Key facts
- Tradeweb facilitated a real-time onchain transaction of tokenized US Treasuries.
- Franklin Templeton transferred a tokenized US Treasury security to Virtu Financial.
- The settlement occurred on the Canton Network against tokenized cash (USDCx).
- Participants included Franklin Templeton, Virtu Financial, Tradeweb, Blockdaemon, Digital Asset, and Societe Generale.
- The DTCC plans to launch tokenization services for stocks, ETFs, and US Treasuries later this year.
- The tokenized US Treasury market has grown to $14.6 billion.
Tradeweb, an institutional electronic trading platform, has successfully executed an onchain transaction involving tokenized US Treasuries. In the deal, Franklin Templeton transferred a tokenized Treasury security to Virtu Financial in exchange for tokenized cash, utilizing the Canton Network for settlement. This transaction marks what Tradeweb described as the industry's first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a stablecoin issued on the Canton Network.
Tradeweb provided execution and price discovery for the trade, while the Canton Network synchronized the settlement between the tokenized Treasury and tokenized cash. While the size of the transaction was not disclosed, the companies involved highlighted its real-time settlement capability. Participants in the transaction included Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb, and Virtu Financial.
This development precedes the planned launch of the Depository Trust & Clearing Corporation (DTCC) Tokenization Services later this year, which aims to allow participants to tokenize select stocks, ETFs, and US Treasury securities while preserving existing investor protections. The transaction also aligns with Franklin Templeton's ongoing expansion into tokenized financial assets, following previous partnerships involving tokenized money market fund shares and tokenized ETFs.
Globally, governments are increasingly exploring blockchain infrastructure for sovereign debt. Hong Kong has been a pioneer, issuing its largest digital green bond to date in November 2025, raising HK$10 billion. The city plans to build a digital asset platform to support tokenized bond issuance and settlement. The UK government is also piloting its Digital Gilt Instrument with HSBC Orion. The market for tokenized US Treasury products has reached $14.6 billion, representing the largest segment of the tokenized real-world asset market.