DTC is the largest central securities depository in the United States, affiliated with the Depository Trust & Clearing Corporation (DTCC). It provides custody, clearing, and settlement services for nearly all US securities (stocks, bonds, ETFs, etc.). In short, Nasdaq's proposal could tokenize all US stocks overnight. If the SEC ultimately approves it, it will be the first time that the US national market system has officially embraced blockchain technology, truly achieving institutional integration between Wall Street and the crypto world.