DTCC Tokenizes $114 Trillion in First Securities Trial with BlackRock, JPMorgan

- DTCC converts U.S. stocks, ETFs, and Treasuries into blockchain-based tokens with major financial partners - SEC’s no-action relief opens three-year window for large-scale tokenization trials of select liquid assets DTCC, the $114 trillion securities custodian, has completed its inaugural tokenization test, converting major stocks, ETFs, and U.S. Treasuries into blockchain-based tokens alongside leading firms Vanguard, BlackRock, and JPMorgan. On July 15, 2026, the trial leveraged the Canton Network and Hyperledger Besu blockchains, and this setup allowed DTCC and its partners to directly compare traditional settlement with blockchain-based mechanisms. As a result, this milestone accelerates DTCC’s timeline for a commercial launch of tokenized securities services in October 2026 and responds to new regulatory clarity from the SEC. According to The Wall Street Journal on December 10, 2025, DTCC’s initiative follows a no-action letter from the SEC issued that month, which created a three-year window for experimenting with tokenization of Russell 1000 equities, major index ETFs, and U.S. Treasuries. The trial therefore involved converting Microsoft (MSFT), Invesco QQQ Trust (QQQ), SPDR S&P 500 ETF (SPY), and iShares Short Treasury Bond ETF (SHV) into digital tokens, and this conversion enabled a direct assessment of both conventional and blockchain settlement. In addition, DTCC’s working group—comprising more than 50 industry participants from legacy financial institutions and crypto-native firms—developed and evaluated the end-to-end process. On July 15, 2026, DTCC President and CEO Frank La Salla said in an internal company briefing that the project aims to improve liquidity, transparency, and efficiency across capital markets, and this focus puts DTCC at the leading edge of institutional-scale tokenization as it prepares for a market-wide commercial rollout later this year.