DTCC and Chainlink Joint Test
May 17, 2024
The world’s largest securities settlement system, the U.S. Depository Trust and Clearing Corporation (DTCC), announced the completion of a pilot program with blockchain oracle Chainlink (LINK) and several major U.S. financial institutions aimed at accelerating the tokenization of funds. The project, named Smart NAV, tested the transfer of net asset value (NAV) data for funds to any private or public blockchain using Chainlink’s CCIP interoperability protocol. Participants in the program included American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank.