HashKey Group said on Sept. 2 that it had joined the Depository Trust & Clearing Corporation’s Digital Assets Advisory Services Industry Working Group, becoming its first Asian digital asset service provider.
Summary
- HashKey joined DTCC’s digital assets working group as its first Asian digital asset service provider.
- DTCC’s May announcement identified more than 50 participants, while HashKey now cites over 100 institutions.
- HashKey plans to contribute Asia Pacific regulatory experience toward institutional token issuance, settlement and custody standards.
- DTCC targets an October launch for tokenization services after conducting production transactions with custodied securities.
- HashKey already participates in Hong Kong initiatives covering tokenized bonds, funds, notes and settlement infrastructure.
The Hong Kong based company will participate in discussions about how tokenized securities can be issued, transferred, settled and safeguarded through institutional market infrastructure.
HashKey said the working group now includes more than 100 financial institutions, asset managers and digital asset companies. Participants named in its announcement include JPMorgan Chase, Goldman Sachs, Nasdaq and the New York Stock Exchange.
DTCC’s own May announcement named more than 50 participating organizations. The larger figure provided by HashKey appears to reflect additions made since the group was publicly introduced, although DTCC has not published an updated complete membership list.
HashKey brings Hong Kong experience to DTCC
HashKey operates digital asset trading, asset management and onchain infrastructure businesses across several regulated markets. Its operations include businesses in Hong Kong, Singapore, Japan and Bermuda.
Since 2023, the company has participated in tokenization projects led by Hong Kong financial authorities. It is a member of the Hong Kong Monetary Authority’s Project Ensemble Architecture Community, which examines how tokenized deposits and wholesale central bank money could support transactions involving tokenized assets.
HashKey has also joined Hong Kong’s Tokenised Bond Expert Group. The company said it has supported the issuance and circulation of tokenized money market exchange traded funds, bonds and structured notes.
That experience is relevant to the DTCC group because Hong Kong has been testing institutional tokenization under a regulated framework. As previously reported, Hong Kong regulators have also been developing tokenized fund and settlement infrastructure intended to connect digital assets with existing financial systems.
HashKey said it would contribute its Asia Pacific regulatory and operational experience to discussions on global tokenization standards. Its participation does not represent regulatory approval of a HashKey product, membership in DTC or a commitment by DTCC to use HashKey infrastructure.
DTCC working group supports an October service launch
DTCC formed the industry working group to advise the development of its tokenization service. The group includes banks, brokerages, asset managers, exchanges, custodians and blockchain infrastructure companies.
In its official May release, DTCC said participants would help examine product functionality, operational processes and market standards. The work covers how eligible securities can move between traditional records and blockchain based representations.
The service is designed to let DTC participants create tokenized versions of eligible securities already held in DTC custody. These representations are often described as digital twins because the underlying security remains within the regulated depository structure.
Participants would be able to transfer tokenized securities to approved wallets and convert them between conventional and tokenized formats. DTCC says its model is intended to preserve the ownership rights and investor protections attached to the underlying securities.
The working group is advisory. Its members can provide technical and operational feedback, but participation does not give them authority over DTCC’s systems or guarantee commercial access to the final service.
Production transactions tested several market functions
DTCC completed its first group of tokenized transactions in a production environment in July. The tests used securities held at DTC and covered equity transfers, collateral pledges, securities lending and delivery versus payment transactions involving U.S. Treasuries and repurchase agreements.
The trials ran across DTCC’s private blockchain based on Hyperledger Besu and the public Canton Network. Assets involved in the program reportedly included Microsoft and Circle shares, the Invesco QQQ Trust, the SPDR S&P 500 ETF and a BlackRock Treasury exchange traded fund.
JPMorgan also completed a conversion involving shares of the Invesco QQQ Trust. The transaction demonstrated how a security held at DTC could be represented through a blockchain based record without removing the underlying asset from the established custody system.
In related coverage, the production tests were described as a step toward onchain settlement for tokenized securities. They did not amount to an unrestricted public launch, and participation remained limited to approved institutions and test scenarios.
DTCC plans to introduce standardized tokenization services in October 2026. The initial service will include compliance and distribution controls, while later releases may add automation for issuance, servicing and corporate actions.
DTCC connects tokenization with existing custody
DTC is a central securities depository and a systemically important financial market utility in the U.S. HashKey said the depository safeguards more than $114 trillion in assets.
That figure describes the value of securities held within DTC’s custody infrastructure. It should not be interpreted as the value of assets already tokenized or scheduled to move onto blockchains.
DTCC’s approach differs from platforms that issue tokens outside the traditional custody system. Its planned service keeps the underlying securities within DTC while recording approved tokenized representations across supported networks.
The structure aims to connect blockchain based transfers with existing ownership records, compliance controls and settlement processes. DTCC says this could allow tokenized assets to use established market liquidity and investor protections, but those expected benefits will depend on the final service design and institutional adoption.
HashKey’s next role will be to participate in working group discussions as DTCC moves toward the October launch. Neither company disclosed a separate HashKey integration, jointly issued tokenized product or commercial agreement.
