DTCC Launches Stock Tokenization with JPMorgan and BlackRock

DTCC is launching a pilot for the tokenization of stocks and U.S. Treasury bonds with the participation of nearly 40 financial companies, including JPMorgan Chase, Goldman Sachs, BlackRock, and Vanguard. This is news for traders, large investors, and anyone following how stocks and bonds are moving into digital form.

The project also involves the New York Stock Exchange, and the assets named for tokenization include Microsoft, Circle Internet Group, Invesco QQQ Trust, State Street SPDR S&P 500 ETF Trust, iShares 0-3 Month Treasury Bond ETF, and various U.S. Treasury bonds. According to DTCC, the tokens will have the same economic and legal rights as the underlying securities, including dividends and voting rights, and will be able to be converted back into ordinary shares.

Why is this pilot important for the market?

The main point here is simple. DTCC is not testing an abstract idea, but taking real securities from large portfolios and moving them into a blockchain format, where the token is meant to be interchangeable with a traditional share.

DTCC President and CEO Frank La Salla called tokenization a “megatrend” and separately emphasized system security, infrastructure resilience, and finding ways to unlock trapped liquidity. This is also important because in December 2025 the SEC granted DTC no-action relief for 3 years for a pilot involving tokenized DTC-custodied assets, and Commissioner Hester Peirce directly spoke about an “incremental step” toward moving markets on-chain. DTCC outlined the pilot framework, so this is no longer theory but an operating model. And that is exactly what makes the news important for those trading large volumes.

How will tokenized shares work?

According to the WSJ report, the tokens will be held in a clearinghouse on the blockchain and will be available for trading only within an approved circle of financial institutions. This is not a “free crypto market” in the usual sense. It is more of a new technical wrapper for old securities.

DTCC explains that such tokens can be converted back into traditional shares at any time. They are meant to carry the same dividends, voting rights, and legal rights as the original. By comparison, in a wrapper model the token only mirrors the share price but does not grant ownership rights. That is why, for large players, the difference here is not cosmetic but legal.

Settlement is planned either on HyperLedger Besu, DTCC’s private blockchain, or on Canton Network, which is focused on privacy. The program is officially scheduled to launch in October, when participants will be able to convert part of their securities into tokens. And one more point: NYSE American filings state that such securities will still settle on T+1, while oversight remains based on the same market data and with the same involvement of the exchange and FINRA. This removes some of the fears about a “wild” separate market.

Market reaction

Here, not only the names matter, but also the scale. Nearly 40 companies are taking part in the pilot, and DTCC itself reported in June 2025 that it had more than $100 trillion in assets under custody, up 37% from 2020. It also has more than 1.44 million securities issues in 170+ countries and territories. When such infrastructure moves toward tokenization, the market reads it as a signal: the topic is no longer on the sidelines.

“Tokenization of assets and the use of digital blockchain is a megatrend,” Frank La Salla said. “We are focused on system security, resilience, and finding ways to unlock trapped liquidity.”

There is also a broader backdrop. As of early July 2026, on-chain RWA excluding stablecoins had reached about $34 billion, while tokenized Treasuries stood at around $11.5 billion. In other words, DTCC is entering a segment that already has money and demand, not an empty field. For the market, this means competition will now be about not only speed, but also whose model fits regulatory rules better.

• Nearly 40 firms are taking part in the pilot.

• Among them are JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard, and NYSE.

• Individual tokens will be held at DTCC and can be converted back into ordinary shares.

• The program launch is scheduled for October.

• The SEC has already granted no-action relief for 3 years for this direction.

• The pilot includes Microsoft, Circle, QQQ, SPY, and short Treasury ETFs.

What does this mean for investors?

For large market participants, this is primarily about operations. Tokenized securities can be used for collateral transfers, repo transactions, and stock trading. If such a model takes hold, part of the processes that are currently spread across several systems could become easier to account for internally and faster to settle.

For retail investors, the direct effect is still weaker. Access to the tokens, according to DTCC’s description, will be limited to a circle of approved institutions rather than open to everyone. But the trend is also important for Ukraine: when the largest U.S. infrastructure players move stocks and Treasuries into tokens, it pushes the idea of digital ownership rights toward a standard rather than an experiment. If such models become established, other markets where investors want less paperwork and more automation will also move faster over time.

There is another practical takeaway. If tokenized assets begin trading under the same rules as ordinary ones, then not only those looking for new instruments will benefit, but also those for whom liquidity and clear accounting matter. That is why banks, exchanges, and funds are all watching this closely.

Frequently asked questions

When does DTCC plan to launch the tokenization pilot?

The official launch is scheduled for October. That is when participants who hold assets in the clearinghouse will be able to convert part of their securities into tokens.

How is a tokenized share different from a regular wrapper token?

A DTCC token has the same legal rights, dividends, and voting rights as the underlying share. A wrapper only mirrors the price, but does not grant ownership or voting rights.

Which assets were included in the pilot?

The source names Microsoft, Circle Internet Group, Invesco QQQ Trust, State Street SPDR S&P 500 ETF Trust, iShares 0-3 Month Treasury Bond ETF, and various U.S. Treasury bonds. This shows that the project is not about one test security, but about a broad set of instruments.

For now, this is only a pilot, but it already shows where the large financial market is heading. If institutional tokenization takes hold, the next few years could change the very way securities are stored and transferred. Those looking to take advantage of the situation can quickly sell Bitcoin on Monobank without unnecessary complications and at a favorable rate.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.