Wall Street Firms Execute First 24/7 U.S. Treasury Financing on Canton Network
Digital Asset and major financial firms completed the first real-time, fully on-chain financing of U.S. Treasuries using USDC on the Canton Network. The repo trade occurred on Tradeweb and settled atomically, bypassing traditional weekday-only settlement limitations.
Key details:
- Prime brokers tokenized U.S. Treasuries from the Depository Trust & Clearing Corporation (DTCC) as collateral for USDC-backed financing.
- Participating institutions included Bank of America, Circle, Citadel, Cumberland DRW, DTCC, Hidden Road, Societe Generale, Virtu Financial, and Tradeweb.
- Tokenization aims to enhance settlement times, transparency, and continuous market operation.
- This transaction is seen as a step toward integrating traditional finance with blockchain technology.
- Further transactions are planned for later this year.
Kelly Mathieson from Digital Asset noted that this transaction enables real-time collateral mobility and round-the-clock financing, contributing to a more efficient global financial system.