DTCC Completes Accelerated Fund Tokenization Pilot with Chainlink and Major US Financial Institution Groups

The Depositary Trust and Clearing Corporation (DTCC), the world's largest securities settlement system, has completed a pilot project with blockchain oracle Chainlink (LINK) and a number of major U.S. Financial Institution Groups aimed at helping accelerate the tokenization of funds, according to a report released Thursday. The aim of the Smart NAV project is to establish a standardized process for introducing and disseminating fund net asset value (NAV) data on nearly all private or public blockchains using Chainlink's interoperability protocol, CCIP. Market participants include American Century Investments, Bank of New York Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan Chase, MFS Investment Management, Mid-Atlantic Trust, State Street, and Union Bank.