diff --git a/.changeset/happy-vans-end.md b/.changeset/happy-vans-end.md
new file mode 100644
index 000000000..ee0827ca6
--- /dev/null
+++ b/.changeset/happy-vans-end.md
@@ -0,0 +1,5 @@
+---
+'style-dictionary': patch
+---
+
+Fix a couple of spots where DTCG option wasn't properly taken into account, more tests added.
diff --git a/__tests__/exportPlatform.test.js b/__tests__/exportPlatform.test.js
index 4b62e232f..83786e750 100644
--- a/__tests__/exportPlatform.test.js
+++ b/__tests__/exportPlatform.test.js
@@ -461,6 +461,10 @@ describe('exportPlatform', () => {
               },
             },
           },
+          reftest: { $value: '{zero.$value}' },
+          zero: { $value: '0' },
+          reftest2: { $value: '{one}' },
+          one: { $value: '1' },
         },
         transform: {
           'custom/add/px': {
@@ -493,6 +497,9 @@ describe('exportPlatform', () => {
 
       // considers "value" a token group here
       expect(tokens.dimensions.nested.value.deep.$value).to.equal('30px');
+
+      expect(tokens.reftest.$value).to.equal('0px');
+      expect(tokens.reftest2.$value).to.equal('1px');
     });
   });
 });
diff --git a/__tests__/utils/resolveObject.test.js b/__tests__/utils/resolveObject.test.js
index 4364db158..c753b841d 100644
--- a/__tests__/utils/resolveObject.test.js
+++ b/__tests__/utils/resolveObject.test.js
@@ -336,5 +336,19 @@ describe('utils', () => {
       expect(GroupMessages.fetchMessages(PROPERTY_REFERENCE_WARNINGS).length).to.equal(0);
       expect(test.test.value).to.equal(0);
     });
+
+    it('should support DTCG format', () => {
+      const test = resolveObject(
+        {
+          test: { $value: '{zero.$value}' },
+          zero: { $value: 0 },
+          test2: { $value: '{one}' },
+          one: { $value: 1 },
+        },
+        { usesDtcg: true },
+      );
+      expect(test.test.$value).to.equal(0);
+      expect(test.test2.$value).to.equal(1);
+    });
   });
 });
diff --git a/lib/StyleDictionary.js b/lib/StyleDictionary.js
index 4155ee18f..a4267c3d5 100644
--- a/lib/StyleDictionary.js
+++ b/lib/StyleDictionary.js
@@ -341,9 +341,12 @@ export default class StyleDictionary extends Register {
       );
 
       // referenced values, that have not (yet) been transformed should be excluded from resolving
-      const ignorePathsToResolve = deferredPropValueTransforms.map((p) => getName([p, 'value']));
+      const ignorePathsToResolve = deferredPropValueTransforms.map((p) =>
+        getName([p, this.options.usesDtcg ? '$value' : 'value']),
+      );
       exportableResult = resolveObject(transformed, {
         ignorePaths: ignorePathsToResolve,
+        usesDtcg: this.options.usesDtcg,
       });
 
       const newDeferredPropCount = deferredPropValueTransforms.length;
@@ -357,7 +360,9 @@ export default class StyleDictionary extends Register {
         // if we didn't resolve any deferred references then we have a circular reference
         // the resolveObject method will find the circular references
         // we do this in case there are multiple circular references
-        resolveObject(transformed);
+        resolveObject(transformed, {
+          usesDtcg: this.options.usesDtcg,
+        });
         finished = true;
       } else {
         // neither of these things, keep going.
diff --git a/lib/transform/token.js b/lib/transform/token.js
index 629b292c4..7f952d99a 100644
--- a/lib/transform/token.js
+++ b/lib/transform/token.js
@@ -54,7 +54,13 @@ export default async function transformToken(token, config, options) {
       ) {
         // Only transform non-referenced values (from original)
         // and transitive transforms if the value has been resolved
-        if (!usesReferences(token.original.value, config) || transform.transitive) {
+        if (
+          !usesReferences(
+            options.usesDtcg ? token.original.$value : token.original.value,
+            config,
+          ) ||
+          transform.transitive
+        ) {
           const transformedValue = await transform.transformer(to_ret, config, options);
           if (transformedValue === undefined) {
             return undefined;
diff --git a/lib/utils/resolveObject.js b/lib/utils/resolveObject.js
index 6041ad1d3..efb329f68 100644
--- a/lib/utils/resolveObject.js
+++ b/lib/utils/resolveObject.js
@@ -17,7 +17,7 @@ import { _resolveReferences } from './references/resolveReferences.js';
  * @typedef {import('../../types/DesignToken.d.ts').TransformedTokens} TransformedTokens
  * @typedef {import('../../types/DesignToken.d.ts').TransformedToken} TransformedToken
  * @typedef {import('../../types/Config.d.ts').RegexOptions} RegexOptions
- * @typedef {RegexOptions & {ignorePaths?: string[]; ignoreKeys?: string[]}} Options
+ * @typedef {RegexOptions & {ignorePaths?: string[]; ignoreKeys?: string[]; usesDtcg?: boolean }} Options
  */
 
 const defaults = {
diff --git a/package-lock.json b/package-lock.json
index d6fbc1d4b..72f0cf33c 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -1,12 +1,12 @@
 {
   "name": "style-dictionary",
-  "version": "4.0.0-prerelease.12",
+  "version": "4.0.0-prerelease.15",
   "lockfileVersion": 3,
   "requires": true,
   "packages": {
     "": {
       "name": "style-dictionary",
-      "version": "4.0.0-prerelease.12",
+      "version": "4.0.0-prerelease.15",
       "hasInstallScript": true,
       "license": "Apache-2.0",
       "dependencies": {