DTCC, Chainlink Complete Pilot to Accelerate Fund Tokenization with JPMorgan, Templeton, BNY Mellon Participating; LINK Gains 7%

The
Depository
Trust
and
Clearing
Corporation
(DTCC),
the
world’s
largest
securities
settlement
system,
completed
a
pilot
project
with

blockchain
oracle
Chainlink

(LINK)
and
multiple
major
U.S.
financial
institutions,
aiming
to
help
accelerate
the
tokenization
of
funds,
according
to
a

Thursday
report
published
by
DTCC.

The
purpose
of
project
called
Smart
NAV
was
to
establish
a
standardized
process
to
bring
and
disseminate
net
asset
value
(NAV)
data
of
funds
across
virtually
any
private
or
public
blockchains
using
Chainlink’s

interoperability
protocol
CCIP.
Market
participants
included
American
Century
Investments,
BNY
Mellon,
Edward
Jones,
Franklin
Templeton,
Invesco,
JPMorgan,
MFS
Investment
Management,
Mid
Atlantic
Trust,
State
Street
and
U.S.
Bank.

By
completing
the
pilot,
DTCC
“found
that
by
delivering
structured
data
on-chain
and
creating
standard
roles
and
processes,
foundational
data
could
be
embedded
into
a
multitude
of
on-chain
use
cases,
such
as
tokenized
funds
and
‘bulk
consumer’
smart
contracts,
which
are
contracts
that
hold
data
for
multiple
funds,”
the
report
reads.

Chainlink’s
native
token
LINK
gained
more
than
7%
following
the
news
of
the
DTCC
pilot,
hitting
$15
for
the
first
time
since
May
6,
outperforming
the
broader
crypto
market
benchmark

CoinDesk
20
Index‘s
(CD20)
slight
decline
during
the
same
period.

Read
more:



Why
Asset
Tokenization
Is
Inevitable

The
pilot
took
place
as
tokenization
of

real-world
assets
(RWA)
such
as
bonds,
funds
and
other
traditional
investments
has
become
one
of
the
hottest
use
cases
for
blockchain
technology.
Multiple
financial
heavyweights
like
BlackRock,
Citi
and
HSBC
has
thrown
their
hat
in
the
ring
pursuing

benefits
such
as
operational
efficiencies,
speedier
settlements
and
increased
transparency
compared
to
using
traditional
financial
plumbing.

UPDATE
(May
16,
20:25
UTC):

Adds
LINK
token
price
advance.