The United States Securities Clearing Agency, DTCC, has launched a new pilot, which brings together nearly 40 financial institutions to test monetized shares, ETFs and United States Treasury bonds, focusing on the ability of such assets to access existing post-trading systems. Participants included Morgan Chase, Goldman Sachs, Belet, the Spearhead Group and the New York Stock Exchange.

Pilot covering collateral and buyback scenes

DTCC states that the test will be conducted around collateral management, repurchase transactions, bond handling and asset transfer. The goal is not to create a new system on its own, but to test how the security assets in block-chain versions operate in the existing market infrastructure.

According to DTCC, the pilot was intended to prepare for a wider landing later this year. The DTCC digital asset manager, Nadine Chakar, stated that the project wished to prove that traditional market structures could be parallel to new technologies and to lay the foundation for subsequent extended access.

Participating institutions cover Wall Street core players

This project was first reported in the Wall Street Journal. Public information indicates that the institutions involved in the testing are close to 40, including:

  • Morgan Chase.
  • Goldman Sachs.
  • Belet.

In addition, the Spearhead Group and the New York Stock Exchange are on the list. For DTCC, the significance of such piloting lies not only in technical validation, but also in the synergy of clearance, hosting and transactional agencies within the same framework.

DTCC is one of the core clearing and settlement infrastructure of the United States securities market, which was consolidated in 1999 by Depository Trust Company and National Security Clearing Corporation. According to the Agency, the size of securities transactions processed reached $4.7 billion in 2025.

The advance of monetized assets has accelerated.

The so-called monetization refers to the mapping of real assets, such as stocks, bonds, United States Treasury bonds, goods or real estate, into a chain-to-stream digital expression. It was also mentioned that such monetized assets were not necessarily equivalent to legal ownership of the lower assets.

Over the past year, the investment of traditional financial institutions in the monetization of real-world assets has risen significantly. In May 2025, the total value of the RWA agreement lockdown had exceeded $10 billion. This trend continues after 2026.

Earlier this month, Robinhood also launched a second-tier Etherwood network of monetized stocks, ETFs and other real-life assets. As DTCC moves the scope of testing to the core back end of the United States securities market, tokenized assets are moving further from the concept of issuance and trading to the validation of the liquidation and settlement infrastructure.