Overview
- On July 15, DTCC ran its first limited-production live trades that converted existing equities, ETFs and U.S. Treasurys into blockchain-based “digital twins” with roughly 40 participating firms.
- JPMorgan tokenized shares of the Invesco QQQ Trust and posted those tokens as collateral to meet margin at CME Group, and participants included BlackRock, Goldman Sachs, Vanguard and the New York Stock Exchange.
- Transactions settled on permissioned networks chosen by participants, primarily Hyperledger Besu and the Canton Network, with Chainlink tools used in cross-network operations.
- DTCC’s model preserves legal ownership, dividends and voting rights while keeping tokens inside DTC custody and limiting transfers to DTC-registered wallets with recovery controls.
- The pilot does not let DTC count tokenized positions as collateral for participants’ internal risk calculations and cash-side delivery-versus-payment is still unresolved, so DTCC will need to prove capital efficiency before a broader October 2026 rollout and planned public-chain tests in H1 2027.