The on-chain treasury trade marked Tradeweb’s first real-time deal in tokenized U.S. Treasuries on July 1, with settlement taking place through the Canton Network.
Tradeweb said the transaction matched a tokenized U.S. Treasury with tokenized cash called USDCx. Franklin Templeton delivered the tokenized security to Virtu Financial, and Virtu exchanged the digital cash. Meanwhile, Tradeweb handled execution and price discovery for the deal.
Canton’s settlement system allowed both sides of the trade to move on-chain at the same time. As a result, the security and cash changed hands in real time. Tradeweb described the deal as a completed transaction on its platform.
On-Chain Treasury Trade Draws Major Firms
The firms involved included Blockdaemon, Digital Asset, Franklin Templeton, Societe Generale, Tradeweb and Virtu Financial. According to the announcement, that group shows rising institutional interest in tokenized real-world assets.
Elisabeth Kirby, Head of Market Structure at Tradeweb, said the deal showed how the company’s execution tools can support digital markets. She added that the structure lets both the security and cash move in real time, without the limits of traditional settlement systems.
Executives from Digital Asset, Franklin Templeton and Virtu Financial also described the transaction as progress toward an interoperable capital markets setup that can run at all times. However, the source did not provide their full comments.
Canton Network Plans Broader Tokenization Push
The announcement came as Canton prepares for the expected launch of DTCC’s Tokenization Services later this year. Tradeweb said that step is expected to widen access to high-quality liquid assets beyond standard trading hours.
Dan Eckstein of Virtu Financial said the transaction extends the firm’s market-making activity into tokenized Treasuries. He added that the move can give clients liquidity outside traditional market hours.
The companies said the initiative reflects deeper work among large financial institutions to build a unified global digital financial system based on tokenized assets.
You can access our other news about Crypto and global market developments here.
