---
title: "Vanguard and Wellington Test Tokenized Collateral on Canton"
description: "Vanguard and Wellington Management have completed their first tokenized collateral test trades on Canton. Nasdaq Calypso managed the process around each trade, while the collateral moved and settled on Canton."
url: "https://cantonnews.org/vanguard-and-wellington-test-tokenized-collateral-on-canton"
canonical: "https://cantonnews.org/vanguard-and-wellington-test-tokenized-collateral-on-canton"
markdown_url: "https://cantonnews.org/vanguard-and-wellington-test-tokenized-collateral-on-canton.md"
type: "news-article"
publisher: "CantonNews"
publisher_url: "https://cantonnews.org"
author: "CantonNews"
author_url: "https://cantonnews.org/author/cantonnews"
author_type: "organization"
date_published: "2026-08-25T06:34:43.781Z"
category: ["INSTITUTIONS", "TOKENIZATION"]
tags: ["Vanguard", "Wellington Management", "Nasdaq", "Nasdaq Calypso", "Canton Network", "Tokenized Collateral", "Money Market Funds"]
image: "https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/1787639614587.png"
read_time_minutes: 2
language: "en"
source: "https://www.linkedin.com/pulse/how-nasdaq-turning-tokenized-collateral-operating-reality-roland-chai-wxryc/"
---

# Vanguard and Wellington Test Tokenized Collateral on Canton

**By [CantonNews](https://cantonnews.org/author/cantonnews), Editorial Team** · Published 25 August 2026 · INSTITUTIONS, TOKENIZATION

> Vanguard and Wellington Management have completed their first tokenized collateral test trades on Canton. Nasdaq Calypso managed the process around each trade, while the collateral moved and settled on Canton.

![Vanguard and Wellington Test Tokenized Collateral on Canton](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/articles/1787639614587.png)

[Nasdaq has confirmed](https://www.linkedin.com/pulse/how-nasdaq-turning-tokenized-collateral-operating-reality-roland-chai-wxryc) that Vanguard and Wellington Management completed their first tokenized collateral test trades on Canton Network.

Nasdaq [first disclosed the tests in July](https://www.sec.gov/Archives/edgar/data/1120193/000112019326000011/earningsrelease2q26ex-991.htm), when it referred to two unnamed asset managers. Its August 24 update identifies Vanguard and Wellington and explains how the trades were handled.

The collateral consisted of money market fund securities converted into digital tokens and issued on Canton. Nasdaq said each token represented a direct, legally enforceable interest in the underlying fund shares.

[Nasdaq Calypso](https://www.nasdaq.com/products/fintech/calypso/collateral-margin-securities-finance) handled the surrounding work. It checked whether the tokens could be used as collateral, generated the usual margin calls and updated the records after settlement.

The firm providing the collateral sent the tokens from its Canton wallet to the receiving party’s wallet. Nasdaq said the transfer became final in real time. The collateral records were then updated automatically, with no manual intervention needed at settlement.

Before the trades, the parties amended their existing agreements so tokenized money market fund shares could be accepted as collateral. Nasdaq said the changes followed the approach recommended by the [International Swaps and Derivatives Association](https://www.isda.org/).

_Source (linkedin.com): https://www.linkedin.com/pulse/how-nasdaq-turning-tokenized-collateral-operating-reality-roland-chai-wxryc/_

---

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