The Depository Trust & Clearing Corporation (DTCC) has completed its first live trades with tokenized securities, marking a big step for blockchain on Wall Street. More than two dozen major financial institutions, such as JPMorgan Chase, Goldman Sachs, BlackRock, and Vanguard, took part.
They made live trades with tokenized equities, ETFs, and U.S. Treasurys, including securities trading, collateral transfers, repo transactions, margin movements, and asset transfers. Unlike earlier blockchain tests, these trades used real assets already held by DTCC, showing that tokenized securities can work with the existing financial system.
This milestone matters because DTCC is central to the U.S. financial system, protecting over $114 trillion in securities and handling millions of transactions daily. Rather than making new digital assets, DTCC turns existing securities into blockchain-based digital versions, known as “digital twins.” These keep the same legal rights, dividends, and governance as the original securities.
This method is different from most tokenized stocks in the crypto market. Many platforms offer tokens that only follow a stock’s price and do not give investors real ownership. DTCC’s system lets institutions switch between regular electronic records and blockchain tokens without changing who owns the asset.
In the live demo, JPMorgan turned its Invesco QQQ Trust ETF holdings into tokens and used them as collateral to meet margin needs with CME Group. DTCC also handled tokenized Treasury trades, collateral pledges, and equity trades. The SPDR S&P 500 ETF Trust was also converted into a blockchain-based asset.
The project used both Hyperledger Besu and Canton Network. Canton is a blockchain built for regulated financial markets, supporting privacy and letting approved users share information securely.
Experts think tokenization could speed up collateral transfers, lower costs, and make financial markets more efficient. Still, Mark Wendland, CEO of Canton Strategic Holdings, said the pilot shows the technology works but does not mean it will be adopted everywhere right away. DTCC plans to expand its tokenization service in October, letting eligible institutions start converting some securities into blockchain assets for wider use.
DTCC successfully processed production trades using DTC-custodied tokenized assets in a live tokenized environment, marking a major milestone for digital markets ahead of the DTCC Tokenization Service launch later this year.
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— DTCC (@The_DTCC) July 15, 2026
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