Dogecoin ETF From 21Shares Appears on DTCC. What Does It Mean?

The spot-based Dogecoin exchange-traded fund (ETF) proposal filed by 21Shares has been listed on the Depository Trust & Clearing Corporation (DTCC). 

This comes after REX-Shares successfully launched the first-ever DOGE ETF in the US in collaboration with Osprey Funds earlier this September. 

What does this listing mean? 

The DTCC is a central clearinghouse that is responsible for the settlement of securities transactions in the U.S.

The listing is an important preparatory step since it ensures that the product can be seamlessly integrated into the financial infrastructure. 

The shares that are bought and sold will be tracked via DTCC's system. 

Moreover, the ticker of the ETF can now be pre-registered by brokers.

No SEC approval yet 

That said, the DTCC listing is a purely technical step, which does not mean that the SEC has already approved the product (even though such approval appears to be extremely likely based on current Polymarket odds). 

As reported by U.Today, Canary Capital Group's XRP ETF was similarly listed by the clearinghouse earlier this month, which led to some confusion within the community. 

First Dogecoin ETF debut 

Meanwhile, the DOJE ETF (REX-Osprey Dogecoin ETF) recently successfully launched on Sept. 18. However, this is not a typical spot ETF because of the regulatory framework it uses. The ETF does not hold all of its tokens directly, relying on a subsidiary based in the Cayman Islands instead.    

Grayscale, Bitwise, and 21Shares currently have pending proposals for traditional DOGE ETFs.