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JPMorgan Chase, Goldman Sachs and Invesco joined more than 30 financial and technology firms in a large-scale blockchain test designed to show how tokenized assets could move through existing Wall Street infrastructure. The Depository Trust & Clearing Corporation said the July 15 exercise processed tokenized stocks and U.S. Treasuries through several real-world market workflows.
The test moved beyond experiments involving individual digital assets by connecting trading, collateral and settlement processes across participating institutions. Citadel Securities, BlackRock, Nasdaq, the New York Stock Exchange and Vanguard were also among the companies involved.
Firms Test Trading, Collateral and Margin Workflows
DTCC converted securities held at its Depository Trust Company subsidiary into digital tokens and used them across controlled market workflows over several hours. The exercise included collateral pledges, securities lending, Treasury and repo transactions, equity trades, token transfers and central counterparty margin workflows.
The digital conversions took place across two blockchain environments: LF Decentralized Trust’s Besu network and the Canton Network. DTCC said the multichain approach was intended to test interoperability while allowing participating firms to use tokenized representations of securities already held within its traditional infrastructure.
Tokenized Securities Retain Existing Ownership Rights
DTCC said its system allows securities to move between traditional and tokenized forms without changing the underlying investor ownership rights. The tokens are digital representations of assets held at DTC rather than separate securities created outside the existing market structure. DTCC Clearing and Securities Services President Brian Steele said:
“Market participants will soon have the best of both worlds because DTC-tokenized assets maintain the same investor protections, entitlements, and ownership rights as traditional securities.”
DTCC Targets October Tokenization Launch
The trial comes ahead of the planned October 2026 launch of DTCC’s Tokenization Service. DTC received regulatory clearance through an SEC no-action letter earlier this year to operate a tokenization service for real-world assets held in its custody.
DTCC held $114 trillion of securities in custody and asset servicing at the end of 2025, giving the project a direct connection to established market infrastructure. The July test gives a broader example of major Wall Street firms examining whether blockchain systems can support trading and post-trade processes across multiple institutions.
