DTCC leads Wall Street firms in blockchain trading experiment with live tokenized trades
RWA Signal Insight
InfrastructureThe Depository Trust & Clearing Corporation (DTCC) successfully executed live production trades of tokenized stocks, ETFs, and Treasurys on July 15, involving over 30 major financial institutions. Participants included industry giants like JPMorgan Chase, Goldman Sachs, and Vanguard, alongside crypto-native firms such as Circle, Chainlink, and Fireblocks. These transactions utilized "digital twins" on permissioned blockchains, specifically Hyperledger Besu and the Canton Network, to maintain existing legal ownership rights and regulatory protections. By demonstrating interoperability across multiple networks, the experiment proved that tokenized assets can function within institutional frameworks without sacrificing security. This initiative serves as a critical dress rehearsal for the full commercial launch of the DTC Tokenization Service scheduled for October. The transition from traditional T+1 settlement to near-instant blockchain settlement aims to significantly reduce counterparty risk and capital requirements. By bridging its $114 trillion in custodied assets with blockchain rails, the DTCC is positioning itself as the central infrastructure provider for the future of tokenized securities.
Key points
- Over 30 firms, including JPMorgan and Goldman Sachs, tested tokenized trades on July 15.
- Transactions utilized Hyperledger Besu and the Canton Network for permissioned, interoperable settlement.
- The DTCC plans a full commercial launch of its DTC Tokenization Service in October.
- The SEC authorized the initiative via a December 2025 no-action letter.
Background
The Depository Trust & Clearing Corporation (DTCC) acts as the central securities depository for the U.S. financial system, providing clearing and settlement services for the vast majority of equity and debt trades. Its role is to ensure the integrity of the market by acting as a neutral intermediary that holds securities in custody and manages the transfer of ownership between buyers and sellers.