Blackrock, CME, Goldman, JPMorgan, NYSE, Nasdaq, Vanguard Among 30+ Firms in DTCC’s Successful Tokenized Trade Test
More than 30 traditional finance and digital asset firms participated in a live tokenization event led by The Depository Trust & Clearing Corporation (DTCC), where securities held at its central depository were converted into tokens and used in real institutional transactions. Announced on July 15, 2026, the test aimed to demonstrate that blockchain-based transactions can operate through established market infrastructure without altering investor protections, entitlements, or ownership rights.
Participants included major financial institutions such as Alpaca, BetaNXT, Bitgo Bank & Trust, Blackrock, Blockdaemon, BNP Paribas, Broadridge, Chainlink, Circle, Citadel Securities, CME Group, Digital Asset Holdings, Drivewealth, DRW, Fireblocks, Flow Traders, FTSE Russell, Goldman Sachs, HIFI, Invesco, J.P. Morgan, Kaleido, Linux Foundation Decentralized Trust, Marex, Microsoft, Nasdaq, New York Stock Exchange (NYSE), Ondo Finance, Prometheum Capital, S&P Dow Jones Indices, Societe Generale, State Street Investment Management, Talos, Temple Digital Group, Tradeweb, Vanguard, Velocity Capital LLC, and Virtu Financial Inc.
Over several hours, the initiative tested various institutional workflows, including collateral pledges, securities lending, central counterparty margin processes, token transfers, U.S. Treasury and repo delivery-versus-payment transactions, and equity delivery-versus-delivery trades. The conversions were executed on Hyperledger Besu, an enterprise Ethereum-based private network, and Canton, a public network, supporting DTCC’s multi-chain strategy for interoperability and scalability.
Brian Steele, President of Clearing & Securities Services at DTCC, stated that the test successfully showcased how tokenization can enable real-time collateral mobility, enhance liquidity and capital efficiency, reduce counterparty risk, and support interoperability between traditional and digital ecosystems.
The planned DTCC Tokenization Service, developed with an industry working group of over 100 members, will create digital representations of assets held at The Depository Trust Company (DTC). Participants can receive tokens in selected wallets and move securities between traditional and tokenized forms without removing underlying assets from DTC custody. The initiative follows a no-action letter from the U.S. Securities and Exchange Commission (SEC) seven months earlier, authorizing DTC to operate the tokenization service.
DTCC plans to launch the service in October 2026. The test demonstrated that tokenized securities can support multiple live institutional workflows with broad participation. However, long-term success will depend on regular participation, meaningful transaction volumes, and consistent performance across networks.