Digital Asset and Wall Street Financial Firms Complete On-Chain US Treasury Financing with USDC on Canton Network

ChainCatcher reports that Digital Asset and several major Wall Street financial institutions have completed the first real-time, fully on-chain financing of U.S. Treasuries for USDC on the Canton Network.

It is reported that this repo transaction was conducted on Tradeweb and settled on Saturday, thereby bypassing the traditional settlement system’s restriction to business days only. U.S. Treasuries held by the Depository Trust & Clearing Corporation (DTCC) were converted into tokenized assets on Canton and then used as collateral for USDC-backed financing. Institutions participating in this transaction include Bank of America (BAC), Circle (CRCL), Citadel, Cumberland DRW, DTCC, Hidden Road, Société Générale, Virtu Financial, and Tradeweb.