DTCC launches live trading of tokenized securities
The Depository Trust & Clearing Corporation (DTCC), the U.S. securities clearing and settlement giant, has begun limited live trading of tokenized stocks and U.S. Treasury bonds. The initiative marks a step toward practical blockchain-based securities trading and settlement.
JPMorgan Chase has converted a portion of its Invesco QQQ Trust (QQQ) holdings into tokenized form, DTCC said. The tokens can be reverted to traditional securities at any time.
How the tokenization works
In a post on X, DTCC described the transaction as a real-world use of tokenization within a trusted market infrastructure. Unlike wrapped tokens that merely track the price of a security, DTCC's approach allows two-way conversion between tokenized and traditional forms. Tokenized assets retain the same rights as traditional securities, including ownership, dividends, and voting rights.
These assets can be used for collateral transfers, repurchase agreements, and equity trades. Settlement and trading rely on DTCC's Hyperledger Besu platform and the Canton Network.
Industry backing and timeline
DTCC had previously announced plans to start limited live trading in July 2026, with full service launch in October 2026. Industry working group participants include BlackRock, Morgan Stanley, and Nasdaq.
Tokenization is expected to expand trading hours, speed up settlement, and unlock liquidity currently tied up as collateral. DTCC's live trading represents a milestone for integrating blockchain infrastructure into existing securities markets.