Digital Asset and a group of large financial companies have carried out the first fully in real time in real time funding for USDC Treasury bills on the Canton network.
The Repo trade, carried out on Tradeweb, settled atomically on a Saturday, avoiding the limits of the week of traditional settlement systems, according to a press release shared with Coindesk on Tuesday.
The first -rate brokers converted the US treasury bills to the Deposit Center and in Clearing Corporation (DTCC) In tokenized assets on canton, then used them as a guarantee for funding supported by the USDC. The Canton network is a blockchain focused on confidentiality developed by Digital Asset.
The 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 Digital Asset in its funding for funds of $ 135 million in June.
The tokenization of public debt, a crucial collateral active in the world markets, is part of a wider thrust to provide financial instruments or active worlds on blockchains. World banks and asset managers explore tokenization to reduce settlement times, increase transparency and keep the markets open 24 hours a day.
Participants in the Canton transaction said that it marks a step towards a unified market structure mixing the scale of traditional finance with the programmability of decentralized blockchain rails. They plan more transactions later this year.
“”[The transaction] Demonstrates how market players can unlock the mobility of guarantees in real time and 24 -hour financing using assets on the chain, which sets the foundations for a fundamentally more efficient and accessible global financial system, “said Kelly Mathieson, business development manager at Digital Asset, in a press release.
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