donald Trump’s administration.
Multiple legislative proposals, including those focused on reserve requirements, oversight of issuers, and audit mandates, are currently under review in Congress.
Industry participants have urged lawmakers to provide clarity to enable regulated entities to issue or adopt stablecoins in financial markets. Both lawmakers and financial regulators have softened their stance toward digital assets and their integration with traditional finance.
Several global lenders, including Bank of America and Societe Generale, are advancing their own stablecoin initiatives, reflecting a growing institutional shift toward digital assets. Visa and Mastercard have also piloted cross-border payments and treasury operations using stablecoins like USDC.
DTCC’s involvement in stablecoin development could mark a significant shift toward institutional adoption of blockchain-based settlement. For now, however, the company’s plans appear to be on hold pending regulatory certainty from Washington.
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