The SEC has just granted a three-year pilot license to DTC under DTCC. This may seem low-key, but it actually hints at something deeper.

Don’t be fooled by the term "on-chain trading of US stocks." The official US approach is more sophisticated. The real game isn’t disruptive exchange, but rather transforming the clearing and settlement infrastructure through the Omnibus Account mechanism—using blockchain custody account systems. In simple terms, it’s about migrating DTCC’s existing backend systems onto the blockchain, allowing us to leverage blockchain’s efficiency while maintaining the integrity of US financial regulation.

As the core infrastructure for US stock trading, DTC handles transactions worth hundreds of trillions daily. Once the pilot succeeds, on-chain assets will move from concept to reality. This isn’t about a single exchange or a specific public chain; it’s a top-down, Washington-led, formal compliance process. The underlying logic is clear: embrace blockchain technology to reduce costs, while keeping everything under regulatory oversight.