DTCC Begins Limited Tokenized-Asset Trades With JPMorgan, BlackRock and Goldman

The Depository Trust \& Clearing Corporation, which clears and settles the bulk of US securities trades, has moved into limited production trading of tokenized real-world assets, taking its long-planned blockchain project closer to a full commercial launch in October. JPMorgan, BlackRock and Goldman Sachs are among the participants, the Wall Street Journal first reported.

The service lets securities held in custody be represented as tokens on a blockchain while keeping the same legal ownership and investor protections as conventional holdings. The DTCC’s project is focusing on highly liquid stocks, ETFs and Treasurys.

DTCC is running the trades under a no-action letter the SEC granted in December 2025, which set a defined path for tokenizing eligible securities held at the depository. Several financial firms have signed on, including Bank of America, Nasdaq, Circle, Robinhood, Kraken, Ondo Finance and Ripple Prime. A full commercial launch is slated for October.

The step builds on a run of moves bringing tokenized securities into regulated markets. Nasdaq won SEC clearance for tokenized equity trading and NYSE followed, both operating under DTC’s three-year tokenization pathway. Chainlink earlier ran a data pilot with the DTCC, and Ondo tokenized a BlackRock ETF and Micron stock in an earlier US-regulated debut.

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