The Depository Trust and Clearing Corporation (DTCC) has completed a day-long exercise involving tokenised versions of assets held at The Depository Trust Company, according to the organisation.
Trial brings together traditional and digital finance participants
The event involved more than 25 firms spanning traditional finance and digital assets. JPMorgan opened proceedings by converting the Invesco QQQ Trust into a tokenised asset. Goldman Sachs, BlackRock, Vanguard, and the New York Stock Exchange were among the other participants, a DTCC spokesperson confirmed.
A DTCC official described the initiative as an early step intended to demonstrate that established and emerging infrastructure can operate together, adding that the exercise is expected to lay the groundwork for a broader, scalable launch in October 2026.
Tokenisation refers to the process of issuing digital representations of publicly traded securities, real-world assets, or other forms of value on a blockchain network. Proponents of the approach point to potential benefits including lower costs, faster settlement, greater transparency around ownership and performance, and programmable terms, alongside broader accessibility for retail investors.
Established clearing infrastructure faces competition from crypto-native entrants
DTCC serves as the central post-trade organisation within the US financial system, processing, settling and safeguarding the majority of stock and bond transactions. Its subsidiaries processed USD 4.7 quadrillion worth of securities transactions in 2025.
Tokenisation has been debated within the financial industry for several years without widespread implementation. During that period, specialist firms from the crypto sector, including Ondo and Securitize, have entered the space, forming partnerships with established asset managers such as BlackRock and creating competitive pressure for incumbent clearing infrastructure.
A DTCC official said the tokenisation service is intended to connect traditional finance with decentralised finance on infrastructure that has underpinned capital markets for decades, citing potential gains in efficiency, liquidity, and asset mobility as objectives of the programme.
Demonstration spans multiple use cases
The exercise was designed to show how tokenised assets could function across collateral management, repo transactions, equities, margin and asset transfers, using existing financial infrastructure rather than parallel systems.
Assets expected to be tokenised during the demonstration include shares of Microsoft, Circle Internet Group, the Invesco QQQ Trust, the State Street SPDR S&P 500 ETF Trust, and the iShares 0-3 Month Treasury Bond ETF, as well as Treasury securities of varying maturities.
The trial represents a tangible, if early-stage, step towards broader adoption of tokenised settlement within mainstream capital markets infrastructure, with DTCC positioning the October 2026 timeline as the next milestone for scaling the service beyond a single-day demonstration.
