JPMorgan Chase, BlackRock and Goldman Sachs are among almost 40 financial institutions and technology providers participating in a Depository Trust & Clearing Corporation trial for tokenized stocks, exchange-traded funds and U.S. Treasurys.
The first batch of tokenized securities includes Microsoft and Circle Internet Group shares, Invesco QQQ Trust, State Street’s SPDR S&P 500 ETF Trust and BlackRock’s iShares 0-3 Month Treasury Bond ETF. Treasury securities with several maturities are also entering the controlled production environment.
Vanguard and the New York Stock Exchange are also participating. DTCC previously identified more than 50 firms involved in the wider development group, including Morgan Stanley, Nasdaq, Citadel Securities, Robinhood, Circle, Ripple Prime, Ondo Finance, Kraken parent Payward and major global banks.
The trial does not involve the firms independently issuing synthetic versions of public companies. Securities already held through The Depository Trust Company will be converted into blockchain-based representations inside DTCC’s regulated market infrastructure.
Tokens Retain Existing Ownership Rights
Tokenized positions will preserve the same ownership rights, investor protections and economic entitlements as their traditional counterparts. Participants can convert eligible securities into tokens and return them to conventional book-entry form through DTC.
The structure differs from many crypto-native stock tokens that provide price exposure without direct shareholder ownership, voting rights or claims against the underlying issuer. DTC remains responsible for its official ownership records while approved participants transfer tokenized entitlements between registered wallets.
Initial transactions will use Hyperledger Besu and the Canton Network. Supported blockchains must meet DTCC’s technical, compliance and operational requirements, while participating wallets remain registered within the DTC system.
The trial expands the DTCC tokenization soft launch that began with limited production activity in July. DTCC is testing trading, custody, conversion and cross-chain interoperability before opening the service more broadly.
SEC Relief Covers Stocks, ETFs and Treasurys
The Securities and Exchange Commission granted DTC three-year no-action relief for a defined tokenization pilot in December 2025. Eligible assets include Russell 1000 constituents, ETFs tracking major market indices and U.S. Treasury bills, notes and bonds.
DTC currently provides custody and asset servicing for more than $114 trillion in securities. Bringing tokenized assets into that system connects blockchain settlement with the infrastructure already used by U.S. brokers, exchanges, custodians and asset managers.
DTCC has also planned public-chain access through Stellar, with DTC-custodied stocks, ETFs and Treasurys expected to become available on the network during the first half of 2027.
The full DTC tokenization service is scheduled to launch in October, when eligible participants will be able to tokenize supported securities held at the clearinghouse.
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