The Depository Trust & Clearing Corporation (DTCC), recognized as the primary clearing and settlement agency for US securities, has initiated limited production trading of tokenized real-world assets. This development marks a significant step toward a planned full commercial launch of its blockchain-based project in October.
Major players join blockchain pilot
Several major financial institutions, including JPMorgan, BlackRock, and Goldman Sachs, are participating in the trial. The initiative also involves Bank of America, Nasdaq, Circle, Robinhood, Kraken, Ondo Finance, and Ripple Prime. These firms are working with DTCC to explore the practical integration of blockchain technology into mainstream US capital markets.
According to reports, the project enables securities kept in custody to be represented as tokens on a blockchain network. Legal ownership and investor protections remain unchanged, while the new format allows for more streamlined settlement and transfer processes.
JPMorgan, BlackRock, and Goldman Sachs are among the institutions working directly with DTCC on this early deployment of tokenized asset trading.
DTCC’s focus in this phase centers on highly liquid assets, specifically stocks, exchange-traded funds (ETFs), and Treasurys. By selecting these widely traded instruments, the trial aims to demonstrate blockchain’s relevance to the core of public securities markets.
Mini dictionary: DTCC (Depository Trust & Clearing Corporation) is a critical US financial institution that provides clearing and settlement services for nearly all securities trades in the US, ensuring that transactions are completed accurately and efficiently between buyers and sellers.
Regulatory oversight and pathway to expansion
Trading under this program occurs within the framework of a no-action letter from the Securities and Exchange Commission (SEC) granted in December 2025. This regulatory signal sets a clear path forward for tokenizing eligible securities housed within the depository. The no-action letter provides legal clarity and enables DTCC and its partners to explore blockchain solutions without risk of enforcement action from the regulator.
A full-scale commercial rollout of tokenized asset trading remains on track for October, following the completion and review of the limited production phase. The timeline suggests an accelerated pace for blockchain adoption among established Wall Street entities.
| Participant | Role |
|---|---|
| DTCC | Clearing and settlement operator |
| JPMorgan, BlackRock, Goldman Sachs | Pilot participants |
| SEC | Regulatory oversight (no-action letter) |
| Bank of America, Nasdaq, Circle, Robinhood, Kraken, Ondo Finance, Ripple Prime | Additional pilot participants |
Wall Street embraces tokenization
The recent progress follows a growing series of efforts to bring tokenized securities into regulated channels. Nasdaq and the New York Stock Exchange (NYSE) previously obtained SEC approval to operate tokenized equity trading, each working within the DTC’s three-year tokenization framework.
Nasdaq and NYSE have both advanced regulated tokenized equity initiatives, reflecting broader institutional interest in digital asset infrastructure.
As part of these efforts, Chainlink conducted a data pilot with DTCC designed to improve real-time settlement data in tokenized environments. Separately, Ondo Finance successfully tokenized a BlackRock ETF and shares of Micron, marking a milestone for US-regulated tokenized securities. These pilots have demonstrated technical feasibility and increasing appetite among both financial firms and regulators to capitalize on blockchain’s potential in traditional markets.
DTCC’s transition from limited to commercial production in tokenized asset trading is widely seen as an important milestone in bridging legacy finance with emerging blockchain infrastructure.
