Complete Wall Street companies First 24/7 US Treasury Financing on Canton Network
Digital assets and a group of major financial companies conducted the first real-time, fully on-chain financing of the US Treasury against the USDC on the Canton Network.
The Repo trade, conducted on TradeWeb, was fixed atomically on a Saturday, which sidestepping only daily limits of traditional settlement systems, according to a press release shared with CoinDesk on Tuesday.
The chief brokers turn in Depository Trust & Clearing Corporation (DTCC)) In tokenized assets in Canton, they were then used as collateral for financing supported by the USDC. The Canton Network is a privacy -dedicated blockchain developed by the digital asset.
Institutions involved in the transaction include Bank of America (BAC)Circle (CRCL)Citadel, Cumberland DRW, DTCC, Hidden Road, Societe Generale, Virtu Financial and Tradeweb. Most of these firms Invested in its digital asset to its $ 135 million fundraising round in June.
Government debt tokenization, an important collateral property in global markets, is part of a broader push to bring financial instruments, or real-world assets, to blockchains. Global banks and manager owners will explore tokenization to cultivate periods of regulating, increase transparency and keep markets open around the clock.
Participants in the Canton transaction said it marked a step toward a single market structure that mixed the traditional finance scale with the programmability of the decentralized blockchain railroad. They plan more transactions next year.
“(The transaction) shows how market participants can unlock real-time collateral mobility and rotation of clock financing using chain assets, which puts the basis for a starting better and accessible global financial system,” said Kelly Mathieson, chief official of business development in Digital Asset, in a statement.
Read more: Decentralized finance and growth of tokenization is still not frustrating: JPMorgan
