Digital Asset, in collaboration with a consortium of leading financial institutions, announced the successful completion of a groundbreaking transaction on the Canton Network, marking a first in enabling real-time, fully on-chain financing of U.S. Treasuries (UST) against USDC. The transaction, executed on Tradeweb, surpasses prior on-chain repo activities by providing near-instant, atomic settlement on a public blockchain, outside of traditional market hours, on weekends.

Most significantly, this live transaction was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing true 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations– all of which is critical to creating a real, always-available, interoperable capital markets infrastructure.

Members of the working group focused on advancing on-chain initiatives include: Bank of America, Circle, Citadel Securities, Cumberland DRW, Digital Asset, The Depository Trust & Clearing Corporation (DTCC), Hidden Road, Societe Generale, Tradeweb, and Virtu Financial.

This milestone marks a foundational step towards building capital markets where high-quality liquid assets, such as UST, are available and usable at all times, regardless of traditional market hours or legacy settlement constraints. By unlocking real-time financing and 24/7 collateral mobility, it enhances utility and drives the evolution of markets toward greater efficiency and accessibility. In addition, it will combine the strengths of traditional and crypto markets, pairing institutional trust and scale with the flexibility and programmability of DeFi. The Canton Network's Global Collateral Network will provide the foundation for this unified market structure, enabling seamless movement of real-world assets across a new global digital financial system.