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DTCC and Chainlink complete fund tokenization pilot project with US financial institutions
Decentralized Finance (DeFi)
May 16, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

May 16, 2024

DTCC and Chainlink complete fund tokenization pilot project with US financial institutions

Funding

  • The Depository Trust and Clearing Corporation (DTCC), a capital market infrastructure provider, and Chainlink, a blockchain middleware infrastructure provider, have completed their pilot project to develop new fund tokenization solutions in partnership with multiple major US financial institutions.

  • Dubbed Smart NAV, the project aimed to establish a standardized process for importing and distributing fund net asset value (NAV) data across private or public blockchains via Chainlink's Cross-Chain Interoperability Protocol (CCIP). Participants included American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and US Bank.

  • DTCC stated that the project also revealed several on-chain use cases for structured data, such as tokenized funds and "bulk consumer" smart contracts, which hold data for multiple funds.

  • Analyst QuickTake: DTCC and Chainlink have gradually increased their involvement in real-world asset tokenization in the last six months. DTCC acquired Securrency, a platform for tokenizing public and private securities, for USD 50 million last December, and Chainlink partnered with Rapid Addition to allow users of existing trading infrastructure to interact with tokenized assets two weeks ago. Notably, while this space has seen considerable funding for startups in the last few months, this project also showcases growing involvement from traditional institutions. This is further evidenced by Blackrock , which partnered with Securitize in March, to launch its first tokenized fund on Ethereum , the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

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