Several traditional financial (TradFi) institutions participated in a weekend Treasury financing transaction involving the tokenization of Treasuries. These were exchanged for the USDC stablecoin in an on-chain repurchase agreement (repo). Repos involve the sale of securities in return for short term cash, with the agreement to reverse the transaction for a small premium, often the following day. This transaction on the Canton Network involved ten major institutions including Bank of America, Citadel Securities, the DTCC and Societe Generale.

The trade took place on Tradeweb, one of the major fixed income trading venues, hosting average daily repo volumes of $777 billion in July. The underlying Treasuries (UST) were held in custody by DTCC subsidiary the DTC and tokenized, with the minting and redemption of USDC taking place on the Canton Network.

“The successful completion of this transaction marks a significant step toward 24/7 trading in these markets,” said Justin Peterson, Tradeweb’s Chief Technology Officer. “Tradeweb’s deep U.S. Treasury liquidity and electronic execution capabilities, combined with the Canton Network’s interoperable and decentralized framework, enabled this trade to happen outside of traditional settlement windows. It’s an industry first and reflects the power of collaboration in building a more connected, resilient, and always-on global capital market ecosystem.”

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