Tradeweb settles tokenized US Treasury for USDCx in real time

Tradeweb says it completed the first real-time, instant transfer of a tokenized US Treasury bond against tokenized cash on the Canton Network. Franklin Templeton transferred the tokenized US Treasury security to Virtu Financial, while Canton coordinated simultaneous settlement of both legs. The payment leg used USDCx, a USDC-backed stablecoin. Tradeweb handled execution and price discovery, while Canton performed real-time settlement synchronization. The trade size was not disclosed. DTCC’s planned Tokenization Services later this year aims to tokenize selected stocks, ETFs, and tokenized US Treasury securities, with investor protections and ownership rights preserved under the same framework as traditional assets. RWA.xyz data also shows the tokenized US Treasury market has grown to $14.6B across 84 on-chain products, reinforcing momentum for stablecoin-based settlement rails—more “market plumbing” than an immediate driver for crypto prices, but supportive of the on-chain RWA growth narrative.