Tradeweb has completed the pioneer trade pairing an on-chain US Treasury with tokenised cash (USDCx), on the Canton Network.
Elisabeth Kirby
The move represents a landmark transaction involving tokenised US Treasuries, and saw Franklin Templeton transferring a tokenised US Treasury security to Virtu Financial, in exchange for USDCx.
In addition, Tradeweb provided the execution platform and price discovery for the trade, while the synchronised on-chain settlement between the two assets was enabled via the Canton Network.
Transaction participants also included Blockdaemon, Digital Asset and Societe Generale.
Elisabeth Kirby, head of market structure at Tradeweb, said: “This transaction is an important step in demonstrating how Tradeweb’s execution capabilities can support the next generation of digital markets.
“By executing the first real-time on-chain US Treasury transaction on Tradeweb, participants were able to move both the security and cash in real time without the timing and settlement constraints that exist in traditional market infrastructure.”
Read more – Tradeweb integrates Kalshi pricing onto its platform
The transaction comes ahead of the DTCC’s launch of its tokenisation services, expected later this year, and aligns with potential shifts to expand global market access to enable high-quality liquid assets to move beyond traditional market hours into continuous settlement.
Tony Pecore, senior vice president, director of digital asset management at Franklin Templeton, said: “Every transaction like this is a building block toward a 24/7 liquidity layer, where high-quality assets move with the trust and rigor institutions demand, free of traditional market-hour constraints.
“Together, we’re demonstrating how a more interconnected financial system, powered by on-chain capabilities, is within reach and delivers stronger outcomes and new opportunities.”