The trades used convertible digital twins of US securities on two blockchains, including BlackRock and Goldman Sachs. The service launches in October.
The Depository Trust & Clearing Corporation processed its first live tokenized asset trades on July 15, with 40 firms including BlackRock, J.P. Morgan, and Goldman Sachs taking part. The trades involved collateral pledges, securities lending, repo delivery-versus-payment, and equity trades executed on blockchain networks, the DTCC said.
The DTCC created convertible digital twins of US securities already in its custody. These tokenized versions carry the same ownership rights and regulatory standing as the original shares. The trades ran on two blockchain networks: Canton and Hyperledger Besu. The DTCC said the use cases went beyond proof-of-concept demos. The July 15 trades involved real US Treasury repos, equity DVP and DVD settlements, and securities lending transactions.
The DTCC holds custody for securities valued at $114 trillion as of 2025. The July 15 trades were a fraction of that. The infrastructure supporting them sits on top of that custody base. The DTCC announced plans for limited production trades in May 2026, setting July as the target window. The full DTCC Tokenization Service is scheduled to launch in October 2026. The July trades served as a test run.
In December 2025, the DTC, a DTCC subsidiary, obtained an SEC No-Action Letter that cleared the path for these tokenization initiatives. The letter made the trades possible. Without it, none of these trades would have been legally feasible.
The tokenization effort is the largest of its kind to date by participant count and use cases. The digital twins are not meant to replace traditional securities infrastructure. A tokenized asset can move on-chain and settle across blockchain networks, then convert back to its traditional form. Securities lending and repo markets stand to benefit from tokenized settlement through compressed trade cycles and reduced counterparty risk. Being able to pledge collateral on-chain with instant verification of ownership and automated settlement logic removes layers of manual processing.
The DTCC's approach works within existing regulatory frameworks and custody arrangements. One risk: interoperability between blockchain networks remains an unsolved problem at scale. The July trades used Canton and Hyperledger Besu. The DTCC has positioned its service as chain-agnostic in principle.
Goldman Sachs, one of the participants, has an AlphaScala Alpha Score of 58, classified as moderate. The GS stock page provides further detail. The full DTCC Tokenization Service is set for October 2026.
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