Treasuries held at a DTCC subsidiary were turned into digital tokens and used as collateral to borrow USDC, a dollar-backed stablecoin issued by Circle.

In a twist on Wall Street’s traditional market plumbing, some of the biggest names in finance used a crypto blockchain to trade US Treasuries for digital dollars — on a Saturday. The deal, carried out on the Canton Network through Tradeweb, hints at a future where trading is no longer confined to the standard business week.

Canton, a public blockchain developed by Digital Asset Holdings, was used as the rails of the transaction, allowing a standard US Treasury repurchase agreement, or repo trade, to happen outside of normal market hours. The on-chain transaction bridges the traditional asset class with crypto, which operates around the clock.