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Wall Street Giant DTCC Unveils Tokenized Collateral Platform in Crypto Push

The Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, is pushing deeper into crypto with introducing a blockchain-based platform for tokenized collateral management.
Collateral is a fundamental part of risk management in financial markets, ensuring stability amid market fluctuations. However, traditional systems often suffer from inefficiencies due to fragmented infrastructure and lagging settlements.
DTCC said its new platform seeks to address these challenges by tokenizing collateral on blockchain rails, allowing for real-time transfers and automation through smart contracts, according to a Wednesday press release. The platform runs within DTCC’s AppChain ecosystem, which was developed on top of LF Decentralized Trust’s Besu blockchain.
Read more: Why Asset Tokenization Is Inevitable
«Collateral mobility is the ‘killer app’ for institutional use of blockchain,» Dan Doney, chief technology officer of DTCC Digital Assets, said in a statement. «By using smart contracts to automate the full range of collateral operations, we enable complex trade execution across markets in real-time at any time, even in volatile conditions.»
«This platform is unique in that we’ve created something that’s more open, flexible, dynamic, and comprehensive than any previous digital collateral initiative,» said Nadine Chakar, global head of DTCC Digital Assets.
The initiative comes as tokenization of traditional financial instruments such as bonds, funds and other traditional investments has become one of the hottest use cases for blockchain technology. Multiple financial heavyweights like BlackRock, CME Group and Fidelity have thrown their hat in the ring pursuing benefits such as operational efficiencies, speedier settlements and increased transparency compared to using traditional financial plumbing.
DTCC will showcase the platform’s capabilities at the «The Great Collateral Experiment» event on April 23, where industry participants will test how tokenized assets can be mobilized across markets. The company said it also plans to engage with regulators and industry leaders to establish global standards for tokenized collateral.
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Bitcoin Holds Tight Despite Dismal Economic Data, Rising India/Pakistan Tensions

Bitcoin (BTC) fell early in the U.S. trading session, but mostly held firm as poor macroeconomic news rolled in.
The top cryptocurrency late in the day was trading just below $95,000, up 0.5% over the past 24 hours. The CoinDesk 20 — an index of the top 20 largest cryptocurrencies by market capitalization excluding memecoins, exchange coins and stablecoins — was roughly flat over the same time frame.
Crypto stocks like Coinbase (COIN), Strategy (MSTR) and the miners were losing modest ground after big gains last week. Notable exceptions included Janover (JNVR) and DeFi Technologies (DFTF), ahead 24% and 6.5%, respectively even as SOL — the token which both companies are aggressively accumulating — fell about 3% during the U.S. day.
Meanwhile, gold rose almost 1% and the dollar index fell 0.6%. The S&P 500 and Nasdaq each peaked into the green late in the session after earlier dipping more than 1%.
The Dallas Fed Manufacturing Index, a typically little-noticed economic data point, plunged to -35.8 from -16.3 last month — much worse than analysts’ expectations of a -14.1 print and the worst performance since COVID upended the world economy.
“Pretty horrible Dallas Fed Manufacturing Survey. Level hits the lowest since May 2020,” Joe Weisenthal, co-host of the Odd Lots podcast, posted on X. “All the comments are about tariffs and policy uncertainty. Add it to the list of bad soft/survey data.”
Hostilities between India and Pakistan might also have added to market jitters, with Pakistani Defense Minister Khawaja Muhammad Asif claiming that an Indian military incursion into Pakistan was imminent. Last week 26 people were killed in a terrorist attack in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have exchanged fire since.
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Kraken’s Former Legal Chief Marco Santori Joins Pantera Capital

Marco Santori, the former chief legal officer at Kraken, has joined Pantera Capital as a general partner on the investment team.
Santori, who stepped down from Kraken in January of 2025, will focus on expanding Pantera’s crypto portfolio, while acting as a resource for portfolio companies on regulatory compliance and strategic growth, according to a blogpost.
He will also continue his role in engaging with policymakers to advocate for clear, innovation-friendly regulations in the U.S. and globally, Pantera said.
The advancement of clear crypto regulations in the U.S. makes it an area of focus for firms readying themselves.
Sartori, who testified before the U.S. Congress on the subject of crypto regulation, is recognized for developing the “SAFT” (Simple Agreement for Future Tokens) framework, a cornerstone of compliant token sales.
“I’m joining Pantera at a pivotal moment for crypto on the world stage. After over a decade of work, governments have finally embraced the benefits of blockchain technology,” Sartori said in a statement. “The timing couldn’t be better, and Pantera couldn’t be better positioned to capitalize on it.”
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Tether’s $770M XAUT Backed by 7.7 Tons of Gold in Swiss Vault, Says Company

Tether’s gold-backed stablecoin, Tether Gold (XAUT), reached a $770 million market capitalization as of April 28, according to the company’s first attestation under El Salvador’s financial regulations.
«While central banks are stacking up hundreds of tons of gold, XAUt is set to become the standard tokenized gold product for the people and institutions,» Tether CEO Paolo Ardoino posted on X.
The token is backed 1:1 by 246,523.33 ounces — over 7.7 tons — of physical gold stored in a dedicated Swiss vault, said Tether.
Each XAUT token represents one troy ounce of LBMA-certified gold. Tether said it applies strict controls, including gold bar verification and periodic audits, to maintain trust in the token’s backing.
The attestation comes at a time when global investors are increasingly turning to gold as a hedge against economic instability and rising geopolitical risks.
Central banks, particularly across BRICS nations, have been buying gold at record levels, accumulating over 1,044 metric tons in 2024 alone, according to the World Gold Council.
The yellow metal has touched numerous record highs in 2025 amid an ongoing rally that’s seen its price gain about 27% year-to-date. It’s currently trading at $3,343 per ounce, having more than doubled since November 2022.
Tether emphasized that unlike other tokenized gold products, XAUT is physically backed and regulated, positioning it as a safer option for users wary of «paper gold» exposure.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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