Digital Asset, along with a consortium, completes a transaction on Canton Network
12 August 2025 US
Image: Suriyo/stock.adobe.com
Digital Asset, in collaboration with a consortium of financial institutions, has announced the successful completion of a transaction on the Canton Network.
According to the firm, this marks a first in enabling real-time, fully on-chain financing of US Treasuries (UST) against stablecoin USDC.
The company adds that the transaction, executed on Tradeweb, surpasses prior on-chain repo activities by providing near-instant, atomic settlement on a public blockchain, outside of traditional market hours, on weekends.
This live transaction was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations 鈥� all of which, Digital Asset believes, is critical to creating a real, always-available, interoperable capital markets infrastructure.
Members of the working group focused on advancing on-chain initiatives include: Bank of America; Circle; Citadel Securities; Cumberland DRW; Digital Asset; The Depository Trust & Clearing Corporation (DTCC); Hidden Road; Societe Generale; Tradeweb; and Virtu Financial.
The key highlights of the transaction were that the prime brokers held client UST in custodied accounts at a DTCC subsidiary, The Depository Trust Company (DTC), and enabled their clients to create on-chain UST on the Canton Network, unlocking their utility as freely transferable collateral.
USDC was minted and redeemed on the Canton Network specifically to demonstrate this use case while supporting near-instant liquidity and atomic settlement.
The transaction occurred on a Saturday, which according to the firm, demonstrated the ability to access financing outside traditional global settlement windows.
Additional transactions are targeted for later this year.
Justin Peterson, chief technology officer at Tradeweb, says: 鈥淭he successful completion of this transaction marks a significant step toward 24/7 trading in these markets.
鈥淭radeweb鈥檚 deep US Treasury liquidity and electronic execution capabilities, combined with the Canton Network鈥檚 interoperable and decentralised framework, enabled this trade to happen outside of traditional settlement windows.鈥�
Brian Steele, managing director and president of clearing and securities services at DTCC, adds: 鈥淭his milestone underscores DTCC's commitment to advancing infrastructure that meets the market and the moment. We will continue to drive forward solutions that support evolving client needs with a scalable, future-focused, and digital-first approach.鈥�
Kelly Mathieson, chief business development officer at Digital Asset, comments: 鈥淭his 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.鈥�
According to the firm, this marks a first in enabling real-time, fully on-chain financing of US Treasuries (UST) against stablecoin USDC.
The company adds that the transaction, executed on Tradeweb, surpasses prior on-chain repo activities by providing near-instant, atomic settlement on a public blockchain, outside of traditional market hours, on weekends.
This live transaction was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations 鈥� all of which, Digital Asset believes, is critical to creating a real, always-available, interoperable capital markets infrastructure.
Members of the working group focused on advancing on-chain initiatives include: Bank of America; Circle; Citadel Securities; Cumberland DRW; Digital Asset; The Depository Trust & Clearing Corporation (DTCC); Hidden Road; Societe Generale; Tradeweb; and Virtu Financial.
The key highlights of the transaction were that the prime brokers held client UST in custodied accounts at a DTCC subsidiary, The Depository Trust Company (DTC), and enabled their clients to create on-chain UST on the Canton Network, unlocking their utility as freely transferable collateral.
USDC was minted and redeemed on the Canton Network specifically to demonstrate this use case while supporting near-instant liquidity and atomic settlement.
The transaction occurred on a Saturday, which according to the firm, demonstrated the ability to access financing outside traditional global settlement windows.
Additional transactions are targeted for later this year.
Justin Peterson, chief technology officer at Tradeweb, says: 鈥淭he successful completion of this transaction marks a significant step toward 24/7 trading in these markets.
鈥淭radeweb鈥檚 deep US Treasury liquidity and electronic execution capabilities, combined with the Canton Network鈥檚 interoperable and decentralised framework, enabled this trade to happen outside of traditional settlement windows.鈥�
Brian Steele, managing director and president of clearing and securities services at DTCC, adds: 鈥淭his milestone underscores DTCC's commitment to advancing infrastructure that meets the market and the moment. We will continue to drive forward solutions that support evolving client needs with a scalable, future-focused, and digital-first approach.鈥�
Kelly Mathieson, chief business development officer at Digital Asset, comments: 鈥淭his 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.鈥�
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