DTCC Begins Tokenized Securities Trial Wednesday With Microsoft, SPY, Treasurys

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The Depository Trust & Clearing Corp. is set to begin its first limited production trades of tokenized stocks and Treasurys starting Wednesday, marking a direct test of blockchain infrastructure within the core U.S. securities settlement system. JPMorgan has already tokenized portions of Invesco QQQ Trust holdings, while shares of Microsoft, Circle, State Street's SPDR S&P 500 ETF Trust, and BlackRock's iShares Treasury Bond ETF are among the first assets being tokenized. The trial involves nearly 40 financial firms and technology providers, including Goldman Sachs, Vanguard, Morgan Stanley, Nasdaq, and Robinhood Markets. DTCC's approach makes tokenized shares interchangeable with traditional shares while preserving ownership, dividend, and governance rights. Settlement will occur on either DTCC's Hyperledger Besu network or the Canton Network. The SEC granted regulatory approval through a No-Action Letter late last year, authorizing a 3-year testing period under strict asset and network limitations. DTCC processed $4.7 quadrillion in securities transactions in 2025.
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