The Depository Trust & Clearing Corporation ( DTCC ) is joining the ERC3643 Association to promote and advance its token standard.

The ERC3643 token standard, initially created by on-chain finance operating system Tokeny, is an open-source suite of smart contracts that enables the issuance, management, and transfer of permissioned tokens. About US$28 billion worth of assets have been tokenized through ERC3643.

The New York-based post-trade services provider is adding ERC3643 support to its ComposerX suite of platforms, including ComposerX Factory, a tokenization engine that enables sophisticated data management. DTCC will also support the issuance of ERC3643 tokens.

According to DTCC, combining its technology with the ERC3643 token standard will introduce benefits to digital asset markets including:

• Enhanced risk management, security, and compliance by automating the processing of tokenized securities globally, reducing operational complexities and costs;
• Robust data management that will ultimately lead to greater transparency, improved risk management, faster settlement times, and increased access to global investment opportunities;
• Increased market liquidity by connecting real-world assets to a wide range of distributors and market participants that have adopted the ERC3643 token standard; and
• Advanced on-chain capabilities that facilitate seamless issuance, transfer, and management of tokenized securities.

"DTCC’s commitment to the open-source ERC3643 token standard aligns perfectly with our vision of creating a more efficient and secure financial market," says Nadine Chakar, global head of digital assets at DTCC. “[Joining the ERC3643 Association] marks another milestone in our ongoing strategy to engage best-in-class technologies to build the next generation of financial market infrastructure.”

Luc Falempin, chief executive officer of Tokeny, adds: "DTCC joining the ERC3643 Association will help shape a truly open and interconnected financial system, where every service connects, every asset moves seamlessly, and every silo disappears."