The Depository Trust & Clearing Corporation will launch limited live trading of tokenized securities in July 2026. The trial run, authorized by an SEC no-action letter, will handle digital versions of stocks and bonds while keeping legal protections intact. Full commercial service follows this October.
SEC's conditional go-ahead
The SEC granted DTCC a no-action letter last December. It covers a defined set of assets for three years without changing securities laws. The agency's approval let DTCC build its service while maintaining existing ownership rules.
Tradfi giants on the starting block
Over 50 firms helped shape DTCC's platform through its Industry Working Group. Names like Goldman Sachs, JPMorgan, BlackRock, Circle, and Kraken's parent Payward joined the effort. They're testing how blockchain can move trillions in traditional assets.
Tokenized market already worth $25B
Real-world asset tokenization hit $25 billion total volume. Bonds make up $15 billion of that slice. Precious metals add $5.6 billion, private credit $2.6 billion, and public equities $838 million. This growth happened before DTCC even starts trading.
Exchanges race to match the pace
Nasdaq's building its tokenization system with Kraken. Meanwhile, NYSE owner Intercontinental Exchange partnered with OKX. Both aim to move traditional markets onto blockchain rails. Their projects are still in development while DTCC prepares its July trial. The clearinghouse's three-month test run will be its first live handling of blockchain-settled assets. It's a necessary step before the full October rollout.
