The Depository Trust and Clearing Corporation, which processes the majority of U.S. securities trades, is running a pilot program to convert stocks and Treasury bonds into digital tokens on blockchain networks. JPMorgan, BlackRock and Goldman Sachs are among the participants in the trial, which DTCC announced on May 4.
The trial will tokenize Russell 1000 stocks, major exchange-traded funds and Treasury securities. More than 50 firms are enrolled in the pilot, which is scheduled to launch in July with a planned October completion. The SEC issued a no-action letter on December 11, 2025, clearing the way for the initiative.
DTCC operates the central ledger for nearly all equities and corporate bonds traded in the U.S., settling roughly $2 trillion in daily transactions. The organization has explored blockchain applications for years but faced regulatory uncertainty around which securities could be digitized and how tokens would integrate with existing market infrastructure. The SEC letter confirmed DTCC's authority to proceed without seeking additional approvals for the tokenization service itself.
Tokenized securities represent ownership claims as digital assets on permissioned blockchains rather than through traditional certificate or book-entry records. Settlement would occur through the same DTCC infrastructure that currently handles physical or electronic shares, eliminating the need for parallel custody or reconciliation systems. Industry participants have described the approach as backward-compatible with existing rules.
Wall Street banks have invested heavily in tokenization infrastructure over the past three years. JPMorgan launched its JPM Coin stablecoin in 2019 and has since expanded blockchain payment infrastructure. BlackRock filed for a tokenized fund product in 2023. The DTCC trial represents the first coordinated effort by the nation's largest settlement operator to bring tokenized equities and government debt into its clearing and settlement network at scale.
The July launch will test operational workflows including token issuance, custody, settlement and redemption for cash. Participants will process trades in tokenized assets through the trial environment. Results will determine whether DTCC pursues a full production launch and what technical or regulatory adjustments may be needed before broader market adoption.
