DTCC to pilot tokenized real-world assets in July — BlackRock, Circle, Morgan Stanley among 50+ firms involved.

The Depository Trust & Clearing Corporation will run its first live tokenization trades in July 2026, with a full commercial launch set for October. The pilot covers highly liquid assets — Russell 1000 constituents, major U.S. equity-index ETFs, and U.S. Treasury bills, bonds, and notes — on pre-approved blockchains, under a three-year SEC No-Action authorization granted late last year.

More than 50 firms are participating in the DTCC Industry Working Group, including BlackRock, Circle, Morgan Stanley, Nasdaq, Kraken parent Payward, and Robinhood Markets. DTCC President and CEO Frank La Salla framed the rollout as "bridging TradFi and DeFi," pointing to 24/7 trading and faster settlement as the headline benefits.

The SEC has been clear that tokenized securities remain securities subject to existing law, while separately developing an "innovation exemption" sandbox under the current…