Tradeweb completed a real-time onchain U.S. Treasury transaction against USDCx on the Canton Network, pairing a tokenized Treasury security with tokenized cash.
The Tradeweb transaction was executed on July 1 through Tradeweb’s platform. Trade size was not disclosed.
Franklin Templeton transferred a tokenized U.S. Treasury security to Virtu Financial in exchange for USDCx. Tradeweb provided execution and price discovery, while Canton Network handled synchronized onchain settlement between the two assets.
The participating firms were Tradeweb, Franklin Templeton, Virtu Financial, Digital Asset, Blockdaemon and Societe Generale. The transaction tested onchain settlement for a U.S. Treasury instrument and tokenized dollar cash inside an institutional network.
USDCx Provides Canton Settlement Cash
USDCx is a Canton-native stablecoin backed by USDC through Circle xReserve. Users can mint USDCx on Canton after depositing supported USDC into xReserve, with the structure built for 1:1 access to USDC liquidity across supported chains.
Circle launched USDCx on Canton in December 2025, making Canton the first blockchain connected to xReserve. The stablecoin uses Canton’s privacy and composability features for institutional settlement workflows.
In the Tradeweb transaction, USDCx was used as the cash leg against the tokenized Treasury. That creates a delivery-versus-payment structure where the tokenized security and the tokenized cash settle together instead of moving through separated legacy processes.
Canton has already handled large institutional tokenized-finance activity, with the network leading May RWA fees at $65 million.
DTCC Tokenization Service Remains Next Step
The transaction comes before DTCC’s planned tokenization service rollout. DTCC said in May that it planned initial limited production trades for tokenized real-world assets in July 2026 and a broader service launch in October 2026.
DTCC’s tokenization service plan covers selected stocks, ETFs and U.S. Treasury securities. The service is being developed with more than 50 firms and is designed to support tokenized assets while preserving existing investor protections and ownership rights.
Tokenized public-market assets are also expanding outside Treasury products. Ondo recently launched tokenized IVV and Micron securities for eligible U.S. investors under a third-party custodial model.
As of July 4, Tradeweb’s completed transaction involved Franklin Templeton transferring a tokenized U.S. Treasury to Virtu Financial for USDCx, with settlement handled on Canton Network and no trade size disclosed.
