DTCC begins first tokenized stock and Treasury production trades involving JPMorgan, BlackRock and Goldman

The Depository Trust & Clearing Corp., the U.S. securities clearing and settlement giant, is set to conduct its first limited production trades of tokenized stocks and Treasurys on Wednesday.

JPMorgan successfully tokenized a portion of its Invesco QQQ Trust holdings, while retaining the ability to convert them back to traditional shares, DTCC confirmed. Shares of Microsoft, Circle, State Street SPDR S&P 500 ETF Trust, and iShares 0-3 Month Treasury Bond ETF are also among the first assets to be tokenized, The Wall Street Journal first reported.

The tokens will be recorded on blockchain infrastructure at the clearinghouse and made available for trading. Rather than using a wrapper that merely tracks a stock's performance, DTCC's approach makes tokenized shares interchangeable with traditional shares, carrying the same ownership, dividend, and governance rights.

The tokenized assets will be used for collateral transfers, repo transactions, and equity trades, settling on either DTCC's Hyperledger Besu network or Canton Network.

"The tokenization of assets and digital blockchain usage are a megatrend," Frank La Salla, president and chief executive of DTCC, told the WSJ. "What we really focus on is safety of the system, resiliency of the system, and working on ways in which we can free up trapped liquidity by using this new technology."

DTCC said it plans to provide additional details throughout the day.

A tokenized future

DTCC initially confirmed in May that limited production trades of tokenized assets would begin in July, ahead of the service's full launch in October, with firms including BlackRock, Circle, Morgan Stanley, Nasdaq, Kraken parent company Payward and Robinhood Markets among the members of its industry working group.

The Securities and Exchange Commission greenlit the new service late last year through a No-Action Letter, allowing Depository Trust Co., a DTCC subsidiary, to begin offering participants the ability to tokenize certain highly liquid assets on pre-approved blockchains under a three-year authorization period.

The specific commencement date was previously unknown, as were the initial assets to be tokenized. The WSJ also reported that Goldman Sachs and Vanguard are participating in the trial among almost 40 financial firms and tech providers.

Commenting on the trial, Bloomberg Senior ETF Analyst Eric Balchinas said he's "moving a little more towards a 'tokenized' future," adding that "it's not gonna happen overnight or be fully realized imo but DTCC doing this is HUGE."

Interest in tokenization has surged as financial firms explore bringing traditional assets onchain, a shift that could enable 24/7 trading and faster settlement. However, some industry participants have urged for more regulatory safeguards.

DTCC processed $4.7 quadrillion in securities transactions in 2025, while its depository subsidiary provided custody and asset servicing for $114 trillion in securities.