Wall Street tests weekend U.S. Treasury repo on Canton Network

Major finance firms executed a U.S. Treasury repo on Aug. 9 using Digital Asset’s Canton Network via Tradeweb, tokenizing Treasuries held at The Depository Trust & Clearing Corp. (DTCC) to borrow USDC with instant, on-chain settlement. DRW CEO Don Wilson called it the first natively issued on-chain Treasury without a broker-dealer intermediary. Participants included Bank of America, Citadel Securities, Circle and Cumberland, with more on-chain repos planned this year, according to Bloomberg.