The Depository Trust & Clearing Corporation converted eligible US Treasuries and equities into tokenized digital twins on July 15, with BitGo Bank & Trust acting as custodian for settlement. Over 30 firms, including BlackRock, Goldman Sachs and J.P. Morgan, took part in the pilot ahead of a planned October 2026 full-scale launch.
DTCC's subsidiary, The Depository Trust Company, converted eligible US Treasuries and equities into tokenized digital twins on July 15, with BitGo Bank & Trust serving as the custodian handling settlement and movement of those assets onchain. DTCC processes virtually every stock and bond trade in the United States, making this its most consequential step into blockchain-based infrastructure to date.
What happened on July 15
The conversion was part of DTCC's broader Tokenization Service, which turns traditional financial instruments into blockchain-native representations while preserving their legal and economic properties. The July trades focused on repo and reverse repo workflows, the short-term lending markets where institutions borrow against Treasuries as collateral.
More than 30 firms participated in the pilot, including BlackRock, Goldman Sachs, and J.P. Morgan, which tested the interoperability and operational capabilities of the new system. BitGo is the only OCC-regulated full-service qualified custody provider integrated with the DTCC Tokenization Service, meaning it holds and moves the tokenized assets when trades settle. DTCC has set the official, full-scale launch for October 2026.
Building toward the pilot
The July trades followed a longer buildup. In December 2025, DTCC partnered with Digital Asset for tokenization on the Canton Network, and by May 2026 it had confirmed BitGo's involvement alongside more than 50 industry participants in the broader initiative. The July pilot narrowed that work to live trades with real assets, testing the system under actual market conditions rather than in sandboxed environments.
Scaling remains the open question
An official launch would remove one of institutional players' biggest objections to tokenized assets: counterparty and infrastructure risk, given DTCC's central role in clearing nearly all US securities transactions. Yet scaling from a 30-firm pilot to production across the entire DTC ecosystem is a substantial challenge, and settlement failures in repo markets can trigger cascading liquidity problems rather than mere inconvenience.
Source: Crypto Briefing
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