Pioneering transaction executed on Tradeweb marks progress toward DTCC's Tokenization Services launch
NEW YORK--(BUSINESS WIRE)--Tradeweb, a global leader in electronic trading across asset classes, today announced the successful completion of a landmark real-time transaction involving tokenized U.S. Treasuries. Executed on Tradeweb, the trade paired an on-chain U.S. Treasury with tokenized cash (USDCx), while leveraging the Canton Network's synchronized settlement capabilities.
Franklin Templeton transferred a tokenized U.S. Treasury security to Virtu Financial in exchange for USDCx. Tradeweb provided the execution platform and price discovery, while the Canton Network enabled synchronized on-chain settlement between the two assets.
Transaction participants included Blockdaemon, Digital Asset, Franklin Templeton, Societe Generale, Tradeweb and Virtu Financial. This milestone reinforces growing institutional momentum behind tokenized real-world assets and demonstrates the liquidity, operational efficiency and integration required to support real-time trading of tokenized U.S. Treasuries against cash.
Elisabeth Kirby, Head of Market Structure at Tradeweb, said: “This transaction is an important step in demonstrating how Tradeweb’s execution capabilities can support the next generation of digital markets. By executing the first real-time on-chain U.S. Treasury transaction on Tradeweb, participants were able to move both the security and cash in real time without the timing and settlement constraints that exist in traditional market infrastructure. As tokenized assets continue to gain traction, Tradeweb remains committed to providing clients with the connectivity, liquidity and workflow solutions they need to transact efficiently across evolving market structures.”
As Canton anticipates the launch of DTCC’s Tokenization Services later this year, the transaction also highlights the potential to expand global market access by enabling high-quality liquid assets, such as U.S. Treasuries, to move more freely beyond traditional market hours and into continuous settlement.
Kelly Mathieson, Chief Business Development Officer at Digital Asset, said: “This is another key milestone as we work alongside market participants to build an always-on, interoperable and secure capital markets infrastructure. Unlocking 24/7 market making enhances the utility of assets and propels the evolution of markets toward greater efficiency and accessibility.”
The Canton Network, together with DTCC and active participants like Franklin Templeton, Tradeweb and Virtu Financial, will provide the foundation for this unified market structure, enabling seamless movement of real-world assets across a new global digital financial system.
Tony Pecore, Senior Vice President, Director of Digital Asset Management at Franklin Templeton, said: “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. 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.”
Dan Eckstein, Head of Fixed Income Sales at Virtu Financial, said: "This transaction further demonstrates the potential of moving real-world assets on-chain. By expanding our market-making capabilities to tokenized U.S. Treasuries, Virtu opens the door to servicing our clients in new and meaningful ways – providing liquidity whenever and wherever they need it, unconstrained by traditional market hours or settlement limitations."
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 3,000 clients in more than 85 countries. On average, Tradeweb facilitated more than $2.8 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
About the Canton Network
Canton is the only public, permissionless blockchain purpose-built for institutional finance–uniquely combining privacy, compliance, and scalability. With participation from leading global financial institutions and network governance independently facilitated by the Canton Foundation, Canton enables real-time, secure synchronization and settlement across multiple asset classes on a shared, interoperable infrastructure. The open-sourced network is powered by its native token, Canton Coin, and supports decentralized governance and collaborative application development. It’s the proven link between the promise of blockchain and the power of global finance, making finance flow the way it should. Learn more at: canton.network.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With $1.74 trillion in assets under management as of April 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Franklin Resources, Inc. [NYSE: BEN]
About Virtu Financial
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
FORWARD-LOOKING STATEMENTS
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Contacts
Savannah Steele
+1 646 767 4941
savannah.steele@tradeweb.com
