DTCC begins limited production tokenization of Russell 1000 stocks, ETFs and Treasuries with more than 50 firms
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities. JPMorgan, BlackRock and Goldman Sachs are among more than 50 participating firms, with full commercial launch targeted for October 2026.
What happened
The Depository Trust & Clearing Corporation moved its tokenization programme into limited production in July 2026, issuing tokenized representations of Russell 1000 constituent equities, large ETFs and US Treasury securities on its ComposerX platform. DTCC said in a 4 May 2026 statement that it had convened more than 50 firms to work on the service; JPMorgan, BlackRock and Goldman Sachs are among the named participants. Full commercial launch is targeted for October 2026. The tokens are issued inside a permissioned, regulated environment rather than on public networks, and trades continue to route through DTCC's existing regulated infrastructure. Reporting notes the tokens are not composable with Ethereum applications. Separately, DTCC said on 12 May 2026 that it had selected Chainlink as the data layer for a tokenized collateral appchain scheduled for the fourth quarter of 2026. The legal basis for the service rests on a three-year no-action letter issued by the US Securities and Exchange Commission in December 2025.
Why it matters
DTCC is the central securities depository for the US equity and Treasury markets, so its choice of a permissioned ledger inside existing settlement plumbing sets a template that differs sharply from public-chain tokenization models. The design question at stake is whether tokenization delivers value primarily through faster and cheaper post-trade processing inside regulated infrastructure, or through composability with open networks. The outcome will shape how tokenized equities and Treasuries can be used as collateral, and whether a US institutional tokenization stack develops separately from the public-chain markets where most tokenized Treasury funds currently sit.
What is not settled
DTCC has not published volumes or the list of all participating firms, and the terms on which tokenized DTC positions may be pledged as collateral outside the platform are not yet public.
Institutions in this story
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The Depository Trust & Clearing Corporation
Custodian
The US securities depository and clearing group, whose subsidiaries processed securities valued at $3.7 quadrillion in 2024 and which won an SEC no-action letter on 11 December 2025 for a three-year tokenization service covering Russell 1000 stocks, ETFs and Treasuries.
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JPMorgan Chase & Co.
Bank
America's largest bank, with $4.9tn of total assets as at 31 March 2026, whose Kinexys unit reports more than $3tn of blockchain transactions since inception and whose JPMD token is a transferable claim on a JPMorgan dollar deposit rather than a stablecoin.
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BlackRock, Inc.
Asset manager
Sponsor of BUIDL, a tokenized dollar liquidity fund that passed $1bn in assets in March 2025, and a named participant in DTCC's tokenization service, which puts the world's largest asset manager on the public-chain and permissioned tracks at the same time.
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The Goldman Sachs Group, Inc.
Bank
Builder, through its Digital Assets unit, of GS DAP, a permissioned tokenisation and settlement platform the bank said in November 2024 it intended to spin out as an industry-owned company, on the argument that a platform on a bank's balance sheet cannot reach broad institutional adoption.
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Chainlink
Oracle network
Decentralised oracle network whose node operators are paid in LINK for delivering offchain data and cross-chain messages to smart contracts, and whose institutional stack is used by Swift, Euroclear, UBS and Fidelity International.
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US Securities and Exchange Commission
Regulator
The federal securities regulator created in 1934, which stated on 28 January 2026 that the format in which a security is issued and the method by which holders are recorded do not change how the federal securities laws apply.
On the record
DTCC begins limited production trading on its tokenization service
DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.