The DTCC just executed its first live tokenized asset trades, and Wall Street showed up in force

The Depository Trust & Clearing Corporation, the backbone of virtually every stock trade in America, ran its first live production trades using tokenized assets on July 15. Around 40 firms participated in the exercise, which spanned collateral pledges, securities lending, repo delivery-versus-payment, and equity trades, all executed on-chain. What actually happened The DTCC took US securities already held in its custody and created what it calls “convertible digital twins.” These are tokenized representations of real assets that maintain the same ownership rights, legal protections, and regulatory standing as their traditional counterparts. The trades ran across two blockchain networks: Canton and Hyperledger Besu, a platform maintained by the Linux Foundation’s Decentralized Technology initiative. The use cases weren’t just proof-of-concept demos. These were real production trades involving US Treasury repos, equity DVP and DVD settlements, and securities lending transactions. BlackRock, J.P. Morgan, and Goldman Sachs were among the roughly 40 firms that participated. The DTCC provided custody for securities valued at $114 trillion as of 2025. The individual trades on July 15 ...