DTCC Ran Live Tokenized Trades in Production. Here Is What They Covered.

On July 15, 2026, the Depository Trust & Clearing Corporation (DTCC) converted DTC-custodied securities into tokens and used them in live trades. The trades ran in a DTC production environment over a single morning, with more than 30 firms taking part. Kaleido was one of the firms DTCC named in its announcement.

DTCC called it the largest tokenization production initiative to date, measured by use cases, asset classes and participants. It came seven months after DTC received an SEC No-Action Letter in December 2025 authorizing a tokenization service for assets it custodies.

What did the July 15 trades cover?

DTCC built the trades around workflows firms already run every day. The day opened just after 9:00 AM ET, when J.P. Morgan converted the Invesco QQQ Trust into a tokenized asset. The SPDR S&P 500 ETF Trust followed later in the morning.

From there, firms used the tokens the way they use securities today. They settled U.S. Treasury and repo trades delivery versus payment (DvP), exchanging tokenized Treasuries for digital cash. They ran equity DvP and delivery versus delivery (DvD) trades, moved equity tokens between wallets, pledged collateral and lent securities. J.P. Morgan posted tokenized assets to meet central counterparty margin requirements at CME Group.

The last trades before the 1:15 PM ET close tested cross-chain transfers and atomic settlement of Treasury repo and equity buy/sell trades. DTCC kept a running log of the day if you want the full sequence.

How does a DTC tokenized security work?

DTC issues a token that represents a security it holds in custody, and a DTC Participant can convert a position into token form and back. DTCC states that the token carries the same ownership rights, entitlements and investor protections as the underlying security. Our post on the October launch covers the mechanics in more detail.

Which blockchains did DTCC use?

DTCC ran the trades on two networks. Besu, an LF Decentralized Trust project, serves as DTCC's private network. Canton is the second, which DTCC describes as a public network.

DTCC calls this a multi-chain strategy for resiliency, scalability and choice. For a participating firm, it means wallets, keys and controls have to work on an EVM network and a non-EVM network.

Who took part?

DTCC named 38 organizations across banks, broker-dealers, asset managers, exchanges, index providers, wallet providers and blockchain networks. The list includes BlackRock, BNP Paribas, Citadel Securities, CME Group, Goldman Sachs, J.P. Morgan, Nasdaq, the New York Stock Exchange, Societe Generale, State Street Investment Management and Vanguard, along with technology firms such as Kaleido, Fireblocks, BitGo, Blockdaemon and Digital Asset.

What was Kaleido's role?

DTCC listed Kaleido among the participating firms. We work on both networks DTCC chose. Kaleido is a core enterprise maintainer of Besu and a founding member of the Canton Foundation, and our platform runs nodes, wallets and key management for Besu and Canton from one place.

For DTC Participants, our DTCC Industry Pack packages that work: wallet registration, tokenization and settlement workflows, and reconciliation of token positions against existing books and records. Signing keys stay in the keystore the firm chooses, including its own HSM.

What came next?

DTCC said in July that it planned to launch the Tokenization Service in October 2026. It did: read our post on the October launch and what it means for firms that want to connect.

If your firm is preparing to connect to the DTCC Tokenization Service, talk to our team.