The trade is fast. The cash is the bottleneck.

Stages 1 to 5 issuance | 6 to 9 trade | 10 holder. Status as of 5 Nov 2026 (v1.0).

Three ways in

The pipe

Select a joint to see who runs it, the fee and the rule on each rail.

1. 6
   Secondary tradingLIVE, CAPPEDDetails

   Traditional rail

   Order to a broker, routed to exchanges, ATSs and wholesalers. Rule 611 bars trade-throughs.

   $0 commission. Section 31 $0.206 on $10,000. CAT about $0.000003 per share.

   Nasdaq, NYSE, Cboe, Texas Stock Exchange, 24X, wholesalers, retail brokers

   Regulation NMS, FINRA Rule 5310, CAT

   Tokenized rail

   Three routes: Nasdaq (same book), tokenized venues under the exemption, and the NYSE digital venue (pending).

   Same on Nasdaq. Venue fees not published.

   Securitize Markets, Dinari, venue operators, Covered Firms

   75 Tier 1 and 250 Tier 2 symbols, 0.25% and 2.5% of prior-month volume. Rule 611 rescission proposed 11 Jun 2026.

2. 7
   ClearingPARTLY LIVEDetails

   Traditional rail

   NSCC becomes counterparty to both sides, nets into Continuous Net Settlement and guarantees. 24x5 since June 2026. T+1.

   $0.44 per $1M of value into the net, about $0.0044 on $10,000

   NSCC, DTCC

   Exchange Act Section 17A. The 24x5 filing was approved 27 May 2026.

   Tokenized rail

   Nasdaq tokenized trades still clear at NSCC. Venue designs describe atomic settlement on Canton, with no central counterparty described.

   DTC tokenization pricing not published

   DTCC, Digital Asset (Canton)

   SEC no-action letter to DTC, 11 Dec 2025, three-year service period

3. 8
   Settlement and custodyPARTLY LIVEDetails

   Traditional rail

   DTC book-entry settlement. Brokers hold fully paid securities by possession or control.

   Bundled into brokerage

   DTC, carrying broker-dealers, bank custodians

   Rule 15c3-3, Net Capital Rule, SIPA

   Tokenized rail

   Tokens move between registered wallets around the clock. Conversion back is designed to take about 15 minutes.

   Not published

   20 DTC participants including JPMorgan, Citi, Fidelity, Citadel Securities, State Street, UBS

   Staff statement of 17 Dec 2025 (interim): exclusive key control and reconciliation to the firm's books.

4. 9
   Cash legTHE NARROW PIPEDetails

   Traditional rail

   Cash settles through banks and Fedwire on bank business hours.

   Wire and Fedwire fees (not researched)

   Federal Reserve, commercial banks

   Regulation J, Fed account policy

   Tokenized rail

   JPMD deposit token on Base, Canton in phases through 2026. ICE tokenized deposits with BNY and Citi. CFTC collateral pilot.

   Inside bank pricing, not published

   JPMorgan Kinexys, Citi, BNY. Circle, Coinbase, Kraken and Block seek Fed access.

   GENIUS Act effective on the earlier of 18 Jan 2027 or 120 days after final rules. Fed payment account proposed May 2026.

Sources: SEC Innovation Exemption, Nasdaq rule, NSCC fee filing, SEC Section 31 notice, SEC staff custody statement, OCC Bulletin 2026-50, JPMorgan, ICE, CFTC. The numbered list is on the status page.