DTCC Conducts Pilot Tokenization Trade on July 15, Plans October Launch with 30+ Financial Firms

According to iM Securities researcher Yang Hyun-kyung, the U.S. Depository Trust Company (DTC) conducted a pilot tokenization trade on July 15, converting stocks and Treasury bonds into digital tokens with participation from 30+ traditional finance and digital asset firms including BlackRock, Goldman Sachs, JP Morgan, and Circle. Tokenized assets included Microsoft and Circle shares, Invesco QQQ ETF, SPDR S&P 500 ETF, and U.S. Treasuries.

Unlike existing wrapper-based equity tokens where investors hold redemption rights against the issuer, DTC's structure converts already-deposited securities between ledger and token formats, preserving full legal ownership, dividend rights, and voting rights post-tokenization. The formal tokenization service launch in October will mark a key transition for equity tokenization markets from wrapper-token structures toward integration with traditional finance infrastructure.