Tradeweb Facilitates Landmark On-Chain U.S. Treasuries Transaction on the Canton Network

Tradeweb, a global leader in electronic trading across asset classes, announced the successful completion of a landmark real-time transaction involving tokenized U.S. Treasuries. Executed on Tradeweb, the trade paired an on-chain U.S. Treasury with tokenized cash (USDCx), while leveraging the Canton Network’s synchronized settlement capabilities.

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Franklin Templeton transferred a tokenized U.S. Treasury security to Virtu Financial in exchange for USDCx. Tradeweb provided the execution platform and price discovery, while the Canton Network enabled synchronized on-chain settlement between the two assets.

Transaction participants included Blockdaemon, Digital Asset, Franklin Templeton, Societe Generale, Tradeweb and Virtu Financial. This milestone reinforces growing institutional momentum behind tokenized real-world assets and demonstrates the liquidity, operational efficiency and integration required to support real-time trading of tokenized U.S. Treasuries against cash.

Elisabeth Kirby, Head of Market Structure at Tradeweb, said: “This transaction is an important step in demonstrating how Tradeweb’s execution capabilities can support the next generation of digital markets. 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. As tokenized assets continue to gain traction, Tradeweb remains committed to providing clients with the connectivity, liquidity and workflow solutions they need to transact efficiently across evolving market structures.”

As Canton anticipates the launch of DTCC’s Tokenization Services later this year, the transaction also highlights the potential to expand global market access by enabling high-quality liquid assets, such as U.S. Treasuries, to move more freely beyond traditional market hours and into continuous settlement.

Kelly Mathieson, Chief Business Development Officer at Digital Asset, said: “This is another key milestone as we work alongside market participants to build an always-on, interoperable and secure capital markets infrastructure. Unlocking 24/7 market making enhances the utility of assets and propels the evolution of markets toward greater efficiency and accessibility.”

The Canton Network, together with DTCC and active participants like Franklin Templeton, Tradeweb and Virtu Financial, will provide the foundation for this unified market structure, enabling seamless movement of real-world assets across a new global digital financial system.

Tony Pecore, Senior Vice President, Director of Digital Asset Management at Franklin Templeton, said: “Every transaction like this is a building block toward a 24/7 liquidity layer, where high-quality assets move with the trust and rigor institutions demand, free of traditional market-hour constraints. Together, we’re demonstrating how a more interconnected financial system, powered by on-chain capabilities, is within reach and delivers stronger outcomes and new opportunities.”

Dan Eckstein, Head of Fixed Income Sales at Virtu Financial, said: “This transaction further demonstrates the potential of moving real-world assets on-chain. By expanding our market-making capabilities to tokenized U.S. Treasuries, Virtu opens the door to servicing our clients in new and meaningful ways – providing liquidity whenever and wherever they need it, unconstrained by traditional market hours or settlement limitations.”

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