DTCC, which operates as a central clearing and settlement institution for financial markets around the world, as well as clearing for Nasdaq, has successfully completed an important tokenization test.

Tokenizing financial services

These trials, also referred to as “smart NAV pilot”, have taken important steps in the digital transformation of financial services on different blockchains. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was also used during the trials. During the tests, the automatic dissemination and distribution of real-time data across different blockchains was successfully carried out, while access to historical data was also provided. DTCC played the role of both data and security provider and solution provider.

As a result, Chainlink and DTCC have established a partnership in tokenization. DTCC and Chainlink, seen as the world’s largest clearing and payments system provider, will now work with major US banks to tokenize traditional assets. This will include brokerage services, automated data distribution and better access to historical data for funds.

Chainlink is bullish

DTCC’s statement on the subject brought an increase in LINK, Chainlink’s own token. LINK has seen an increase of more than 20% in the last 24 hours and has risen above $16.

In August, Chainlink and SWIFT conducted similar trials involving several major banks.

BlackRock also introduced BUIDL, a money market fund on the Ethereum network, in March, demonstrating the importance it attaches to tokenization.