Key Insights
- DTCC Launches Tokenization Pilot, allowing tokenized Microsoft, QQQ Shares, and U.S. Treasuries
- The pilot scheme includes BlackRock, JPMorgan, Goldman Sachs, Vanguard, and NYSE.
- The $114 trillion company plans to launch its full tokenization programs in October
The Depository Trust Clearing Corp (DTCC) has launched its tokenization pilot today, enabling firms to tokenize securities and US treasuries. The launch comes after the US Securities and Exchange Commission (SEC) issued a no-action letter on the product in late 2025.
According to the announcement from the leading securities clearing and settlement firm, the move represents a significant milestone that turns tokenization into reality rather than just another future concept.
JPMorgan, Goldman Sachs, BlackRock, and Others Tokenize Through DTCC Pilot
With the launch of the pilot, the 40 participating financial firms have begun tokenizing assets. JP Morgan tokenized part of its Invesco QQQ Trust holdings to show the practical application of tokenization.
The firm even used the tokenized assets to satisfy CME Group’s CCP margin requirements, further demonstrating that these assets can be used as collateral.
Meanwhile, equities such as Microsoft and Circle, as well as exchange-traded funds including State Street SPDR S&P 500 ETF Trust and iShares 0-3 Month Treasury Bond, have also been tokenized.
Several other tokenized assets transactions have also been completed as participants continue to experiment. Velocity Capital tokenized securities, while Drive Wealthy moved the tokenized assets across blockchain networks.
Marex also used tokenized assets for several transactions, including a repurchase agreement involving tokenized US Treasuries and the pledging of tokenized securities as collateral with Société Générale.
Tokenization through the DTCC infrastructure makes the tokenized securities interchangeable with traditional shares, with holders enjoying the same rights, such as dividends and governance, and able to convert the tokenized assets into traditional shares. This differs from wrapped assets, which track the price of real-world assets.
This article is for informational purposes only and should not be considered financial or investment advice. Digital asset and tokenization markets remain subject to regulatory, technological, and market risks. Readers should conduct their own research before making financial or investment decisions.
DTCC Plans Full Tokenization Program for October as Sector Continues to Grow
Meanwhile, DTCC stated that it will launch the full tokenization service in October 2026. This could mark a broader expansion for the tokenized assets, given DTCC’s massive influence.
The firm, which custodies around $114 trillion in assets, processed $4.7 quadrillion in securities transactions in 2025. By October, all firms that continue to use the clearinghouse for their custody can tokenize a portion of it.
Unsurprisingly, several experts have described it as a big deal, especially in the tokenization race. Bloomberg senior ETF analyst Eric Balchunas noted that while a tokenized future might take time, the recent move by DTCC is HUGE.
Interestingly, the DTCC pilot launch coincides with the announcement by Tradable, a tokenization startup, that it plans to bring $1 billion worth of private credits onchain. The firm plans to deploy its tokenization protocol on Stellar, which currently has around $3 billon in tokenized assets.
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