The Depository Trust & Clearing Corporation completed live production transactions using tokenized U.S. Treasuries, equities and exchange-traded funds on July 15, advancing Wall Street’s blockchain adoption ahead of the planned October 2026 launch of its tokenization service.
DTCC said about 40 firms participated as the project moved beyond concept, design and testing into transactions involving tokenized assets held in custody by its Depository Trust Company subsidiary.
Treasuries, equities and ETFs tested in live transactions
The live transactions included U.S. treasury repo trades, purchases and sales of Treasuries and equities, collateral pledges, asset tokenization, transfers between blockchain networks and delivery-versus-payment settlement.
Participants also exchanged tokenized Treasuries, equities and ETFs for digital cash, while one transaction demonstrated the use of tokenized assets to satisfy central counterparty margin requirements.
The assets included tokenized versions of the Invesco QQQ Trust and the SPDR S&P 500 ETF Trust. DTCC said the transactions showed how blockchain infrastructure and atomic settlement could support faster asset movement, greater interoperability and more efficient market operations.
Developed with input from more than 50 financial firms, the service is scheduled to launch in October after DTC secured regulatory clearance in December 2025 to tokenize a defined group of highly liquid assets, including Russell 1000 stocks, major index ETFs and U.S. Treasury securities.
Faster collateral movement could reshape trading
The service could help traders shift securities and collateral between counterparties and approved blockchain networks with fewer operational delays, giving institutions more flexibility when managing liquidity or meeting margin requirements.
Tokenized securities will carry the same legal and economic rights and investor protections as their traditional counterparts, while offering potential benefits including round-the-clock transfers across approved blockchain networks, programmable features, additional trading options and more efficient use of collateral, according to DTCC.
Those capabilities could help institutions respond more quickly to margin calls and reposition collateral across counterparties, markets and time zones.
A decade of blockchain work reaches production
DTCC has provided post-trade infrastructure for more than 50 years and said its subsidiaries processed securities transactions worth $4.7 quadrillion in 2025, while DTC held $114 trillion of assets in custody.
Its formal blockchain push dates to a 2016 white paper examining distributed ledgers in post-trade markets. In 2022, Project Ion entered parallel production and processed more than 100,000 equity transactions a day using DLT.
DTCC acquired blockchain infrastructure developer Securrency in 2023, renamed it DTCC Digital Assets and introduced the ComposerX tokenization suite in 2025.
The company has also been building its internal AI capabilities through an AI Council, an AI Enablement Team and an enterprise-wide sandbox designed to test applications under a controlled governance framework.
