A New Model of Banking Pool: When DTCC Drives the Convergence of Traditional and Digital Finance

The complete tokenization of the U.S. financial system represents an unprecedented paradigm shift. Led by SEC Chairman Paul Atkins, the U.S. financial market is building a new banking pool model that combines blockchain with traditional infrastructure. This banking pool model is not just futuristic speculation: in December 2025, DTCC’s subsidiary, DTC, received regulatory approval to advance the tokenization of core assets, marking the official start of a transformation that could completely reshape the over $50 trillion U.S. capital markets within the next two years.

Three Pillars of the New Financial Cooperation Model

The vision of “Project Crypto” is not an isolated effort by the SEC but the result of a collaborative architecture integrating legislative, regulatory, and private sectors. To build this nationwide banking pool model, multiple institutions must clearly define their roles.

First Pillar: Regulatory Clarity as the Legal Foundation

The GENIUS Act addresses the critical “Cash Leg” issue by creating stablecoins backed by full reserves, transferring regulatory authority to banking supervisory agencies. The CLARITY Act strategically divides jurisdiction between the SEC and CFTC, allowing traditional financial institutions to operate digital assets under a defined regulatory framework. The OCC, founded in 1973, provides clearing and settlement services for derivatives, aiming to facilitate market stability under this new model.

Second Pillar: Participation of Financial Giants

BlackRock was the first to issue tokenized U.S. Treasury bonds on Ethereum, establishing a model for how traditional asset managers generate yields on public blockchain. JPMorgan, after rebranding its blockchain division to Kinexys, enables atomic swaps of tokenized collateral, completing transactions in hours that previously took days. Its JPMD pilot on the Base chain represents a strategic step toward greater interoperability. These giants, along with others, demonstrate that the banking pool model is technically feasible and commercially attractive.

Third Pillar: DTCC as the Core of the Integrated Banking Pool

DTCC and its subsidiary DTC play an indispensable role. They will custody $100.3 trillion in assets by 2025, dominating the registration and transfer of 1.44 million securities issues in the U.S. capital markets. Their involvement ensures that tokenization maintains the same standards of security, legal robustness, and investor protection as the traditional system. Through its ComposerX suite, DTCC aims to create a unified banking pool bridging traditional finance and DeFi.

Radical Efficiency: Transforming Settlement and Collateral

The new banking pool model will bring systemic improvements that the traditional financial system alone cannot achieve.

Speed Revolution: from T+2 to T+0 in seconds

Settlement would be dramatically accelerated. While currently requiring T+1 or T+2 (one or two days), blockchain enables T+0 (real-time) or even seconds. UBS demonstrated this with digital bonds on SDX, and the European Investment Bank reduced settlement time from five days to one. This acceleration eliminates massive counterparty risks accumulated during waiting cycles.

Capital Liberation: The Power of Atomic Delivery

In this model, assets and payments occur simultaneously in a single indivisible transaction. Programmable collateral management could free over $100 billion of capital currently trapped in waiting periods. Tokenized money market fund (TMMF) assets can be used directly as collateral while maintaining their yield, removing liquidity friction from the current system.

Unprecedented Transparency

Distributed ledger technology provides a single immutable record of ownership. Smart contracts automatically execute compliance checks and corporate actions like dividend payments. This fully resolves data silo inefficiencies and manual reconciliations, offering regulators real-time oversight to monitor systemic risks more effectively.

Global 24/7 Access

The banking pool model removes traditional time restrictions, time zone limitations, and holidays. Asset transfers occur continuously, especially benefiting multinational corporations’ liquidity management.

DTCC: The Heart of the Tokenized Banking Pool

DTCC’s participation is the critical element transforming the banking pool from a technological vision into an operational institutional reality.

DTCC acts as the trust bridge between the traditional CUSIP system and the new tokenized infrastructure. Obtaining the SEC’s “no-action letter” in December 2025 will allow it to connect these two worlds directly. This means tokenized shares will have official U.S. backing, and future tokenization projects can connect to DTC’s tokenized assets instead of building parallel infrastructures.

The transformation will be structural. Exchanges like Nasdaq could directly assume the role of centralized exchanges (CEX), while DTC manages token contracts and authorizes withdrawals. The result: an integrated banking pool where liquidity flows frictionlessly between TradFi and DeFi, accessible 24/7, programmable, and fully transparent.

DTC’s tokenization services support greater collateral liquidity, instant global access, and asset programmability. After nearly a decade exploring DLT technology, DTCC is finally seizing the opportunity to redefine its central role in capital markets.

Risks Are Not Absent in the New Model

However, this new banking pool model also presents complex challenges.

Gross Settlement vs. Capital Efficiency

Currently, DTCC reduces actual transfer volume by 98% through net settlement. Atomic (T+0) settlement is essentially real-time gross settlement, which could sacrifice that massive efficiency. The market must find hybrid solutions, such as intraday repos, balancing speed and efficiency.

The Privacy Paradox

Institutional finance requires transaction confidentiality, but public blockchains like Ethereum are transparent. Large operations on public chains risk front-running. Solutions include privacy technologies like zero-knowledge proofs or permissioned chains like JPMorgan’s Kinexys.

Amplification of Systemic Risk

24/7 markets eliminate traditional “cooling-off” periods. Algorithmic trading and automatic margin calls (via smart contracts) could trigger massive liquidations under market stress, as seen in the UK’s LDI crisis in 2022.

Inevitable Convergence

The DTCC-driven banking pool model is not a speculative revolution but the architecture needed for the global financial infrastructure to operate efficiently in the digital age. Collaboration among regulators, traditional institutions, and blockchain technology has reached a critical point of viability. The next two years will be decisive in determining whether this model completely redefines U.S. capital markets or if systemic challenges prove too complex to resolve.