TLDR
- More than 30 firms joined DTCC’s live tokenized securities transactions.
- Participants included JPMorgan, Goldman Sachs, BlackRock, Invesco and Citadel Securities.
- The trial covered stocks, ETFs, US Treasurys, repo trades and collateral transactions.
- DTCC tested tokenized assets across Besu and Canton blockchain networks.
- DTCC plans to commercially launch its Tokenization Service in October 2026.
Wall Street’s push into tokenized securities has moved into live market infrastructure after more than 30 financial and technology firms participated in real production transactions using blockchain-based versions of stocks, exchange-traded funds, and US Treasurys. JPMorgan, Goldman Sachs, BlackRock, Invesco, Citadel Securities, and Vanguard were among the companies involved in the DTCC-led initiative.
The transactions took place on July 15 and used securities already held at the Depository Trust Company. DTCC converted those assets into blockchain-based “digital twins” before participants used them across several transaction types. The test comes ahead of the planned commercial launch of the DTCC Tokenization Service in October 2026.
JPMorgan and Goldman Sachs Join Live Tokenized Trades
Participants tested collateral pledges, securities lending, US Treasury repo transactions, and equity trades using tokenized assets. The exercise also included margin workflows and transfers between tokenized securities, bringing several processes used in traditional financial markets onto blockchain infrastructure.
The assets retained the same investor protections, ownership rights, and entitlements as securities recorded through DTC’s traditional infrastructure. Investors can also convert the tokenized versions back into their conventional form, separating DTCC’s structure from products that only track the price of an underlying stock without providing direct ownership rights.
More than 30 firms participated directly, while DTCC’s wider tokenization working group has expanded to more than 100 members and partners. Other participants included Circle, Chainlink, Fireblocks, Nasdaq, the New York Stock Exchange, State Street, Tradeweb, CME Group, and Virtu Financial.
DTCC Tests Tokenized Securities Across Multiple Blockchains
DTCC processed the digital conversions across LFDT’s Besu network and Canton Network as part of a multi-chain strategy. The structure allows financial institutions to use more than one blockchain rather than locking tokenized securities into a single network.
The trades ran for several hours in a production environment rather than an isolated testing system. DTCC said the transactions were selected to reflect activities already carried out across traditional markets, including delivery-versus-payment trades where securities and payments settle as part of the same transaction.
DTCC handled $4.7 quadrillion in securities transactions during 2025, while its depository subsidiary provided custody and asset servicing for about $114 trillion in securities. Moving part of that infrastructure onto blockchain rails would connect tokenized assets with an established clearing and settlement network already used by major financial institutions.
October Launch Moves Wall Street Tokenization Toward Commercial Use
DTCC plans to launch its Tokenization Service commercially in October, allowing eligible DTC participants to convert supported securities between traditional and tokenized formats. The July transactions served as a production test before that rollout.
Regulatory groundwork began earlier. SEC staff issued a no-action letter in December 2025 covering a preliminary version of DTC’s tokenization program. The framework allows eligible securities held through DTC to be recorded using distributed ledger technology while remaining within the existing securities infrastructure.
