DTCC Tokenizes $114T in Assets with Wall Street Giants

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What are the main differences between traditional settlement and DTCC's blockchain tokenization pilot for US securities?

Which major Wall Street financial firms and companies took part in this blockchain pilot?

What did the DTCC pilot team highlight as the main benefits and significance of adopting blockchain?

DTCC Tokenizes $114T in Assets with Wall Street Giants — Image source: Unblock Media

DTCC’s large-scale pilot digitized major equities, ETFs, and Treasuries across blockchain networks.
A commercial launch for tokenized settlement services is set for October 2026, enabled by SEC guidance.

On July 15, 2026, the Wall Street Journal reported that the Depository Trust & Clearing Corporation (DTCC), which oversees more than $114 trillion in securities, completed its first large-scale tokenized securities trial. The exercise converted assets such as Microsoft (MSFT), Invesco QQQ Trust (QQQ), SPDR S&P 500 ETF (SPY), and iShares Short Treasury Bond ETF (SHV) into blockchain-based digital tokens. Settlement was tested via the Canton Network, a permissioned distributed ledger, and DTCC’s Hyperledger Besu blockchain.

Bloomberg noted that over fifty firms, including Vanguard, BlackRock, and JPMorgan, participated in the pilot. This allowed DTCC to directly compare traditional settlement with blockchain alternatives and evaluate performance and integration. The trial was made possible by regulatory clarity from a December 2025 SEC no-action letter granting a three-year window to tokenize Russell 1000 equities, major index ETFs, and US Treasuries.

Key industry players such as BlackRock, Goldman Sachs, Morgan Stanley, Circle, Ondo Finance, and Anchorage Digital joined DTCC’s working group. The company expects to introduce live tokenization settlement services in October 2026, aiming for improved liquidity, transparency, and operational efficiency across US markets.

DTCC’s oversight of the core post-trade infrastructure distinguishes its project from other exchange-led blockchain pilots and marks a significant step in the evolution of US market structure.