A group of financial firms, including Bank of America, Circle and the DTCC, have used the Canton Network blockchain platform to complete the first full on-chain financing of US Treasuries (UST) against the USDC stablecoin. The live transaction – executed on Tradeweb – was conducted entirely on-chain, with USDC serving as the cash leg and on-chain UST as collateral, providing true 24/7 liquidity and eliminating the limitations of off-ledger cash and market-hour restrictions seen in legacy implementations. Digital Asset, the Wall Street-backed firm behind the Canton Network, says the transaction marks a “foundational step” towards building capital markets where high-quality liquid assets, such as UST, are available and usable at all times, regardless of traditional market hours or legacy settlement constraints. The partners also argue that the breakthrough will combine the strengths of traditional and crypto markets, pairing institutional trust and scale with the flexibility and programmability of DeFi. Market participants – including Citadel Securities and Societe Generale – used Tradeweb’s execution capabilities to access automated financing outside of market hours. The trade was executed without disclosing individual role allocations. Kelly Mathieson, chief business development officer, Digital Asset, says: “This first live transaction is a foundational step in building the Global Collateral Network on the Canton Network. It demonstrates how market participants can unlock real-time collateral mobility and round-the-clock financing using assets on chain, which lays the groundwork for a fundamentally more efficient and accessible global financial system.”