Crypto01 July, 20262 min read
Tradeweb Executes Real-Time Tokenized U.S. Treasuries Trade on Canton Network With Franklin Templeton
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Tradeweb completed a real-time on-chain transaction of tokenized U.S. Treasuries on Canton Network. Franklin Templeton transferred a tokenized U.S. Treasury to Virtu Financial in exchange for USDCx.
First real-time tokenized trade
Tradeweb completed a real-time on-chain transaction involving tokenized U.S. Treasuries on the Canton Network, with Franklin Templeton transferring a tokenized U.S. Treasury security to Virtu Financial in exchange for tokenized cash (USDCx).
The companies said the trade settled in real time, and Tradeweb provided execution and price discovery while the Canton Network synchronized settlement between the tokenized Treasury and tokenized cash.
Participants included Blockdaemon, Digital Asset, Franklin Templeton, Societe Generale, Tradeweb and Virtu Financial, according to the transaction announcement.
The deal also precedes the planned launch of the Depository Trust & Clearing Corporation (DTCC) Tokenization Services later this year, which DTCC said would allow participants to tokenize select stocks, exchange-traded funds (ETFs) and US Treasury securities while maintaining the same investor protections and ownership rights as traditional assets.
Executives frame the milestone
Elisabeth Kirby, Head of Market Structure at Tradeweb, said the transaction showed participants could move both the security and cash in real time without the timing and settlement constraints that exist in traditional market infrastructure.
Kirby described the event as "the first real-time on-chain U.S. Treasury transaction on Tradeweb," tying it directly to Tradeweb’s execution capabilities for digital markets.
Tony Pecore, Senior Vice President at Franklin Templeton, called the transaction a building block toward a 24/7 liquidity layer for high-quality assets.
Dan Eckstein, Head of Fixed Income Sales at Virtu Financial, said the transaction demonstrates the potential of moving real-world assets on-chain and expands the firm’s market-making capabilities to tokenized U.S. Treasuries.
DTCC services and market reach
DTCC’s Tokenization Services are expected to launch later this year, and DTCC said the service will allow participants to tokenize select stocks, exchange-traded funds (ETFs) and US Treasury securities while maintaining the same investor protections and ownership rights as traditional assets.
The transaction was also positioned as a step toward expanding 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.
The Canton Network was described as enabling synchronized on-chain settlement between tokenized Treasury securities and tokenized cash, with Tradeweb providing the execution platform and price discovery.
In the broader tokenized real-world assets market, Cointelegraph cited data from RWA.xyz that tokenized US Treasury products have grown into a $14.6 billion market, spanning 84 on-chain products and described as the largest segment of the tokenized real-world asset market.