Digital Asset, together with a group of leading financial institutions, has just completed a historic transaction on the Canton Network, creating a new benchmark for real-time, fully on-chain financing of U.S. Treasuries (UST) using USDC. What sets this apart is that it happened entirely on-chain even on a Saturday demonstrating that financing no longer needs to be tied to traditional market hours.
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This breakthrough means that U.S. Treasuries can now act as fully usable collateral 24/7, and USDC can move instantly across accounts, removing the delays and limitations of legacy banking systems. It’s a major step toward a financial ecosystem where high-quality assets are always accessible and where traditional and digital markets can work together seamlessly.
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The achievement was made possible by a collaboration of top institutions, including Bank of America, Circle, Citadel Securities, Cumberland DRW, Digital Asset, DTCC, Hidden Road, Societe Generale, Tradeweb, and Virtu Financial. Together, they demonstrated how tokenized Treasuries and on-chain settlements can unlock round-the-clock liquidity, operational efficiency, and market access in ways that were previously impossible.
Prime brokers held client UST in DTCC accounts and enabled their clients to create on-chain Treasuries on the Canton Network, turning them into freely transferable collateral. USDC was minted and redeemed directly on-chain, supporting near-instant liquidity and atomic settlement. By completing this transaction over a weekend, the consortium proved that real-time financing can happen any day, any time.
Industry leaders emphasized the transformative potential of this milestone. Justin Peterson, CTO of Tradeweb, said the combination of Tradeweb’s liquidity and the Canton Network’s decentralized framework allowed this trade to occur outside traditional settlement windows, showing the power of collaboration in building a resilient, always-on market.
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Kash Razzaghi, CBO of Circle, called it a major advancement in capital markets infrastructure, while Chris Zuehlke of DRW and Cumberland described it as proof that blockchain is ready to deliver 24/7 funding. Brian Steele of DTCC emphasized the importance of scalable, future-ready infrastructure, and Kelly Mathieson of Digital Asset highlighted how the Canton Network allows institutions to move collateral in real time while protecting confidentiality.
The transaction shows that distributed ledger technology is not just theoretical—it can deliver tangible improvements in speed, accessibility, and efficiency for global markets. By combining the trust and scale of traditional finance with the flexibility and programmability of blockchain, the Canton Network is helping to shape a new era of global capital markets where liquidity and opportunity are available around the clock.
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