DTCC to demonstrate blockchain-based real-time stock trading process

DTCC has begun testing tokenized securities with nearly 40 financial firms in a pilot that advances its effort to bring blockchain-based settlement into regulated U.S. markets. Participants named in the latest report include JPMorgan, Goldman Sachs, BlackRock, Vanguard and the New York Stock Exchange. The initial asset basket includes Microsoft shares, Circle stock, major ETFs including QQQ and SPY, Treasury ETFs and U.S. government bonds, with an official launch planned for October. The program is designed to let eligible securities held at DTCC move between conventional and tokenized formats while preserving full legal rights. Unlike tokenized stock wrappers, DTCC's model uses blockchain-native representations that are legally equivalent to the underlying securities, allowing holders to retain the same ownership, dividend and governance rights and to convert the assets back into conventional securities. Settlement will take place on either Hyperledger Besu or the Canton Network. The pilot follows SEC clearance for the service last year and comes as tokenization gains traction across traditional finance as firms explore faster settlement, collateral mobility and other market-infrastructure uses.