With the anticipated launch of the DTCC’s tokenization services in the fall, Tradeweb’s infrastructure executed a tokenized Treasury trade in which Franklin Templeton sold to Virtu Financial. The settlement used the USDCx token on the Canton Network. Other transaction participants included Canton founder Digital Asset, Blockdaemon and Societe Generale.
“Every transaction like this is a building block toward a 24/7 liquidity layer, where high-quality assets move with the trust and rigor institutions demand, free of traditional market-hour constraints,” said Tony Pecore, SVP, Director of Digital Asset Management at Franklin Templeton. “Together, we’re demonstrating how a more interconnected financial system, powered by on-chain capabilities, is within reach and delivers stronger outcomes and new opportunities.”
These transactions are a genuinely useful buildup for the DTCC’s launch. Tradeweb also wants to be the key trading venue for fixed income and beyond in a tokenized world. The company is also incentivized to promote these transactions since it operates a super validator node on the Canton Network. Many of the other organizations that are classified as super validators are in fact participants in a single shared node. By contrast, Tradeweb operates one of just 13 super validator nodes.
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