Mirae Asset Securities' New York unit will join a tokenization service run by U.S. financial market infrastructure provider DTCC (Depository Trust & Clearing Corporation). It was listed among the initial user institutions alongside global financial firms including JPMorgan, Morgan Stanley, Bank of America, Citi and Fidelity.

Mirae Asset Securities said on Oct. 30 that its New York unit, Mirae Asset Securities (USA) Inc., signed an agreement to use DTCC's DTCC Tokenization Service, or DTS.

DTC, a DTCC depository subsidiary, officially launched DTS on Oct. 28 local time. Mirae Asset Securities' New York unit is among 20 financial firms that signed usage agreements at the time of the launch.

Early participants include global financial companies such as JPMorgan, Morgan Stanley, Bank of America, Citi and Fidelity.

DTS is a service developed by DTCC to connect traditional financial markets with the digital asset ecosystem. It was built based on collecting views from financial firms and collaborating through the DTCC Digital Assets Working Group.

Mirae Asset Securities' New York unit has participated in related discussions with major financial institutions in the working group. The agreement secures a basis to use the service in practice, moving beyond the discussion stage.

DTS is structured to represent rights to eligible securities deposited at DTC as blockchain-based tokens. It supports conversion between conventional securities and tokenized securities while maintaining existing securities ownership, economic rights and investor protection frameworks.

This supports transferring rights to securities to digital wallets and moving assets between traditional financial markets and blockchain-based digital environments.

DTCC aims to reduce the time it takes for asset transfers and the use of collateral through tokenization and to increase liquidity and capital management efficiency. It also plans to apply the same operating systems and control mechanisms used in existing financial market infrastructure to tokenized securities.

A Mirae Asset Securities official said, "Participation in DTS will be an opportunity to expand the potential uses of tokenized securities based on experience accumulated in the U.S. capital market and cooperation with global financial institutions." The official added, "We plan to connect traditional finance and digital assets while also seeking new ways to use them linked to our existing business."