MV Capital | DTCC Launches Live Tokenized Trading of Major Stocks and Treasuries

The Depository Trust & Clearing Corporation has begun limited production trades with tokenized versions of real U.S. equities, ETFs, and government bonds, involving major institutions like JPMorgan, BlackRock, and Goldman Sachs

Overview of the Initiative

The Depository Trust & Clearing Corporation (DTCC) started its first live production trades involving tokenized securities on July 15, 2026. This step moves beyond testing into actual transactions with assets already held in custody at its Depository Trust Company subsidiary, which manages over $114 trillion in securities.

Participants converted holdings such as Microsoft shares, Invesco QQQ Trust, SPDR S&P 500 ETF Trust, and iShares 0-3 Month Treasury Bond ETF into digital tokens. These tokens function as direct representations of the underlying assets, carrying identical ownership rights, dividends, and governance provisions.

Key DetailsAssets include Russell 1000 stocks, major ETFs, and U.S. Treasuries
Transactions cover collateral transfers, repo, equity trades, and settlements
Settlement occurs on Hyperledger Besu and Canton Network
Full commercial service planned for October 2026

Participation from Leading Institutions

More than 40 financial firms and technology providers joined the effort. Notable participants include JPMorgan Chase, which tokenized part of its Invesco QQQ holdings, BlackRock, Vanguard, Goldman Sachs, Citadel Securities, and BNP Paribas. Brokers like Alpaca and DriveWealth also took part in end-to-end conversions and trades.

These organizations tested various operations, including securities lending, liquidity management, and Delivery-versus-Delivery exchanges using the tokenized assets.

 "The tokenization of assets and digital blockchain usage are a megatrend. 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."
Frank La Salla, President and CEO, DTCC

Technical Foundation and Platform

DTCC built the service on its ComposerX platform, which supports minting, management, and settlement of tokenized securities. Legal ownership remains anchored in the traditional depository system, preserving all existing investor protections and regulatory compliance.

The pilot operates under a No-Action Letter from the Securities and Exchange Commission granted in December 2025, providing a three-year window for the program with specified liquid instruments.

Transactions demonstrated interoperability across networks, with some settling on the private Hyperledger Besu and others on the Canton Network for privacy-enabled operations among approved parties.

Ripple Integration and Broader Context

Ripple Prime has already integrated into DTCC’s digital infrastructure, supporting custody, settlement, and related services for tokenized assets. This connection positions the platform for broader institutional use cases.

The initiative aligns with growing activity across Wall Street, where firms explore ways to improve collateral mobility, reduce settlement times, and increase efficiency in post-trade processes. DTCC’s central role in U.S. securities clearing gives it a unique position to implement these changes at scale.

Next Steps and Timeline

The July limited production phase focuses on testing settlement, custody, and reconciliation with real assets. DTCC expects to expand participation and volume following the October 2026 full launch of the tokenization service. Further integration with public blockchains, including Stellar, is targeted for the first half of 2027.