Broadridge Financial Solutions processed $60.8 trillion in tokenized repurchase agreements through its Distributed Ledger Repo (DLR) platform in the first eight months of 2026, averaging $351 billion in daily settlement volume as of August. On September 2, the firm announced the expansion of DLR ...
"Tokenized financing and collateral markets are not a future-state concept. Through DLR, they are proven market infrastructure operating at scale today." — Horacio Barakat, Global Head of Digital Innovation, Broadridge Financial Solutions
Broadridge Financial Solutions processed $60.8 trillion in tokenized repurchase agreements through its Distributed Ledger Repo (DLR) platform in the first eight months of 2026, averaging $351 billion in daily settlement volume as of August. On September 2, the firm announced the expansion of DLR to G7 government securities, extending cross-border atomic settlement beyond U.S. Treasuries for the first time.
Simultaneously, the Depository Trust & Clearing Corporation confirmed an October 2026 commercial launch for its DTC Tokenization Service, which ran live production trades of tokenized Microsoft shares, Circle stock, SPY, QQQ, SGOV, and U.S. Treasuries on July 15 with more than 30 participating firms. JPMorgan's Kinexys blockchain settlement network has crossed $4 trillion in cumulative volume and averages $7 billion in daily cross-border payments across eight currencies, with a stated target of $10 billion daily.
These are not pilot programs. They are production systems processing volumes that place tokenized settlement infrastructure among the largest financial networks in the world. The U.S. repo market averages $12.6 trillion in daily exposures, according to the Office of Financial Research. Broadridge's DLR now handles roughly 2.8% of that market on distributed ledger technology — a figure that was near zero two years ago.
Broadridge's DLR platform has published monthly volume figures throughout 2026. The trajectory shows consistent scale, not a single spike:
| Month | Monthly Volume | Daily Average | YoY Growth | |-------|---------------|---------------|------------| | January | $7.3T | $365B | 508% | | February | $6.9T | $362B | 457% | | March | $8.0T | $354B | 392% | | April | $8.0T | $368B | 268% | | May | $7.2T | $362B | 220% | | June | $7.5T | $357B | 68% | | July | $8.0T | $365B | — | | August | $7.4T | $351B | — |
Year-to-date total through August: approximately $60.8 trillion. The declining year-over-year growth percentages reflect the normalization of a base that was itself growing rapidly in 2025, not a slowdown. Monthly volumes have held between $6.9 trillion and $8.0 trillion across all eight months, with the daily average never dropping below $351 billion.
The platform supports tokenized U.S. Treasury collateral for repo transactions, intraday repo activity, and collateral pledges. Thousands of individual transactions run through the network daily, according to Broadridge. Bloomberg Terminal subscribers can access aggregated DLR data through a partnership with crypto data provider Kaiko, covering repo par value, turnover, and trade count.
DLR previously supported only U.S. Treasury collateral. The September 2 announcement changes that.
On September 2, 2026, Broadridge announced that DLR now supports G7 government securities — bonds issued by the United States, United Kingdom, Canada, France, Germany, Italy, and Japan — as eligible collateral for tokenized repo transactions.
The expansion enables three capabilities that were previously unavailable on the platform:
This matters because the global repo market transacts in excess of $10 trillion daily, according to the International Capital Market Association. The portion of that market collateralized by non-U.S. sovereign bonds is substantial — European and Japanese government bonds are among the most widely used forms of collateral in global financing markets. DLR's previous limitation to U.S. Treasuries restricted its addressable market.
The Depository Trust & Clearing Corporation — the entity that clears and settles the vast majority of U.S. equity and fixed-income trades — confirmed that its DTC Tokenization Service will launch commercially in October 2026.
The service received regulatory authorization through a three-year SEC no-action letter issued on December 11, 2025. On July 15, 2026, DTCC ran live production trades using tokenized securities on Hyperledger Besu and Canton Network infrastructure. The trades covered multiple asset types:
More than 30 firms participated in the July production test, executing workflows including collateral pledge, securities lending, U.S. Treasury/repo delivery-versus-payment (DVP), equity DVP, equity delivery-versus-delivery (DVD), equity token transfer, and CCP margin operations.
The Industry Working Group counts over 50 members: BlackRock, JPMorgan, Goldman Sachs, Citi, Bank of America, Morgan Stanley, Charles Schwab, State Street, Nasdaq, NYSE Group, Tradeweb, Virtu Financial, Circle, Ondo Finance, Ripple Prime, Fireblocks, and BitGo, among others.
The eligible asset universe at launch covers Russell 1000 constituents, major-index ETFs, and U.S. Treasury securities — instruments already held in DTC custody. DTCC is not building a parallel market. It is digitizing assets that already flow through its existing infrastructure, which processes trillions in daily settlement.
JPMorgan's Kinexys blockchain payment network — originally launched as JPM Coin — has crossed $4 trillion in cumulative transaction volume. Daily averages now exceed $7 billion, with a stated target of $10 billion.
In 2026, the platform expanded currency support from three (USD, EUR, GBP) to eight, adding the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar. This expansion focuses on Asia-Pacific cross-border settlement, where correspondent banking delays and timezone mismatches create measurable friction costs.
Kinexys operates as a permissioned blockchain for institutional clients, settling tokenized deposits between JPMorgan banking entities and their corporate clients. The system runs 24/7, enabling settlement outside traditional banking hours — a direct efficiency gain over legacy wire transfer infrastructure.
To calibrate the scale of tokenized settlement, consider the following comparisons:
The Citi Institute GPS report from June 2026 projects the tokenized securities market will reach $5.5 trillion by 2030 in its base case, within a range of $2.7 trillion (bear) to $8.2 trillion (bull). Citi assumes 10% of the U.S. Treasury bill market and 3% of U.S. public equities are tokenized by that date.
The June 2026 Citi GPS "Tokenization 2030" report provides the most detailed institutional forecast available. Key assumptions:
The report notes that DTCC, NYSE, and Nasdaq are integrating tokenization into core issuance, trading, and settlement workflows — moving beyond experimentation. This aligns with the DTCC October timeline.
Federal Reserve Governor Lisa Cook, speaking on May 8, 2026, offered a complementary framing: "I do not see tokenization as replacing traditional market infrastructure." Her view — that tokenized settlement will operate within and alongside existing systems rather than displacing them — describes precisely what DTCC and Broadridge are building. DLR does not replace the repo market. It runs a portion of it on different rails.
The regulatory framework enabling these systems has three pillars:
The CLARITY Act — a comprehensive market structure bill dividing crypto oversight between the SEC and CFTC — faces a cloture vote on September 15. Its passage would provide additional regulatory clarity, but the systems described in this report are already operating under existing authority.
The narrative around tokenization has shifted from "when will institutions adopt it" to "how much volume is it processing." Broadridge's DLR answered the second question with $60.8 trillion through eight months. DTCC's October launch will answer it again, at a scale that covers the Russell 1000, major ETFs, and U.S. Treasuries — approximately $50 trillion in market capitalization.
The economic value in tokenized settlement is structural, not speculative. It accrues through faster settlement, reduced counterparty risk, intraday collateral mobility, and operational efficiency gains that compound across thousands of daily transactions. There is no token to buy. There is no protocol revenue to chase. The value is in the plumbing — and Wall Street is now running real money through it.