Key Takeaways: Tradeweb completed the first real-time on-chain U.S. Treasury transaction on its platform. Franklin Templeton sold a tokenized Treasury to Virtu Financial using USDCx on the Canton Network. The deal marks progress toward DTCC's Tokenization Services launch later this year.
Tradeweb Markets executed the first real-time on-chain U.S. Treasury transaction on its platform, pairing a tokenized government bond with digital cash on the Canton Network.
Tradeweb Markets Inc. completed the first real-time on-chain U.S. Treasury transaction on its platform, pairing a tokenized government bond with USDCx digital cash on the Canton Network.
"By executing the first real-time on-chain U.S. Treasury transaction on Tradeweb, participants were able to move both the security and cash in real time without the timing and settlement constraints that exist in traditional market infrastructure," Elisabeth Kirby, head of market structure at Tradeweb, said.
Franklin Templeton transferred a tokenized U.S. Treasury security to Virtu Financial in exchange for USDCx, with Tradeweb providing execution and price discovery. The Canton Network enabled synchronized settlement between the two assets. Other participants included Blockdaemon, Digital Asset and Societe Generale.
The transaction marks progress toward the Depository Trust and Clearing Corp.'s planned Tokenization Services launch later this year, according to Tradeweb. The broader goal is to let high-quality liquid assets such as U.S. Treasuries trade beyond traditional market hours and settle continuously.
Tradeweb, which facilitated more than $2.8 trillion in average daily notional volume over the past four fiscal quarters, operates one of just 13 super validator nodes on the Canton Network. The company serves more than 3,000 clients across 85 countries.
Franklin Templeton, with $1.74 trillion in assets under management, transferred the tokenized security. Virtu Financial provided market-making. Tradeweb handled execution on the electronic marketplace it has operated since 1996.
Tony Pecore, senior vice president and director of digital asset management at Franklin Templeton, called the transaction "a building block toward a 24/7 liquidity layer, where high-quality assets move with the trust and rigor institutions demand."
Kelly Mathieson, chief business development officer at Digital Asset, said the trade represents "another key milestone" toward building "an always-on, interoperable and secure capital markets infrastructure."
The test adds to a broader shift in tokenization from crypto-native yield products toward capital-market plumbing. Tokenized Treasuries already have demand from onchain investors, but the next phase depends on whether banks, asset managers and market makers can use those assets inside workflows that resemble existing markets.
For now, this remains a milestone transaction rather than a full market migration. It shows how tokenized Treasuries are moving closer to the trading rails institutions already use.
This article is for informational purposes only and does not constitute investment advice.
