Global Firms Complete Intraday Repo with Tokenized Gilts on Canton Network

TLDR

• Global financial firms executed the first cross-border intraday repo using tokenized U.K. government bonds on the Canton Network.
• The transaction included a cross-currency exchange involving tokenized gilts and tokenized deposits in a non-sterling currency.
• The repo aimed to demonstrate real-time collateral movement without relying on traditional market cut-off times.
• Participants included LSEG, Euroclear, DTCC, Tradeweb, Citadel Securities, Societe Generale, Archax, and Cumberland DRW.
• TreasurySpring embedded interest and risk terms directly into smart contracts supporting the repo structure.

Global financial firms executed a new cross-border intraday repo using tokenized U.K. bonds on the Canton Network, and the move introduced real-time collateral mobility across markets while expanding access to previously underused assets, and it marked an early step in broader institutional blockchain adoption.

The group carried out the trade with tokenized gilts and tokenized cash, and it validated the network’s ability to support fast settlement across jurisdictions. Furthermore, firms used the platform to complete a cross-currency exchange that involved digital gilts against non-sterling deposits.

Cross-Border Repo Execution

LSEG and Euroclear joined the test to move collateral at intraday speed, and the teams aimed to reduce delays tied to traditional cut-off windows. Furthermore, DTCC and Tradeweb supported the workflow to validate synchronized settlement across regions.

Citadel Securities and Societe Generale joined the exercise to assess faster liquidity access, and digital asset firms Archax and Cumberland DRW handled operational elements. Moreover, TreasurySpring applied smart-contract terms to embed rate and risk features directly into each transaction.

The repo involved tokenized gilts drawn from a $2 trillion market, and the test demonstrated that digital instruments can move with fewer frictions across borders. Likewise, the structure allowed firms to complete intraday financing without waiting for legacy batch settlement processes.

Digital Asset executive Kelly Matheison stated that “only about $28 trillion of high-quality liquid assets are usable as collateral today,” and she argued that timing constraints limit broader deployment. Therefore, she explained that real-time transfer rails could unlock more efficient balance-sheet use.

Tokenization as a Settlement Tool

Digital Asset, the primary developer of the Canton Network, raised support from Goldman Sachs, DRW, BNY, and Nasdaq, and the backing underscored rising institutional interest in shared ledgers. Additionally, the firm said Canton aims to help institutions use assets around the clock rather than within limited windows.

Matheison stated that “timing restricts access to global collateral,” and she emphasized that blockchain-based settlement removes constraints tied to geography and market hours. Consequently, the platform allows ownership transfers to occur in real time.

The firms tested the Canton model to shift collateral faster across regions, and the design allowed intraday repo returns without overnight exposure. Furthermore, the shared ledger enabled both sides to verify movements instantly.

The test also showed that synchronized asset transfers reduce manual steps, and the participants reviewed the workflow to confirm operational reliability. Therefore, the model supports more efficient trading schedules.

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