Canton Network completes cross-border onchain repo
16 January 2026 UK
Image: MZ/stock.adobe.com
Digital Asset has completed a third set of transactions on the Canton Network, conducted in collaboration with a consortium of financial institutions.
This latest set of transactions marks a major milestone for the industry working group, spanning cross-border intraday repo activity across multiple assets and currencies.
The move saw the firm use tokenised deposits at the London Stock Exchange Group (LSEG) Digital Settlement House (LSEG DiSH) to provide greater liquidity options.
Members of the working group focused on advancing onchain initiatives with new members Euroclear, Euronext, LSEG, and TreasurySpring, as well as Cumberland DRW, Digital Asset, Societe Generale, Tradeweb, and Virtu Financial.
Commenting on the milestone, Jorgen Ouaknine, global head of innovation and digital assets, Euroclear, states: 鈥淎s a trusted financial market infrastructure, we believe that meaningful progress in digital finance can only be achieved through close partnership with the market.
鈥淏y combining our strong position at the heart of global collateral flows with our strategy to become a fully digital and data-enabled infrastructure, we aim to unlock new forms of liquidity and deliver real benefits for our clients.
鈥淭his initiative represents a significant step towards building a more connected, efficient, and enhanced financial ecosystem.鈥�
Building off strong momentum across the Canton Network鈥檚 Global Collateral Network, this strategic milestone illustrates several new developments.
These developments include multi-asset and multi-currency versatility paired with cross-border mobility as, for the first time, intraday repo transactions were conducted cross-border using multiple currencies and multiple asset classes, including European government bonds, US Treasuries, euro cash, and US dollar cash.
Expanded participation as the working group welcomed additional institutions, LSEG, Euroclear, and Euronext, underscoring traction across European markets, with LSEG leveraging its tokenised deposit platform (LSEG DiSH) as part of each transaction, enabling its application on the Canton Network.
Bud Novin, head of payment systems, post-trade solutions, LSEG, notes: 鈥淭okenising DiSH Cash on Canton has allowed our customers to take advantage of our unique interoperable commercial bank money solution, onchain, for settlement versus other tokenised assets.鈥�
Another development is increased liquidity through tokenised deposits, by using tokenised commercial bank deposits instead of stablecoins.
The transactions created a true onchain cash option, LSEG DiSH allows users to instantaneously transfer commercial bank deposits to any member of the DiSH network, tokenising actual cash which is transferable 24/7 in real time, without requiring users to have relationships with every bank on the DiSH network.
These deposits were tokenised on Canton for use as a true cash leg of each intraday repo transaction.
The Canton Network states that this transaction demonstrates increased global collateral mobility in action and is part of continued acceleration toward a scalable, always-on capital markets infrastructure.
The working group will continue to collaborate on additional groundbreaking onchain financing initiatives in 2026.
David Leblache, head of innovation and AI products at Euronext says:鈥淭his initiative reflects the industry鈥檚 collective effort to explore how tokenisation and onchain infrastructure can enhance collateral mobility while remaining aligned with the needs of regulated markets.鈥�
Kelly Mathieson, chief business development officer, Digital Asset, adds: 鈥淭his milestone lays the groundwork for a truly global collateral network with onchain liquidity for high-quality assets.
鈥淲e鈥檝e had incredible momentum over the last year: the first transactions in July demonstrated the feasibility of fully onchain US Treasury financing against USDC; the second round in October expanded participation across counterparties leveraging stablecoins; and now we鈥檝e unlocked multi-asset, multi-currency, cross-border transactions leveraging tokenised deposits, which provide greater cash-leg options.鈥�
This latest set of transactions marks a major milestone for the industry working group, spanning cross-border intraday repo activity across multiple assets and currencies.
The move saw the firm use tokenised deposits at the London Stock Exchange Group (LSEG) Digital Settlement House (LSEG DiSH) to provide greater liquidity options.
Members of the working group focused on advancing onchain initiatives with new members Euroclear, Euronext, LSEG, and TreasurySpring, as well as Cumberland DRW, Digital Asset, Societe Generale, Tradeweb, and Virtu Financial.
Commenting on the milestone, Jorgen Ouaknine, global head of innovation and digital assets, Euroclear, states: 鈥淎s a trusted financial market infrastructure, we believe that meaningful progress in digital finance can only be achieved through close partnership with the market.
鈥淏y combining our strong position at the heart of global collateral flows with our strategy to become a fully digital and data-enabled infrastructure, we aim to unlock new forms of liquidity and deliver real benefits for our clients.
鈥淭his initiative represents a significant step towards building a more connected, efficient, and enhanced financial ecosystem.鈥�
Building off strong momentum across the Canton Network鈥檚 Global Collateral Network, this strategic milestone illustrates several new developments.
These developments include multi-asset and multi-currency versatility paired with cross-border mobility as, for the first time, intraday repo transactions were conducted cross-border using multiple currencies and multiple asset classes, including European government bonds, US Treasuries, euro cash, and US dollar cash.
Expanded participation as the working group welcomed additional institutions, LSEG, Euroclear, and Euronext, underscoring traction across European markets, with LSEG leveraging its tokenised deposit platform (LSEG DiSH) as part of each transaction, enabling its application on the Canton Network.
Bud Novin, head of payment systems, post-trade solutions, LSEG, notes: 鈥淭okenising DiSH Cash on Canton has allowed our customers to take advantage of our unique interoperable commercial bank money solution, onchain, for settlement versus other tokenised assets.鈥�
Another development is increased liquidity through tokenised deposits, by using tokenised commercial bank deposits instead of stablecoins.
The transactions created a true onchain cash option, LSEG DiSH allows users to instantaneously transfer commercial bank deposits to any member of the DiSH network, tokenising actual cash which is transferable 24/7 in real time, without requiring users to have relationships with every bank on the DiSH network.
These deposits were tokenised on Canton for use as a true cash leg of each intraday repo transaction.
The Canton Network states that this transaction demonstrates increased global collateral mobility in action and is part of continued acceleration toward a scalable, always-on capital markets infrastructure.
The working group will continue to collaborate on additional groundbreaking onchain financing initiatives in 2026.
David Leblache, head of innovation and AI products at Euronext says:鈥淭his initiative reflects the industry鈥檚 collective effort to explore how tokenisation and onchain infrastructure can enhance collateral mobility while remaining aligned with the needs of regulated markets.鈥�
Kelly Mathieson, chief business development officer, Digital Asset, adds: 鈥淭his milestone lays the groundwork for a truly global collateral network with onchain liquidity for high-quality assets.
鈥淲e鈥檝e had incredible momentum over the last year: the first transactions in July demonstrated the feasibility of fully onchain US Treasury financing against USDC; the second round in October expanded participation across counterparties leveraging stablecoins; and now we鈥檝e unlocked multi-asset, multi-currency, cross-border transactions leveraging tokenised deposits, which provide greater cash-leg options.鈥�
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