The Depository Trust & Clearing Corporation and Digital Asset to bring onchain DTC and Fed eligible securities to Canton

 

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Making 24/7 liquidity and financing a reality


With more than $100T in asset inventory, DTCC can create a liquid pool of convertible DTC- and Fed-eligible securities that accelerates industry adoption. 

By bringing these instruments on-chain in a secure and regulated environment, market participants have already demonstrated they can conduct off-hours financing while improving settlement speed and overall capital efficiency.
 
  • The initial phase focuses on U.S. Treasuries (USTs), creating on-chain assets held by DTCC members and custodied at The Depository Trust Company (DTC).
  • Broader industry rollout is expected in 2H 2026, including additional DTC -  and Fed-eligible assets. 

Get Involved

The Depository Trust & Clearing Corporation (DTCC) and Digital Asset are partnering to tokenize U.S. Treasuries on Canton.

If you are a DTC participant, buy-side firm or a Canton application provider, find out more.

For more information about DTC’s tokenization service, click here.

For more information about how Canton Network App providers can utilize assets created via the DTCC Tokenization Service, click here

How we got here

In July 2025, a broad industry group completed live 24/7 trades, successfully achieving onchain intraday and after-hours financing using onchain USTs on Canton Network. Beyond providing near-instant liquidity and atomic settlement outside of market hours, Canton’s unique privacy capabilities assured confidentiality, while still benefiting from decentralized public blockchain infrastructure.

The working group has since completed several additional onchain repo transactions - real-time and over the weekend - demonstrating the creation and use of onchain USTs financed with multiple stablecoins. Using interoperable apps on Canton, collateral was reused, and repos were executed and settled entirely onchain.

 

“The successful use of tokenized U.S. Treasuries and on-chain settlement via USDC underscores the power of collaborative innovation across traditional and digital financial institutions.”
Kash Razzaghi
Chief Business Officer at Circle
“Today, firms are deliberately slowing down liquidity to manage their risk. Management of client collateral is deliberately slow in order to ensure that it is very clear where everything is in a default scenario.”
Joel Stainton
Head EMEA Futures & Options and OTC Clearing, Bank of America
“The successful completion of these transactions marks a significant step toward 24/7 trading in these markets…this trade happened outside of traditional settlement windows, an industry first that reflects the power of collaboration in building a more connected, resilient, and always-on global capital market ecosystem.”
Justin Peterson
Chief Technology Officer, Tradeweb
 “This landmark transaction represents a giant leap forward in how market participants can maximize their collateral utility. Digital Assets has demonstrated that real-time, 24/7 financing is within reach on the Canton Network.” 
Dan Eckstein
Head of Rates Sales, Virtu Financial
“This first live transaction is a foundational step in building the Global Collateral Network on the Canton Network, highlighting its ability to respect the confidentiality of individual institutions while transacting on a public blockchain.”
Kelly Mathieson
Chief Business Development Officer, Digital Asset

Insights & Further Reading

Mobilize Assets for Real-time Financing On-chain

24/7 Capital Markets - Value Beyond OpEx

How Canton Delivers Institutional-grade Privacy

Flipping the script on Tokenomics