DTCC tests tokenized stocks with BlackRock, Goldman and JPMorgan

DTCC is giving tokenized securities a real test inside the plumbing that handles Wall Street trades. For everyday investors, the key point is that major firms are exploring whether stocks, ETFs and Treasuries can move on blockchain rails without ripping out the systems markets already use.

The Depository Trust & Clearing Corporation, the main clearinghouse for U.S. securities transactions, launched a pilot Wednesday to test tokenized stocks and U.S. Treasuries with nearly 40 financial institutions. The initiative was first reported by The Wall Street Journal.

Participants include JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard and the New York Stock Exchange, according to the report. DTCC said the pilot will focus on how blockchain-based versions of assets held at DTCC can work across post-trade processes, meaning the steps that happen after a trade is made.

Those steps include collateral management, repo transactions, margin and asset transfers. A repo, short for repurchase agreement, is a common short-term financing trade where one party sells securities and agrees to buy them back later, usually at a slightly higher price. Margin refers to borrowed money or pledged assets used to support trading positions.

Nadine Chakar, global head of DTCC Digital Assets, said in a statement cited by CNBC that the project is meant to show that existing market systems and newer blockchain tools can work together. She said DTCC aims to “prove the value of tokenization” and build toward a scalable launch in October.

What tokenization means here

Tokenization is the process of creating a blockchain-based representation of a real-world asset, such as a stock, bond, Treasury security, commodity or real estate holding. In plain terms, it turns a claim or record tied to an asset into a digital token that can be tracked and transferred on a blockchain.

That does not automatically mean the token holder owns the underlying asset in the same way a shareholder owns stock through a brokerage account. Tokenized assets traded on crypto exchanges or apps may not necessarily carry legal ownership of the underlying security, depending on how they are structured.

DTCC’s role makes this pilot more than a side experiment. The company was formed in 1999 through the merger of the Depository Trust Company and the National Securities Clearing Corporation. It has become core infrastructure for U.S. markets, processing $4.7 quadrillion in securities transactions in 2025, according to DTCC’s annual report.

The pilot is designed to test tokenized assets within existing market infrastructure rather than outside it. That matters because large-scale securities markets rely on settlement, custody, margin and collateral systems that have to be reliable, regulated and widely accepted by financial firms.

Wall Street’s tokenization push

Interest in tokenized real-world assets has grown as traditional financial institutions expand blockchain projects. In May 2025, real-world asset protocols passed $10 billion in total value locked, according to Decrypt. Total value locked, or TVL, measures the value of assets deposited into a crypto protocol.

Robinhood also entered the field earlier this month with Robinhood Chain, an Ethereum layer-2 network built for tokenized stocks, ETFs and other real-world assets, according to Decrypt. A layer-2 network is a blockchain system built on top of another blockchain to help process transactions more efficiently.

DTCC’s pilot adds a different angle: instead of starting with a consumer trading app, it is testing whether tokenized securities can plug into the back office of mainstream finance. The results could help shape how far Wall Street takes blockchain-based market infrastructure later this year.

This story draws on original reporting from Decrypt.