Digital Asset, in collaboration with a consortium of leading financial institutions, today announced the completion of a third set of transactions on the Canton Network. This latest set of transactions marks a major milestone for the industry working group, spanning cross-border intraday repo activity across multiple assets and currencies and leveraging tokenized deposits at LSEG Digital Settlement House (LSEG DiSH) to provide greater liquidity options.
Members of the working group focused on advancing on-chain initiatives with new members Euroclear, Euronext, LSEG, and TreasurySpring, as well as Cumberland DRW, Digital Asset, Societe Generale, Tradeweb, and Virtu Financial.
Building off strong momentum across the Canton Network’s Global Collateral Network, this strategic milestone illustrates several new developments:
- Multi-Asset and Multi-Currency Versatility Paired with Cross-Border Mobility: For the first time, intraday repurchase transactions were conducted cross-border using multiple currencies and multiple asset classes, including European Government Bonds, U.S. Treasuries, Euro cash, and US Dollar cash.
- Expanded Participation: The working group welcomed additional institutions, LSEG Euroclear and Euronext, underscoring traction across European markets. LSEG leveraged its tokenized deposit platform (LSEG DiSH) as part of each transaction, enabling its application on the Canton Network.
- LSEG DiSH: Increased Liquidity via Tokenized Deposits: By using tokenized commercial bank deposits instead of stablecoins, the transactions created a true on chain cash option, LSEG DiSH allows users to instantaneously transfer commercial bank deposits to any member of the DiSH network, tokenizing actual cash which is transferable 24/7 in real time, without requiring users to have relationships with every bank on the DiSH network. These deposits were tokenized on Canton for use as a true cash leg of each intraday repo transaction.
This transaction demonstrates increased global collateral mobility in action and is part of continued acceleration toward a scalable, always-on capital markets infrastructure. The working group will continue to collaborate on additional groundbreaking on-chain financing initiatives in 2026.
Euroclear
Jorgen Ouaknine, Global Head of Innovation and Digital Assets, Euroclear commented: “Euroclear is pleased to be working with these important industry leaders to explore the tokenisation of deposits through collateral mobility. As a trusted financial market infrastructure, we believe that meaningful progress in digital finance can only be achieved through close partnership with the market. By combining our strong position at the heart of global collateral flows with our strategy to become a fully digital and data-enabled infrastructure, we aim to unlock new forms of liquidity and deliver real benefits for our clients. This initiative represents a significant step toward in building a more connected, efficient and enhanced financial ecosystem.”
Euronext
David Leblache, Head of Innovation & AI Products, Euronext said: “This initiative reflects the industry’s collective effort to explore how tokenisation and on-chain infrastructure can enhance collateral mobility while remaining aligned with the needs of regulated markets. For Euronext, this work is consistent with our strategy to support innovation that strengthens market efficiency, resilience and interoperability, alongside global peers.”
LSEG
“We are excited about the potential for our LSEG DiSH cash service to provide a real cash solution as the cash leg of any digital asset transaction. Tokenizing DiSH Cash on Canton has allowed our customers to take advantage of our unique interoperable commercial bank money solution, onchain, for settlement vs other tokenized assets,” said Bud Novin, Head of Payment Systems, Post Trade Solutions, LSEG
Digital Asset
“This milestone lays the groundwork for a truly global collateral network with on-chain liquidity for high-quality assets,” said Kelly Mathieson, Chief Business Development Officer, Digital Asset. “We’ve had incredible momentum over the last year: the first transactions in July demonstrated the feasibility of fully on-chain U.S. Treasury financing against USDC; the second round in October expanded participation across counterparties leveraging stablecoins; and now we’ve unlocked multi-asset, multi-currency, cross-border transactions leveraging tokenized deposits, which provide greater cash-leg options.”
TreasurySpring
“TreasurySpring’s partnership with the Canton Network enables us to help shape the future of digital assets across the treasury investment ecosystem and complements our proven global institutional cash investment product offering,” said Matthew Longhurst, Co-Founder and Chief Innovation Officer, TreasurySpring.