Tradeweb has completed a first-of-its-kind real-time transaction involving tokenized U.S. Treasuries, pairing an on-chain Treasury security with tokenized cash (USDCx) and settling through the Canton Network's synchronized infrastructure.
In the trade, Franklin Templeton transferred a tokenized U.S. Treasury to Virtu Financial in exchange for USDCx. Tradeweb supplied execution and price discovery, while Canton Network handled synchronized on-chain settlement between the two assets. Blockdaemon, Digital Asset, Societe Generale, and the two counterparties also took part in the transaction.
"Elisabeth Kirby, Head of Market Structure at Tradeweb, said the trade let participants move both cash and securities in real time, without the delays typical of conventional settlement infrastructure," and called it a step toward supporting the next generation of digital markets.
Kelly Mathieson, Chief Business Development Officer at Digital Asset, framed the trade as progress toward always-on, interoperable capital markets infrastructure, noting that round-the-clock market making increases the utility of underlying assets.
Tony Pecore of Franklin Templeton described the transaction as a building block toward a 24/7 liquidity layer for high-quality assets, while Dan Eckstein of Virtu Financial said it opens the door to servicing clients without the constraints of traditional market hours.
The transaction arrives ahead of DTCC's planned Tokenization Services launch on Canton later this year, underscoring the network's ambitions to let liquid assets like Treasuries trade beyond standard market hours under continuous settlement.
