DTCC Considers U.S. Dollar Stablecoin Amid Regulatory Uncertainty

The Depository Trust & Clearing Corporation (DTCC), a key player in the U.S. financial infrastructure, is exploring the possibility of issuing a U.S. dollar-backed stablecoin. This move comes as part of the organization's broader evaluation of how stablecoins could facilitate the settlement of trades and the movement of assets across various markets.
According to sources familiar with the matter, DTCC is in the early stages of this initiative. However, the sources emphasized that the organization would not proceed with the launch of a stablecoin unless Congress passes legislation providing a clear regulatory framework for such digital assets. This regulatory uncertainty is a significant hurdle for DTCC's plans, as it plays a central role in processing nearly all U.S. stock trades, handling $2 quadrillion in securities transactions annually.
DTCC has previously conducted pilot programs involving distributed ledger technology and tokenized collateral, including initiatives involving U.S. Treasury assets. These efforts reflect the organization's interest in
infrastructure and its exploration of programmable money and near-instant settlement. The potential use cases for a DTCC-issued stablecoin are still under consideration, but the initiative aligns with the firm’s existing work in these areas.Stablecoins have gained increasing traction and interest from traditional
amid an improving regulatory landscape. In the U.S., stablecoins have drawn increased attention from lawmakers, with multiple legislative proposals focused on reserve requirements, oversight of issuers, and audit mandates 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.Several global lenders, including
and Societe Generale, are advancing their own stablecoin initiatives. 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. However, for now, the company’s plans appear to be on hold pending regulatory certainty from Washington.
Ask Aime: How will the DTCC's stablecoin plan impact the stock market?
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