Plume has joined the DTCC Digital Assets Solutions Industry Working Group, placing the real-world asset blockchain network alongside major financial companies such as Nasdaq, Charles Schwab and Alpaca.
The working group helps the Depository Trust & Clearing Corporation gather industry feedback as it develops infrastructure for tokenized securities. Members review technical standards, operating procedures, compliance requirements and interoperability between traditional financial systems and blockchain networks.
Plume’s participation gives the company an advisory role in the development process. However, it does not mean DTCC has selected Plume as an official supported blockchain or agreed to launch tokenized assets directly on its network.
Plume Joins a Growing DTCC Industry Group
Plume announced its membership in the DTCC Digital Assets Solutions Industry Working Group on Aug. 6.
The group brings together banks, asset managers, exchanges, custodians, brokerages and blockchain companies to help shape DTCC’s upcoming tokenization service.
Companies previously associated with the initiative include:
- Nasdaq
- Charles Schwab
- BlackRock
- Goldman Sachs
- JPMorgan
- Circle
- Robinhood
- Ondo Finance
- Alpaca
The working group had more than 50 participating firms when DTCC first disclosed its membership in May. By mid-July, the group had expanded to more than 100 members and industry partners.
Plume was not included in the original public list, suggesting that it joined during a later expansion of the initiative.
Membership Does Not Confirm a Commercial Integration
Plume’s announcement is an important industry development, but its practical scope remains limited for now.
Neither DTCC nor Plume has announced that DTCC will deploy its tokenization service on the Plume blockchain.
The companies also have not disclosed:
- A commercial agreement
- A deployment schedule
- A contract value
- A Plume-specific technical integration
- Tokenized securities issued directly through Plume
For now, Plume appears to be participating as an industry adviser helping DTCC evaluate how tokenized securities should operate.
Its future role could expand, but that would require a separate announcement confirming an integration, network connection or asset launch.
DTCC Completed Live Tokenized Securities Tests
Plume joined the initiative shortly after DTCC completed a major tokenization event on July 15.
More than 30 financial firms participated in live production transactions using securities held by The Depository Trust Company.
The tests took place across LFDT’s private Besu blockchain network and the public Canton Network.
Participants tested several traditional market activities using tokenized securities, including:
- Collateral pledges
- Securities lending
- Treasury repurchase agreements
- Delivery-versus-payment transactions
- Equity settlement
- Token transfers
- Central counterparty margin processes
The event demonstrated how traditional securities could move through blockchain-based systems while remaining connected to DTCC’s regulated market infrastructure.
Plume was not identified as a participant in the July transactions.
Based on the timing of the public announcements, its working group membership appears to have begun after that event. However, neither Plume nor DTCC has confirmed the exact date it joined.
DTCC Plans an October 2026 Launch
DTCC intends to launch its tokenization service in October 2026.
The platform will allow eligible Depository Trust Company participants to create blockchain-based representations of securities already held in DTC custody.
These tokenized versions are sometimes called digital twins because they represent an existing traditional security recorded within regulated market infrastructure.
Participants will be able to transfer eligible tokenized assets to approved digital wallets and convert them between conventional and tokenized records.
The service is designed to bring blockchain settlement features into the existing securities market rather than replace the traditional system entirely.
Which Assets May Be Tokenized?
The authorized pilot covers several major categories of U.S. securities.
Eligible assets include:
- Russell 1000 company shares
- Exchange-traded funds linked to major indexes
- U.S. Treasury bills
- U.S. Treasury notes
- U.S. Treasury bonds
The program operates under a three-year no-action letter issued by the U.S. Securities and Exchange Commission in December 2025.
A no-action letter generally indicates that SEC staff do not intend to recommend enforcement action against a specific activity when it is conducted under the conditions described in the request.
It does not represent broad regulatory approval for every form of tokenized securities trading.
DTC Records Will Remain Authoritative
SEC Commissioner Hester Peirce described the initiative as a limited pilot.
Under the structure, DTC’s official records will continue tracking securities ownership and transfers between registered participant wallets.
This means the blockchain representation will remain connected to the established legal and operational records maintained by DTC.
Maintaining an authoritative traditional record may help reduce uncertainty over ownership rights, corporate actions and regulatory responsibilities.
It could also make tokenized securities more acceptable to institutions that require assets to remain within familiar market infrastructure.
DTCC Oversees Enormous Financial Infrastructure
DTC held more than $114 trillion in securities at the end of 2025.
DTCC subsidiaries also processed approximately $4.7 quadrillion in securities transactions during the year.
These figures show the enormous scale of DTCC’s role in global capital markets.
However, they should not be interpreted to mean that the entire $114 trillion custody base will become tokenized when the new service launches.
The October rollout will begin as a controlled service covering approved participants, wallets and asset categories.
Actual tokenized value will depend on customer adoption, eligible securities and the number of institutions choosing to use the system.
DTCC Is Pursuing a Multichain Strategy
DTCC does not appear to be limiting its tokenization infrastructure to a single blockchain.
The July production event used both the private Besu network and the public Canton Network.
DTCC also plans to connect the service to Stellar during the first half of 2027.
Using several networks could allow market participants to select blockchain environments based on privacy, performance, regulatory requirements and interoperability needs.
A multichain approach may also reduce dependence on one blockchain provider.
However, supporting several networks creates additional technical challenges, including maintaining consistent ownership records and securely transferring assets between systems.
Plume Brings Real-World Asset Experience
Plume has positioned itself as a blockchain network focused on real-world assets.
Real-world asset tokenization involves creating digital representations of traditional investments such as stocks, bonds, private credit, funds, commodities and property.
Plume said it plans to contribute experience related to compliance standards, transaction controls and anti-money laundering infrastructure.
The company describes its network as offering built-in tools that can help issuers and financial firms manage regulated digital assets.
These are Plume’s own descriptions of its services. Membership in the DTCC group does not independently confirm that every asset or transaction on the network complies with all applicable laws.
Kimber Transfer Agency Supports Plume’s Regulatory Position
Plume’s most significant U.S. regulatory credential comes through Kimber Transfer Agency.
According to an SEC filing, Plume Network Inc. owns all of Kimber’s voting securities.
Kimber’s registration as a transfer agent became effective on Sept. 26, 2025.
Transfer agents perform important functions in traditional securities markets. Their responsibilities can include:
- Maintaining shareholder ownership records
- Processing changes in ownership
- Supporting dividend distributions
- Managing corporate actions
- Communicating with investors
- Replacing lost or damaged certificates
For tokenized securities, a transfer agent can help connect blockchain ownership records with legal shareholder records.
Onchain and Offchain Records Can Work Together
Plume says Kimber can maintain both blockchain-based and traditional shareholder records.
This model could help issuers use onchain transfers while continuing to meet established requirements for ownership records and investor servicing.
A regulated transfer agent may also help resolve situations in which a wallet is lost, an investor changes legal identity information or a transaction needs to be reviewed for compliance.
However, SEC registration is not an endorsement of Plume, Kimber, the Plume network or any investment product offered through them.
It only confirms that Kimber is registered to perform transfer agent functions under applicable federal requirements.
Tokenization Could Improve Market Efficiency
Supporters of tokenized securities argue that blockchain infrastructure can make capital markets more efficient.
Potential benefits may include:
- Faster settlement
- Improved collateral mobility
- Around-the-clock asset transfers
- Automated corporate actions
- Greater ownership transparency
- Easier fractionalization
- Reduced reconciliation between firms
Tokenized Treasuries, equities and funds could potentially move between approved wallets without relying on every step of the traditional settlement process.
Smart contracts could also automate certain activities, such as dividend payments or collateral adjustments.
However, the industry must still address legal, technical and operational risks before tokenized securities can reach broader adoption.
Major Challenges Remain
Moving traditional securities onto blockchain networks involves more than creating digital tokens.
Financial institutions must determine how tokenized assets will interact with existing rules covering custody, settlement, investor protection and market surveillance.
Important unresolved issues include:
- Legal recognition of blockchain records
- Wallet security
- Private-key recovery
- Cross-chain interoperability
- Transaction privacy
- Smart-contract risks
- Compliance with securities laws
- Liquidity across trading venues
- Handling corporate actions
DTCC’s working group is intended to help financial and blockchain companies examine these challenges before the service expands.
October Launch Will Be the First Major Test
The immediate focus will be DTCC’s planned October 2026 rollout.
Working group members are expected to continue reviewing technical workflows, market readiness and operating standards before and after the launch.
The early performance of the service will likely be judged by several factors, including:
- Number of participating firms
- Value of tokenized assets
- Supported securities
- Approved wallet participation
- Transaction volume
- Settlement reliability
- Network expansion
Institutions will also closely watch whether tokenization reduces costs or improves settlement speed without introducing unacceptable legal and cybersecurity risks.
Stellar Integration Is Planned for 2027
After the October launch, DTCC plans to connect its tokenization service to Stellar during the first half of 2027.
Stellar is a public blockchain designed partly for digital payments and asset issuance.
The planned integration could allow approved tokenized securities to operate on a wider public network while remaining linked to DTC records.
The move would add another blockchain to DTCC’s multichain strategy following its use of Besu and Canton.
However, the timetable may still depend on technical testing, regulatory requirements and participant readiness.
Plume’s Role Could Expand Later
Plume co-founder Chris Yin said participation in the working group could support efforts to bring global financial markets onto blockchain networks.
The statement reflects Plume’s long-term ambition, but it remains forward-looking.
A more meaningful development would occur if DTCC later selected Plume as a supported network or if working group participation led to issuer partnerships.
Investors and industry observers will therefore watch for announcements involving:
- A formal DTCC-Plume integration
- Tokenized securities issued on Plume
- New institutional partnerships
- Issuer adoption
- Wallet or custody connections
- Plume participation in future production tests
Until such a development is confirmed, Plume’s role should be viewed primarily as advisory.
Plume Gains Visibility Among Major Institutions
Joining the DTCC group gives Plume greater visibility within the traditional financial sector.
Working alongside companies such as Nasdaq and Charles Schwab may give the network opportunities to contribute to discussions about regulated asset tokenization.
It may also help Plume build relationships with financial institutions looking for blockchain infrastructure.
However, membership alone does not guarantee commercial adoption or future revenue.
The value of Plume’s participation will depend on whether its technical and regulatory experience leads to integrations, asset launches or institutional partnerships.
DTCC Tokenization Moves Closer to Production
Plume’s membership comes at an important time for DTCC’s digital asset strategy.
The organization has moved beyond early planning and has already completed live production transactions involving tokenized Treasuries, equities and collateral workflows.
Its planned October launch could become one of the most significant tests of blockchain technology within regulated U.S. capital markets.
For Plume, joining the working group provides access to the discussions shaping that system.
The next major milestone will be whether the collaboration develops into a formal technical role or remains limited to industry feedback and standard-setting.
