Wall Street's Biggest Names Start Putting Stocks on a Blockchain—Slowly 🏦

The Depository Trust & Clearing Corporation launched a pilot on Wednesday to test tokenized versions of U.S. stocks, ETFs and Treasuries with nearly 40 financial institutions, including JPMorgan Chase, Goldman Sachs, BlackRock, Vanguard and the New York Stock Exchange. The DTCC said the assets involved in the trial—Microsoft and Circle shares and selected ETFs—will be stored at the clearinghouse on a blockchain, with the exercise designed to demonstrate how tokenized securities can function inside existing market infrastructure across collateral management, repo transactions, margin and asset transfers.

"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 processed $4.7 quadrillion in securities transactions in 2025, according to the clearinghouse. The current pilot will run in advance of a broader formal tokenization program that DTCC has scheduled to begin in October.

The initiative reflects accelerating Wall Street interest in tokenized real-world assets, which surpassed $10 billion in total value locked across protocols in May 2025 and have continued to grow since. Earlier this month, Robinhood launched Robinhood Chain, an Ethereum layer-2 network built for tokenized stocks, ETFs and other real-world assets.