DTCC Executes First Live Trades With Tokenized Wall Street Assets

The DTCC, the clearing giant safeguarding $114T in securities, processed its first live production trades using tokenized stocks, ETFs, and U.S. Treasuries today, calling it the largest tokenization production initiative yet by use cases, asset classes, and participants.

Notably, more than 30 firms took part in the demonstration, including BlackRock, JPMorgan, Goldman Sachs, Vanguard, Nasdaq, and the NYSE.

What’s the Scoop?

• Digital twins: Unlike most tokenized stock products, DTCC’s service converts DTC-held securities into onchain “digital twins” that retain identical ownership, dividend, and governance rights, and they can be converted back to traditional form at will. The trades settled on Hyperledger Besu, DTCC’s private network, and Canton, a public network built for regulated finance.
• Real workflows: The day’s transactions spanned collateral pledges, securities lending, Treasury repo, and equity trades. JPMorgan tokenized QQQ holdings and used them to satisfy CME margin requirements, while assets like Microsoft and Circle StablecoinCircle is the creator and manager of USDC.View Profile” class=”stubHighlight”> Circle shares, SPY, and Treasuries of various maturities were tokenized throughout.
• Ondo goes live too: Ondo Finance Real World AssetsOndo Finance is a DeFi protocol that brings institutional-grade financial products onchain.View Profile” class=”stubHighlight”> Ondo Finance simultaneously announced the first tokenized stock representations built on DTC tokenized entitlements, with digital twins of CRCL and SPY now backing its CRCLon and SPYon products, an early bridge between DTCC’s infrastructure and public DeFi.
• October incoming: The demo trades come seven months after the SEC’s No-Action Letter authorized the service for three years. The full DTCC Tokenization Service launches in October 2026, when eligible participants can begin converting securities for production use at scale.