DTCC Completes Live Tokenised Securities Trades with 30-Firm Wall Street Coalition, Eyes October Service Launch #

The Depository Trust & Clearing Corporation completed a series of live production trades on Wednesday involving digital versions of U.S. stocks, exchange-traded funds and Treasury securities, the first time the post-trade organization has run such a test through its own systems.

More than 30 institutions from traditional finance and the digital asset industry participated in the day-long initiative, according to a DTCC press release. The roster included JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard, Citadel Securities, BNP Paribas Securities Corporation, Broadridge, CME Group, the New York Stock Exchange, Nasdaq, Circle, Chainlink, Ondo Finance, Fireblocks and Digital Asset Holdings, among others.

The trades ran through DTCC’s Tokenization Service, operated by its subsidiary The Depository Trust Company (DTC). The service creates what the company calls “digital twins,” tokenised representations of DTC-custodied real-world assets that can be delivered to participant wallets of choice. The model preserves the same legal ownership protections as conventionally held securities, leaving the underlying ownership structure unchanged.

Transactions ran across two blockchain networks: Hyperledger Besu, DTCC’s private network, and the Canton Network, a public blockchain platform. The company said the multi-chain approach is designed to ensure resiliency, scalability and participant choice.

The use cases were chosen to reflect real operational conditions. JPMorgan opened the session by converting holdings of the Invesco QQQ Trust ETF into tokenised assets and then used that tokenised collateral to satisfy central counterparty margin requirements with CME Group. DTCC also processed tokenised Treasury transactions, equity trades and collateral pledges. The SPDR S&P 500 ETF Trust was tokenised during the event as well, according to reporting by CoinDesk and CNBC.

Nadine Chakar, global head of DTCC Digital Assets, said Wednesday’s exercise was intended to prove the value of tokenisation and build the operational foundation for a scalable launch later in the year. “Today is the beginning of a long journey where we will demonstrate that the old and the new can live together,” she said in a video statement.

DTCC said the Tokenization Service is on track for a full launch in October 2026, at which point eligible DTC participants and their clients will be able to begin converting certain securities into blockchain-based representations at scale. The initial eligible universe is expected to include Russell 1000 equities, major-index ETFs and U.S. Treasuries.

The clearing house processed securities transactions valued at $4.7 quadrillion in 2025. It has been developing the tokenisation offering since receiving a no-action letter from the SEC in late 2025, which provided regulatory cover to operate the new service within existing infrastructure. Supporters argue that moving collateral on-chain could reduce operational friction and improve the speed at which assets move between counterparties, though some market participants caution that a successful proof of concept does not yet signal industry-wide commercial demand.

Source: Business Wire