Deployments · Digital Asset Canton applications · platform by Digital Asset

Canton Network on-chain US Treasury financing (industry working group)Updated 18 Oct 2026

A working group convened by Digital Asset that runs repo-style financing of tokenised US Treasuries against stablecoins on the Canton Network, executed on Tradeweb's venue with atomic settlement, including outside market hours. The first trade (July 2025, announced August) used USDC and Treasuries held at DTC; a second round of five trades added more stablecoins and showed the same collateral being reused across counterparties. A third round (December 2025) ran cross-border intraday repo in euros and dollars against European government bonds and Treasuries, with LSEG DiSH tokenised bank deposits as the cash leg; a fourth (February 2026) added tokenised Gilts and a cross-currency repo. In August 2026 Virtu, M1X and Tradeweb ran a full repo cycle against a tokenised Marshall Islands bond.

Pilot since Aug 2025^[1]i — Real assets and cash, but a small number of coordinated trades among working-group members; no volumes disclosed. · Reviewed 11d ago i

Assets

Debt securityStablecoinBank deposit^[1]

Treasuries held at DTC represented on Canton as collateral

^[2]

USDC (round one), SBC and USDM1 (round two) as the cash leg

^[3]

USDM1 bond of the Republic of the Marshall Islands, used as repo collateral in August 2026

^[4][5]

European government bonds (third round) and UK Gilts tokenised by Archax (fourth round) used as intraday repo collateral

^[4][5]

LSEG DiSH commercial bank deposits in EUR, USD and other currencies tokenised on Canton as the cash leg

Networks

Canton Network Public, permissioned^[1]

Use cases i

Repo^[1]Delivery versus payment (DvP)^[1]Collateral mobility^[2]Intraday repo^[4][5]

Jurisdictions

United States, United Kingdom, European Union

Participants

• Digital AssetPlatform provider, Operator, Technology provider^[1]United States
• TradewebOperator^[1]United States
• DTCCCustodian^[1]United States
• CircleCash leg provider^[1]United States
• Virtu FinancialCounterparty^[3]United States
• BraleCash leg provider^[2]United States
• M1X GlobalIssuer, Cash leg provider^[2]Global
• Anchorage DigitalCustodian^[3]United States
• BitGoCustodian^[3]United States
• London Stock Exchange GroupCash leg provider^[4][5]United Kingdom
• EuroclearCustodian^[4][5]Belgium
• TreasurySpringCounterparty^[4][5]United Kingdom
• ArchaxCustodian, Issuer^[5]United Kingdom
• IntellectEUTechnology provider^[5]Belgium
• The prime brokers whose clients created the on-chain Treasuries in the first trade are not named.^[1]

Likely relevant regulation i

• Central Securities Depositories Regulation (CSDR), Regulation (EU) No 909/2014European Union
• US federal banking agencies' framework for bank crypto-asset, stablecoin and tokenisation activitiesUnited States
• CFTC tokenised collateral and digital-asset margin framework (staff guidance and pilot programme)United States

Assets

• Settles inUSD Coin (USDC)^[1]First trade used USDC minted and redeemed on Canton.

Metrics i

• 5 tradesCoordinated financing trades in second round · as of Dec 2025^[2]
  One trade in the first round
• 4 roundsCompleted transaction rounds · as of Feb 2026^[5]
  Rounds announced Aug 2025, Dec 2025, Jan 2026 and Feb 2026; trade counts and values for the later rounds are not disclosed

Timeline

1. Happened 27 Aug 2026 · Scope expansion · recorded 11 Oct 2026
   Virtu, M1X Global and Tradeweb complete a full repo and repurchase cycle in under ten minutes against the tokenised USDM1 sovereign bond.^[3]
2. Happened 24 Feb 2026 · Scope expansion · recorded 18 Oct 2026
   Fourth round completes the first cross-border intraday repo against tokenised Gilts, including a cross-currency trade against non-sterling tokenised deposits; Archax joins.^[5]
3. Happened 9 Dec 2025 · Scope expansion · recorded 11 Oct 2026
   Second round completes five coordinated trades, adds the SBC and USDM1 stablecoins and shows tokenised Treasuries being reused as collateral across counterparties.^[2]
4. Happened Dec 2025 (month only) · Scope expansion · recorded 18 Oct 2026
   Third round runs cross-border intraday repo across several currencies and asset classes, using LSEG DiSH tokenised deposits as the cash leg; LSEG, Euroclear and Euronext join (announced 15 January 2026).^[4]
5. Happened 12 Aug 2025 · First transaction · recorded 11 Oct 2026
   Working group announces the first on-chain financing of Treasuries against USDC on Canton, executed on Tradeweb on a Saturday.^[1]

Sources i