The Depository Trust & Clearing Corporation, the clearinghouse that processes U.S. securities transactions, on Wednesday launched a pilot to test tokenized stocks and U.S. Treasuries with nearly 40 financial institutions.

The initiative, first reported by The Wall Street Journal, includes JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard, and the New York Stock Exchange.

“Today is the beginning of a long journey where we will demonstrate that the old and the new can live together, [and] that the technology enables a lot of opportunities for our participants worldwide,” Nadine Chakar, global head of DTCC Digital Assets, said in a statement. “We’re going to prove the value of tokenization and hopefully build the foundation that would lead to a scalable launch come October.”



Formed in 1999 through the merger of the Depository Trust Company and the National Securities Clearing Corporation, DTCC has become the backbone of the U.S. securities markets, processing $4.7 quadrillion in securities transactions in 2025.

The new pilot project will test blockchain-based versions of stocks, exchange-traded funds, and U.S. treasuries held at DTCC across collateral management, repo transactions, margin, and asset transfers. DTCC said the exercise is designed to demonstrate how tokenized assets can operate within existing market infrastructure ahead of a broader rollout later this year.

Tokenization refers to the process of creating blockchain-based representations of real-world assets, including stocks, bonds, U.S. treasuries, commodities, and real estate.

While tokenized digital assets can be traded on cryptocurrency exchanges and applications, they do not necessarily confer legal ownership of the underlying asset.

Interest in tokenized real-world assets has accelerated over the past year as traditional financial institutions expand blockchain initiatives.

In May 2025, real-world asset protocols surpassed $10 billion in total value locked. The adoption of tokenized assets has only accelerated since then. Earlier this month, stock and cryptocurrency trading platform Robinhood launched Robinhood Chain, an Ethereum layer-2 network designed for tokenized stocks, ETFs and other real-world assets.

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