The Depository Trust & Clearing Corporation (DTCC) has begun limited production trading of tokenized real-world assets, moving its blockchain project closer to a commercial launch scheduled for October. JPMorgan, BlackRock and Goldman Sachs are among the participants in the initiative, which was first reported by the Wall Street Journal.
The service allows securities held in custody to be represented as tokens on a blockchain while preserving the same legal ownership and investor protections as traditional holdings. The DTCC is initially focusing on highly liquid stocks, ETFs and Treasuries.
SEC Approval and Industry Participation
The DTCC is operating under a no-action letter granted by the SEC in December 2025, which provides a defined pathway for tokenizing eligible securities held at the depository. Several major financial firms have signed on, including Bank of America, Nasdaq, Circle, Robinhood, Kraken, Ondo Finance and Ripple Prime. A full commercial launch is expected in October.
Building on Recent Milestones
The move follows a series of developments that have brought tokenized securities into regulated markets. Nasdaq and NYSE each received SEC clearance for tokenized equity trading, both operating under DTC's three-year tokenization pathway. Chainlink earlier conducted a data pilot with the DTCC, and Ondo Finance tokenized a BlackRock ETF and Micron stock in a US-regulated debut.