The Daily Wolf | Wall Street's clearing house just went live on a blockchain.

DTCC has launched a tokenization service on Canton and its own private Besu network, beginning with 34 securities and about 20 partners, including JPMorgan, Citi, Morgan Stanley, Fidelity and Bank of America. The launch followed an SEC no-action letter allowing DTCC to proceed. Scott Melker called it a major milestone because DTCC settles stock trades and handles quadrillions in volume. The service brings tokenized securities into the operations of a major market institution, although its initial scope is limited to the named securities and partners.

Melker said blockchain could enable institutions to settle trades nearly in real time and predicted that assets broadly would be tokenized. He questioned, however, whether Wall Street’s adoption would benefit retail investors or mainly improve financial plumbing. The DTCC launch is not the only tokenization activity: Melker also noted activity on Ethereum and Solana, without suggesting that DTCC’s service operates on either network.

The Federal Reserve held interest rates steady, though two officials favored another increase. Core PCE inflation rose 0.3% month over month and 3.1% year over year; headline PCE was 3.6%, below the 3.7% expectation. Melker stressed that a pause did not guarantee rate cuts and that further hikes remained possible. Third-quarter US GDP grew at a 3.4% annualized rate, above the 3.1% forecast and up from 2.2% in the second quarter. He questioned the practical significance of growth figures relative to expectations, noting that consumers still felt high prices, including grocery costs.

Australia’s Westpac plans to cap payments to crypto exchanges at $10,000 per month starting in December. The restriction applies to payments going to exchanges; customers will still be able to send money back to the bank without that cap. In the United States, Utah filed 14 criminal charges against Kalshi and its founders, alleging violations of state gambling laws. Twelve counts allege promotion of online gambling as third-degree felonies. Melker framed the case as part of the broader dispute between states and the federal government over whether prediction-market contracts are legal.

Google is privately previewing a custody system for companies that uses multi-party computation: separate parties hold key shares and jointly authorize transactions without assembling the complete private key. Institutions can choose how many parties must approve a transaction. Google lists support for Bitcoin and Ethereum, with Solana marked as coming soon, but the system is not generally available. Separately, Bitcoin Core is patching weaknesses that the host said AI helped uncover, including a public vulnerability capable of crashing Bitcoin nodes on Windows and Mac. The host said no resulting incident had been reported and a patch was being issued.

Singapore authorities reported at least two cases involving Ledger hardware wallets tampered with spyware, with losses of about S$3.5 million. The host cautioned against putting all of one’s money on a Ledger. In US derivatives, ICE partnered with Trade.xyz to offer 24/7 Hyperliquid perpetual futures, positioning the product as a competitor to a planned US launch from Kraken parent Payward. Investor Stan Druckenmiller said he had invested in Trade.xyz and looked forward to using the product.