HashKey Joins JPMorgan, Goldman Sachs in DTCC Digital Assets Working Group

HashKey Group has joined a DTCC digital assets working group, becoming its first Asian digital asset service provider as major financial firms expand their work on institutional tokenization.

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HashKey Joins DTCC Digital Assets Group

HashKey Group has become the first Asian digital asset service provider to join the Depository Trust & Clearing Corporation’s Digital Assets Advisory Services Industry Working Group. The group includes more than 100 financial institutions and digital asset companies, including JPMorgan, Goldman Sachs, Nasdaq and the New York Stock Exchange.

Members will examine how tokenized assets can operate within traditional financial markets. Their work will cover issuance, settlement and custody while developing standards that connect blockchain-based securities with existing market systems.

HashKey brings experience from Hong Kong and other regulated Asia-Pacific markets. Since 2023, the company has worked on real-world asset tokenization and participated in the Hong Kong Monetary Authority’s Project Ensemble Architecture Community and Tokenised Bond Expert Group.

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DTCC Advances Tokenized Securities Infrastructure

DTCC completed its first production-environment tokenized transactions in July using securities held at DTC. The trials covered equity transfers, collateral pledges, securities lending and delivery-versus-payment transactions involving U.S. Treasuries and repurchase agreements.

Its trials operated across a private blockchain based on Hyperledger Besu and the public Canton Network. Assets reportedly included Microsoft and Circle shares, the Invesco QQQ Trust, SPDR S&P 500 ETF and a BlackRock Treasury ETF.

JPMorgan also completed a transaction involving shares of the Invesco QQQ Trust. The transaction kept the underlying securities within DTC custody while creating blockchain-based records for their digital representations.

DTCC Targets October Tokenization Service Launch

DTC, a DTCC subsidiary and major U.S. central securities depository, safeguards more than $114 trillion in securities. This figure represents securities within its custody infrastructure rather than assets already converted into tokens.

As reported earlier by CoinGape, DTCC plans to launch standardized tokenization services in October. Eligible DTC participants could create tokenized versions of securities already held within the depository and transfer them to approved wallets.

The planned structure would also let participants move between conventional and tokenized formats. Underlying securities would remain within DTC’s existing custody framework.

HashKey has not announced a separate DTCC integration, jointly issued tokenized product or commercial agreement. For now, the company will participate in working-group discussions focused on standards for institutional tokenized securities.