The U.S. securities clearing house DTCC has launched a new pilot, collaborating with nearly 40 financial institutions to test tokenized stocks, ETFs, and U.S. Treasuries, focusing on verifying whether these assets can be integrated into existing post-trade infrastructure. Participants include JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard, and the New York Stock Exchange.
The pilot covers collateral and repurchase scenarios.
DTCC stated that this test will focus on areas such as collateral management, repurchase transactions, margin processing, and asset transfers. The goal is not to build a separate new system, but to evaluate how blockchain-based securities assets operate within existing market infrastructure.
According to DTCC, this pilot is intended to prepare for a broader rollout later this year. Nadine Chakar, Head of Digital Assets at DTCC, said the project aims to demonstrate that traditional market infrastructure can coexist with new technologies and lay the groundwork for future scalable deployment.
Participating institutions cover the key players of Wall Street.
This program was first reported by The Wall Street Journal. Public information shows that nearly 40 institutions participated in the testing, including:
- JPMorgan Chase
- Goldman Sachs
- BlackRock
In addition, Vanguard and the New York Stock Exchange are also on the list. For DTCC, the significance of such pilot programs lies not only in technical validation but also in enabling clearing, custody, and trading-related institutions to test collaboratively within the same framework.
DTCC is one of the most critical clearing and settlement infrastructures in the U.S. securities market, formed in 1999 by the merger of the Depository Trust Company and the National Securities Clearing Corporation. The institution reported that the volume of securities transactions processed in 2025 reached $47 trillion.
The pace of tokenized asset adoption is accelerating.
Tokenization refers to mapping real-world assets such as stocks, bonds, U.S. Treasuries, commodities, or real estate onto a blockchain to create digital representations that can be traded on-chain. The article also notes that such tokenized assets do not necessarily equate to legal ownership of the underlying assets.
Over the past year, traditional financial institutions have significantly increased their investment in the tokenization of real-world assets. In May 2025, the total value locked in RWA protocols surpassed $10 billion, and this trend continues into 2026.
Earlier this month, Robinhood also launched Robinhood Chain, an Ethereum Layer 2 network for tokenized stocks, ETFs, and other real-world assets. As DTCC expands its testing to the core backend infrastructure of the U.S. securities market, tokenized assets are moving beyond issuance and trading concepts toward validation of clearing and settlement infrastructure.