@Tradeweb has executed what is being called an industry first: a real-time, fully on-chain transaction of tokenized U.S. Treasuries settled against tokenized cash ($USDCx) on the @CantonNetwo
@Tradeweb has executed what is being called an industry first: a real-time, fully on-chain transaction of tokenized U.S. Treasuries settled against tokenized cash ($USDCx) on the @CantonNetwork. The trade saw @FranklnTempletn transfer a tokenized Treasury security to @VirtuFinancial in a synchronized on-chain settlement, with participants including @SocieteGenerale, @BlockdaemonHQ, and @DigitalAsset.
The transaction surpasses prior on-chain repo activities by providing near-instant, atomic settlement on a public blockchain, outside of traditional market hours, on weekends.While tokenized Treasuries are already issued on public blockchains such as Ethereum, Polygon, Arbitrum, XRP, Avalanche, and Stellar by multiple asset managers and fintechs, most existing implementations either settle one leg off-chain or operate without large-scale participation from major banks and central securities depositories. This transaction changes that calculus.
The live transaction was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing true 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations.The Treasuries were custodied at the Depository Trust Company (DTC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC), and then mirrored onto Canton for use as freely transferable collateral.USDC was minted natively on Canton to support the transaction, enabling instant exchange and removing reliance on traditional banking hours or Fedwire settlement.
The transaction occurred on a Saturday, demonstrating the ability to access financing outside traditional global settlement windows, and represents a foundational activation for the broader Canton Network Working Group, encompassing traditional financial institutions and digital asset market participants.Members of the working group include Bank of America, Circle, Citadel Securities, Cumberland DRW, Digital Asset, DTCC, Hidden Road, Societe Generale, Tradeweb, and Virtu Financial.
This milestone marks a foundational step towards building capital markets where high-quality liquid assets such as UST are available and usable at all times, regardless of traditional market hours or legacy settlement constraints. By unlocking real-time financing and 24/7 collateral mobility, it enhances utility and drives the evolution of markets toward greater efficiency and accessibility.
The Canton Network is the only public, permissionless blockchain purpose-built for institutional finance, uniquely combining privacy, compliance, and scalability. Governed by the Canton Foundation with participation from leading global financial institutions, Canton enables real-time, secure synchronization and settlement across multiple asset classes on a shared, interoperable infrastructure.A broader industry rollout is expected in the second half of 2026, including additional DTC and Fed-eligible assets.
SourcesTradeweb: Digital Asset and Industry Working Group Complete Groundbreaking On-Chain US Treasury Financing on Canton NetworkPR Newswire: Official Press Release (August 12, 2025)Ledger Insights: BofA, Citadel, DTCC, Tradeweb part of blockchain Treasury repo on Canton
