Canton Network Completes Third Cross-Border Repo Transaction Round Using Tokenized Bank Deposits

TLDR:

• Canton Network executed cross-border intraday repo transactions using multiple assets including U.S. Treasuries and EGBs.
• LSEG Digital Settlement House provided tokenized commercial bank deposits as an alternative to stablecoin settlement.
• European institutions Euroclear, Euronext, and LSEG joined the working group, expanding Canton Network participation.
• The transactions demonstrate progress toward always-on capital markets infrastructure with 24/7 real-time settlement.

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Canton Network has completed a third set of onchain repurchase transactions, marking progress in capital markets infrastructure development. 

Digital Asset led the initiative alongside major financial institutions including Euroclear, Euronext, LSEG, TreasurySpring, Cumberland DRW, Societe Generale, Tradeweb, and Virtu Financial. 

The transactions featured cross-border intraday repo activity across multiple assets and currencies while utilizing tokenized commercial bank deposits through LSEG Digital Settlement House.

Multi-Asset Framework Enables Cross-Border Repo Operations

The latest transaction round introduced several technical advancements over previous Canton Network activities. 

Participants conducted intraday repurchase transactions across borders using multiple currencies and asset classes for the first time. 

The operations included European Government Bonds, U.S. Treasuries, Euro cash, and US Dollar cash within a single framework.

This development builds on momentum from earlier Canton Network milestones. The initial July transactions demonstrated feasibility of fully onchain U.S. Treasury financing against USDC. 

October’s second round expanded participation across counterparties while leveraging stablecoins for settlement purposes. 

Kelly Mathieson, Chief Business Development Officer at Digital Asset, explained the progression: “We’ve had incredible momentum over the last year.”

The working group expanded to include European market participants. LSEG, Euroclear, and Euronext joined existing members to advance onchain initiatives within the Global Collateral Network. 

Their participation demonstrates growing traction for tokenized infrastructure across European financial markets. 

David Leblache, Head of Innovation & AI Products at Euronext, stated the initiative “reflects the industry’s collective effort to explore how tokenisation and on-chain infrastructure can enhance collateral mobility.”

Canton Network announced the completion on social media, noting the transactions delivered cross-border intraday repo capabilities across multiple assets and currencies. 

The platform stated these transactions move markets closer to scalable, always-on capital markets infrastructure.

Tokenized Bank Deposits Provide Alternative Cash Settlement Method

LSEG Digital Settlement House played a central role by providing tokenized commercial bank deposits instead of stablecoins. 

This approach created an onchain cash option using actual commercial bank deposits rather than cryptocurrency-backed alternatives. 

LSEG DiSH allows users to transfer commercial bank deposits instantaneously to any network member.

The tokenized deposit system operates around the clock in real time without requiring users to maintain relationships with every bank on the network. 

Deposits were tokenized on Canton specifically for use as the cash leg of each intraday repo transaction. 

Bud Novin, Head of Payment Systems at LSEG Post Trade Solutions, expressed enthusiasm about the development: “We are excited about the potential for our LSEG DiSH cash service to provide a real cash solution.”

Jorgen Ouaknine, Global Head of Innovation and Digital Assets at Euroclear, emphasized the collaborative approach.

 “As a trusted financial market infrastructure, we believe that meaningful progress in digital finance can only be achieved through close partnership with the market,” he noted. The institution aims to unlock new forms of liquidity through its position in global collateral flows.

The working group plans to continue collaboration on additional onchain financing initiatives throughout 2026. 

Mathieson described the milestone as “groundwork for a truly global collateral network with on-chain liquidity for high-quality assets.” 

The development represents continued acceleration toward scalable capital markets infrastructure operating continuously.

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