DTCC Just Tokenized Real Stock and Treasury Bonds in Live Production. JPMorgan, Vanguard, and BlackRock Are Trading Them Now.

The Old Men·July 19, 2026

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On July 15, 2026, the Depository Trust & Clearing Corporation flipped the switch on something Wall Street has been talking about for half a decade. It issued tokenized representations, what DTCC itself calls digital twins, of securities it already holds in custody: Microsoft and Circle shares, the Invesco QQQ Trust, State Street’s SPDR S&P 500 ETF, and …

From the Author

Old Men, New Money co-host Douglas Borthwick has written on this in depth.

Tokenized Tomorrow

Unleashing the Blockchain Revolution in Global Finance

The operator's guide to tokenizing real assets: the mechanics, the plumbing, and the compliance wrappers that make it real. From the CMO and CBO of the first IPO on the blockchain.

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