Digital Asset and a consortium of leading financial institutions have completed a fourth round of transactions on the Canton Network, marking a significant advance in cross-border intraday repo activity. The latest milestone introduces tokenized Gilts for the first time in cross-border intraday repurchase transactions, expanding the range of asset classes available for 24/7 global collateral mobility. According to the announcement, the working group also conducted the first cross-currency intraday repo transaction using tokenized Gilts against non-GBP tokenized deposits.
Participants in the transactions included LSEG, Euroclear, Citadel Securities, Tradeweb, Societe Generale, Virtu Financial, DTCC, Digital Asset, Cumberland DRW, TreasurySpring, Archax, and IntellectEU. The working group welcomed Archax, a regulated digital asset exchange, broker, and custodian, as a new member, while existing participants including TreasurySpring, LSEG, Euroclear, Citadel Securities, and IntellectEU deepened their involvement.
Expanding Cross-Border Intraday Repo Capabilities
The transactions build on the consortium’s third round completed in December 2025, which featured cross-border intraday repurchase transactions across multiple asset classes and currencies using tokenized deposits. However, this latest set represents a notable expansion in both asset diversity and geographical scope. The introduction of tokenized Gilts demonstrates the growing applicability of blockchain-based settlement infrastructure to traditional fixed-income securities.
According to Kelly Mathieson, Chief Business Development Officer at Digital Asset, the transactions are paving the way for more efficient, liquid, and scalable capital markets. The consortium aims to demonstrate the value of always-on capital markets infrastructure that enables real-time collateral mobility across borders and time zones.
Infrastructure Providers Enable Tokenized Settlement
LSEG played a central role through its DiSH network, which facilitated the cash leg of the tokenized transactions. Bud Novin, Head of Payment Systems at LSEG Post Trade Solutions, said the platform successfully completed the first tokenized intraday Gilt repo on the Canton Network using DiSH Cash. The system enables 24/7 instantaneous beneficial ownership transfer of commercial bank money across multiple currencies and jurisdictions.
Meanwhile, Euroclear UK & International, serving as the UK’s central securities depository, contributed to tokenizing Gilts for the transactions. Chris Elms, CEO of Euroclear UK & International, commented that the transactions demonstrate encouraging pace in progressing across multiple asset classes. Additionally, the platform aims to unlock new sources of liquidity through real-time, cross-border collateral mobility.
Trading and Clearing Participants
Tradeweb served as the execution platform connecting liquidity providers and buy-side participants. Chris Bruner, Chief Product Officer at Tradeweb, said the transactions mark clear progress toward globally scalable, real-time repo activity. The firm positions itself to bridge traditional and decentralized finance repo trading while benefiting from Canton’s post-trade efficiencies.
DTCC emphasized the importance of industry collaboration in setting standards for digital asset adoption. Brian Steele, Managing Director and President of Clearing & Securities Services at DTCC, said the use case confirms growing opportunity and demand for seamless financial infrastructure. In contrast to earlier blockchain experiments, these transactions maintain the same high levels of scalability, efficiency, and security as traditional markets.
Market Maker and Fintech Perspectives
Cumberland DRW highlighted the significance of incorporating tokenized Gilts into cross-border intraday repo markets. Chris Zuehlke, Partner and Global Head of DRW Cumberland, said Canton continues to demonstrate how tokenization unlocks efficiency gains through seamless collateral mobility. The framework meets institutional requirements while expanding across diverse assets and currencies.
TreasurySpring validated cross-currency intraday repo and reverse repo against UK Gilts with haircuts and repo interest embedded into smart contracts. Matthew Longhurst, Co-Founder and Chief Innovation Officer at TreasurySpring, said the transactions advance their vision of frictionless liquidity and collateral mobility across borders, sectors, and currencies. The capabilities are expected to enable more efficient cash portfolio allocations and increased utility of fixed-term funds.
Graham Rodford, CEO and co-founder of Archax, noted that leveraging their broker and custody permissions to tokenize traditional real-world assets like Gilts aligns with the firm’s core strategy. Anastasiia Vitmer, Product GTM Lead at IntellectEU, emphasized the importance of scaling from successful pilot to production-grade adoption as on-chain markets mature.
The working group plans to continue collaborating on blockchain-based financing initiatives throughout 2026, with particular focus on expanding use cases in European and other key markets. However, specific timelines for production deployment remain uncertain as participants work to ensure institutional-grade scalability and regulatory compliance.