TL;DR
- The DTCC confirmed it executed its first limited production operations of tokenized stocks and Treasury bonds.
- JPMorgan tokenized a portion of its position in the Invesco QQQ Trust: Microsoft, Circle and ETF shares among the first assets incorporated.
- Nearly 40 financial firms and technology providers, including BlackRock, Goldman Sachs and Vanguard, are participating in the pilot trial.
The Depository Trust & Clearing Corporation, known as DTCC, executed its first limited production operations of tokenized stocks and Treasury bonds, marking a milestone in the country’s financial infrastructure.
JPMorgan successfully tokenized a portion of its holdings in the Invesco QQQ Trust, retaining the ability to convert them back into traditional shares. Shares of Microsoft, Circle and State Street’s SPDR S&P 500 ETF are also among the first assets incorporated into the system, according to The Wall Street Journal.
The approach adopted sets this project apart from previous solutions. Rather than using a wrapper that simply replicates the behavior of a stock, the tokens issued are interchangeable with traditional shares and retain the same ownership rights, dividends and governance. The tokenized assets will be used for collateral transfers, repo operations and equity transactions, with settlement taking place on DTCC’s Hyperledger Besu network or on Canton Network.
DTCC Opens the Doors to Trapped Liquidity
Frank La Salla, president and chief executive officer of DTCC, described asset tokenization as “a megatrend” and emphasized that the corporation’s focus is on the security and resilience of the system, as well as unlocking trapped liquidity through the use of this new technology. The corporation processed $4.7 quadrillion in securities transactions during 2025, while its depository subsidiary provided custody and services for $114 trillion in securities.
The Securities and Exchange Commission had enabled the service late last year through a no-action letter, authorizing Depository Trust Co., a DTCC subsidiary, to tokenize highly liquid assets on pre-approved blockchains for a three-year period.
The full launch of the service is scheduled for October 2026. Nearly 40 firms and technology providers make up the working group, among them BlackRock, Goldman Sachs, Morgan Stanley, Nasdaq, Kraken and Robinhood Markets. Bloomberg’s senior ETF analyst, Eric Balchinas, described DTCC’s work as “HUGE” in terms of progress for tokenization.
