BlackRock, JPMorgan, Goldman Sachs Join DTCC Trial to Tokenize Stocks, Treasurys

Wall Street giants BlackRock, JPMorgan, and Goldman Sachs are among a host of firms that are participating in a Depository Trust & Clearing Corporation (DTCC) pilot to tokenize stocks and Treasurys. The tokenization process will begin today, with DTCC tokenizing Microsoft and Circle shares, as well as some other traditional assets.

BlackRock, JPMorgan, Goldman Sachs Join DTCC Tokenization Pilot

According to a WSJ report, the DTCC plans to tokenize shares and Treasurys as part of Wall Street’s latest tokenization push. BlackRock, JPMorgan, Goldman Sachs, Vanguard, and the New York Stock Exchange are among nearly 40 financial firms participating in this pilot program to tokenize securities that Wall Street firms hold at DTCC. It is worth noting that the DTCC custodies up to $114 trillion in assets, which makes this a major tokenization push.

The DTCC revealed that it will store these tokenized assets at the clearinghouse on the blockchain. The tokenization process will notably begin today, with DTCC tokenizing Microsoft and Circle shares, Invesco QQQ Trust, State Street SPDR S&P 500 ETF, and BlackRock’s iShares 0-3 month Treasury Bond ETF.

Notably, this follows the UK Treasury’s £33 billion tokenization plan, of which firms like BlackRock, Morgan Stanley, and Goldman Sachs are also part of the Wholesale Digital Markets Taskforce spearheading the initiative. Meanwhile, the DTCC plans to officially kick off this tokenization program in October.

The program will enable firms that keep their assets at the clearinghouse to easily tokenize these securities. As part of the trial starting today, firms participating in the pilot will be able to conduct live transactions on the blockchain with DTCC’s help.

Networks That Will Be Used For The Pilot Program

The DTCC has shunned top layer-1 networks such as Ethereum and Solana for the pilot program. Instead, it plans to settle live trades on the HyperLedger Besu, its private blockchain, or the Wall Street-backed Canton network, depending on which the participating firms, like BlackRock, choose.

The firms will reportedly use the tokenized assets for several transactions, including collateral transfers, repo transactions, and equity trades. In a live update on their site, the DTCC confirmed that JPMorgan had successfully converted the Invesco QQQ Trust (QQQ) ETF into a tokenized real-world asset to kick off this pilot.

.@jpmorgan successfully completed an equity token conversion involving the @InvescoUS QQQ Trust (QQQ), offering a practical example of tokenization at work within trusted market infrastructure.

Learn more: https://t.co/XDeUkl4aNJ pic.twitter.com/UzmeR3XIaR

— DTCC (@The_DTCC) July 15, 2026

“The conversion highlights how tokenized representations of traditional assets can operate within existing market infrastructure while maintaining the same liquidity, transparency, rights and protections as the underlying traditional asset,” DTCC said.

For more information on Tokenization, please check out our page on Best Platforms to Trade Tokenized Stocks