DTCC pilots tokenized stocks, ETFs and U.S. Treasuries
Nearly 40 firms, including BlackRock, Goldman Sachs and JPMorgan, will take part in a DTCC pilot testing tokenized stocks, ETFs and U.S. Treasuries across existing post‑trade systems.
The Depository Trust & Clearing Corporation on Wednesday launched a pilot with nearly 40 financial firms to test tokenized versions of stocks, exchange-traded funds and U.S. Treasuries across existing post-trade clearing and settlement systems.
Participants include JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard and the New York Stock Exchange. The program will run a series of exercises that move tokenized assets held at DTCC through workflows such as collateral management, repurchase agreements, margining and asset transfers.
DTCC described the exercise as designed to show whether tokenized instruments can operate within current custody, clearing and collateral processes. The organization reported processing $4.7 quadrillion in securities transactions in 2025. The pilot will assess interoperability, operational resilience and how tokenized assets are treated by existing post-trade functions.
Nadine Chakar, global head of DTCC Digital Assets, wrote in a statement that “Today is the beginning of a long journey where we will demonstrate that the old and the new can live together, [and] that the technology enables a lot of opportunities for our participants worldwide.” She added the aim is to “prove the value of tokenization and hopefully build the foundation that would lead to a scalable launch come October.”
Tokenization creates a digital token on a blockchain that represents a share, bond or Treasury security. Tokens can move on distributed ledgers and be programmed to reflect ownership or settlement instructions. Legal title to the underlying asset still depends on supporting legal and custody arrangements.
Interest from traditional financial firms in tokenized real-world assets has grown over the past year. In May 2025, protocols focused on real-world assets reached more than $10 billion in total value locked. Earlier this month a U.S. broker launched an Ethereum layer-2 network intended to support tokenized stocks, ETFs and other real-world assets.
Results from the DTCC exercises are expected to guide any decision about a broader market launch in the fall.
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