Moody’s rating report: Major US banks form consensus on tokenization transformation, with DTCC launching pilot trading in July

Moody’s Ratings released an in-depth industry report on May 12, saying that through discussions with U.S. banking industry and financial institutions, as well as a review of publicly disclosed information, an industry consensus has formed that the transition to a digital financial system is taking shape in a “slow at first, then fast” pattern. The report said that the outstanding size of tokenized money market funds (MMF) is $10 billion, and the Depository Trust & Clearing Corporation (DTCC) will begin limited production trading of tokenized securities in July.

Moody’s Report Key Findings: Consensus on Tokenization Transition and Bank Positions

According to Moody’s report (reported by Bitcoin.com News), the original text quoted: “Through dialogue with major U.S. banks and financial market intermediaries, combined with a review of publicly disclosed information, we find that the industry is forming a consensus: the transition to a more digital financial system will show a ‘slow at first, then fast’ trajectory.”

Moody’s report stated that currently, market activity is mainly concentrated in the stablecoin, tokenized deposits, and money market fund sectors. Most trading volume comes from cryptocurrency trading and specific institutional application scenarios, while retail and corporate demand for blockchain payments remains sluggish. The report noted that U.S. banks generally view tokenized deposits as a natural evolution of existing deposit models; by contrast, most banks are cautious about stablecoins issued by private institutions, viewing them as potential competitive threats coming from non-bank institutions or technology companies.

The transition to financial markets that are fully digital and operate around the clock is expected to adopt hybrid models over the next decade or longer, with traditional and tokenized systems running in parallel during system upgrades.

Tokenized MMF Scale and DTCC Pilot Progress

According to Moody’s report, the current outstanding size of tokenized money market funds is approximately $10 billion, reflecting market demand for on-chain liquidity and yield.

According to Bitcoin.com News, on May 4, 2026, DTCC announced that it would begin limited production trading of tokenized securities in July 2026, with a full rollout planned for October 2026. Earlier, the U.S. Securities and Exchange Commission (SEC) at the end of 2025 provided a no-action exemption for a tokenization pilot involving some assets held by DTC (including large-cap stocks).

Key Obstacles and the Adoption Path

According to Moody’s report, key obstacles to driving widespread adoption of tokenization include: the need to establish a clear framework around legal ownership and settlement finality, and that integrating distributed ledger technology into existing infrastructure requires major reorganization of market processes.

FAQ

What is Moody’s report’s core judgment on the tokenization transition by U.S. banks?

According to Moody’s report (reported by Bitcoin.com News on May 13, 2026), an industry consensus is forming that the transition to a more digital financial system will follow a “slow at first, then fast” trajectory, and the related transformation is viewed as inevitable; most banks generally view tokenized deposits as a natural evolution of existing deposit models.

What is the specific timeline for DTCC’s tokenized securities trading?

According to Bitcoin.com News, on May 4, 2026, DTCC announced it will begin limited production trading of tokenized securities in July 2026 and fully roll out as planned in October 2026; the SEC provided a no-action exemption for the relevant pilot at the end of 2025.

What is the current size of tokenized money market funds?

According to Moody’s report, the current outstanding size of tokenized money market funds is approximately $10 billion, reflecting institutional market demand for on-chain liquidity and yield.