DRW and Marex have completed a blockchain-based swap referencing a tokenized S&P index on Canton Network (@CantonNetwork), the native network of Canton Coin ($CC). The index is S&P's iBoxx US
DRW and Marex have completed a blockchain-based swap referencing a tokenized S&P index on Canton Network (@CantonNetwork), the native network of Canton Coin ($CC). The index is S&P's iBoxx USD Liquid Investment Grade Index.
According to an announcement from S&P Dow Jones Indices, Kaiko and Derivnex on Oct. 13, the transaction is the first over-the-counter (OTC) derivative to reference a fully tokenized index on distributed ledger infrastructure.
The deal was a total return swap. Crypto Briefing reported that Marex provided the swap and DRW acted as the counterparty, giving both sides exposure to the index's performance without owning the underlying bonds. The iBoxx USD Liquid Investment Grade Index tracks US dollar corporate bonds.
Kaiko tokenized the index on Canton. Per the S&P DJI release, the token combines benchmark data with access permissions and usage rules, designed to let authorized participants use the data while preserving S&P DJI's licensing and intellectual-property controls. Kaiko also distributed the signed official index values that Derivnex uses to value the position throughout its life.
Derivnex, an institutional OTC derivatives platform built on Canton, represented the trade as a smart contract containing the transaction terms. The release says the contract is designed to stay with the trade for its full lifecycle, giving DRW and Marex a shared, synchronized record for valuations and other swap events.
Canton is built to let counterparties coordinate workflows while keeping transaction details confidential. CoinMarketCap describes Canton as a privacy-enabled public blockchain aimed at connecting traditional finance institutions with on-chain capital markets. It uses sub-transaction privacy, so only the parties involved see transaction details.
The S&P DJI release says the trade shows how benchmark data, licensing, trade representation and valuation can be connected within privacy-enabled infrastructure designed for institutional markets. It adds that future functionality is expected to link Derivnex-managed positions with digital cash and collateral on Canton.
There are limits to what one trade shows. Crypto Briefing noted that the ledger is permissioned rather than open and that the size of the transaction is not known. It also reported that DRW and Marex completed a repo transaction on the same network in June 2026.
S&P Dow Jones Indices press release
Crypto Briefing: DRW and Marex complete first OTC derivative referencing a tokenized index
