The Canton Network’s Industry Working Group Demonstrates Next Phase of Onchain U.S. Treasury Financing on Canton Network

NEW YORK, NY – December 9, 2025 – Digital Asset, in collaboration with a consortium of leading financial institutions, today announced the completion of a second set of pioneering transactions on the Canton Network, building upon the momentum of the initial onchain U.S. Treasury financing completed in July. This milestone demonstrates progression toward a scalable, always-on capital markets infrastructure, showcasing expanded onchain liquidity, broader participation, and, for the first time, real-time collateral reuse.

Members of the working group focused on advancing onchain initiatives include: Bank of America, Brale, Circle, Citadel Securities, Cumberland DRW, Digital Asset, M1X Global, Societe Generale, Tradeweb, and Virtu Financial.

This second round of transactions underscores the rapid pace of development in the Canton Network’s Global Collateral Network. Building on the inaugural transaction, which established the feasibility of fully onchain U.S. Treasury financing against USDC, this latest milestone demonstrates:

• More Stablecoin Liquidity: Multiple stablecoins were used, including SBC and USDM1, significantly broadening the sources of onchain liquidity available for financing transactions.

• Expanded Participation: The working group welcomed additional institutions, including Brale and M1X Global, alongside deeper involvement from existing members such as Bank of America and Virtu.

• Onchain Reuse of Collateral: For the first time, the transactions showcased the ability to reuse tokenized Treasuries across counterparties in real time, overcoming long-standing operational challenges of rehypothecation in traditional markets.

Completing five coordinated transactions, compared to one in July, demonstrates that these are not isolated pilots but part of a deliberate progression of proof points leading to broader adoption and scale. Future phases will continue to advance these capabilities, including expansion towards cross-border transactions in the near future.

Bank of America

“We are continuing to explore innovative applications of new technologies in various areas, including collateral mobility, and are excited about the potential opportunities leveraging distributed ledger technology within financial markets,” said Sonali Theisen, Global Head of FICC E-Trading and Markets Strategic Investments at Bank of America.

Brale

“Direct conversion from Treasuries to stablecoins inside a market trade delivers efficiency that’s been promised for years but never realized,” said Ben Milne, CEO of Brale. “Canton finally makes institutional-grade blockchain workflows real, composable, programmable, and ready for global markets. Brale is proud to support these institutional workflows with our regulated infrastructure and stablecoin issuance capabilities.”

Circle

“Circle is proud to be an active participant in the next phase of onchain market innovation,” said Kash Razzaghi, Chief Commercial Officer at Circle. “Canton is the first blockchain to integrate Circle xReserve, giving developers and users access to a USDC-backed stablecoin for added cross-chain liquidity. The successful launch of xReserve was made possible by the testnet collaboration with Citadel, Digital Asset, DRW, Tradeweb, and Virtu.”

Cumberland DRW

“These transactions underscore Canton’s rapidly accelerating momentum by highlighting substantial growth in asset diversity, participant engagement and transactional velocity,” said Chris Zuehlke, Global Head of Cumberland and Partner at DRW. “By enabling real-time collateral rehypothecation and broadening stablecoin liquidity, the Network continues to pave the way for financial institutions to achieve enhanced collateral mobility and operational efficiency. This represents the next milestone in the Network’s commitment to drive transformation toward a more responsive and dynamic global financial ecosystem.”

Digital Asset

"This second wave of transactions shows that these are not one-off demonstrations but part of a thoughtful progression toward a new market model,” said Kelly Mathieson, Chief Business Development Officer, Digital Asset. “By proving out collateral reuse, expanding stablecoin liquidity, and increasing participation, the Canton Network is delivering tangible milestones on the path to more efficient, liquid, and scalable capital markets– with more to come before the end of 2025." 

M1X Global

"We're excited to be working in close collaboration with leading global financial institutions to develop fully compliant rails enabling 24/7 access to liquidity," said Mark Lurie, CEO of M1X Global. “The market needs capital-efficient, institutional-grade margin and collateral that can be funded, pledged, netted, reused, repo'd, and rehypothecated safely, with legal certainty and within the regulatory perimeter. We’re moving closer to that vision.”

Societe Generale

“Societe Generale is dedicated to advancing new applications of emerging technologies. We are eager to work alongside our clients and partners to deliver efficient solutions for collateral mobility," said Jason Fischette, Head of Fixed Income Prime Brokerage Product Development for SG Americas.

Tradeweb

“These transactions mark a pivotal step toward modernizing capital markets infrastructure,” said Justin Peterson, Chief Technology Officer, Tradeweb. “Demonstrating real-time collateral reuse and expanded stablecoin liquidity isn’t just a technical achievement– it’s a blueprint for what the future of institutional finance can look like. We are proud to play a central role in shaping a more connected, dynamic, and efficient marketplace.”