MUFG to test blockchain-based real-time settlement for Japanese government bonds

MUFG is preparing a proof of concept to test real-time settlement of Japanese government bond trades using blockchain, CoinDesk reported. The Japanese financial group plans to use Canton Network (CC) to process on-chain settlements around the clock in real time, replacing a process that typically takes one to three days. The initiative is aimed in particular at improving operational and capital efficiency in repurchase agreement, or repo, transactions that use government bonds as collateral.