Franklin Templeton has exchanged a tokenised US Treasury for tokenised cash (USDCx) with Virtu Financial in real-time as the industry prepares for DTCC’s tokenised services offering.
Price discovery and execution were provided by Tradeweb, with the Canton Network facilitating synchronised on-chain settlement. Digital Asset, Societe Generale and BlockDaemon also participated in the transaction.
Elizabeth Kirby, head of market structure at Tradeweb, commented, “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 US 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.”
The event precedes DTCC’s launch of tokenisation services later this year, which will allow for real-world DTC-custodied assets to be tokenised and traded with the same entitlements, investor protections and ownership rights as they have in their traditional forms.
Tony Pecore, senior vice president and director of digital asset management at Franklin Templeton, added, “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.”
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