Digital Aktiv and a group of larger financial companies have performed the first real time, fully on chain financing of US treasury against USDC on the Canton network.
The Repo trade, performed at TradeWeb, settled atomic on a Saturday, continuing with the only weekday limitations of traditional settlement systems, according to a press release shared with Coindesk on Tuesday.
Prime brokers converted US Treasurer that was held at Depository Trust & Clearing Corporation (DTCC) For tokenized assets on Canton, then used them as security for USDC-supported financing. Canton Network is a privacy -focused blockchain developed by Digital Asset.
Institutions involved in the transaction include Bank of America (BAC)Circle (CRCL)Citadel Securities, Cumberland DRW, DTCC, Hidden Road, Societe General, Virtu Financial and TradeWeb. Most of these companies invested in digitally asset in its $ 135 million collection round in June.
Tokenization of government debt, a crucial security active in global markets, is part of a broader push to bring financial instruments or assets in the real world to blockchains. Global banks and asset managers explore tokenization to cut reduced times, increase transparency and keep markets open around the clock.
Participants in the Canton transaction said it marks a step towards a unified market structure that mixes traditional financial values with the programmability of decentralized blockchain rails. They plan several transactions later in the year.
“[The transaction] Demonstrates how market participants can unlock real -time security mobility and financing around the clock with the help of assets on a chain that lays the basis for a basic more efficient and accessible global financial system, “Kelly Mathieson, Chief Business Development Officer at Digital Asset, said in a statement.
Read more: Decentralized financing and tokenization growth still disappoints: JPMorgan
