What Bloomberg and Kaiko’s Blockchain Data Deal Means for Tokenized US Treasurys

TLDR

• Bloomberg and Kaiko are bringing licensed financial data directly onto blockchain networks for institutional use
• The first use case targets tokenized US Treasurys and repo markets on the Canton Network
• The move aims to fix inconsistent data problems across tokenized asset markets
• Target users are banks and asset managers, not retail crypto traders
• The tokenized RWA market (excluding stablecoins) is estimated at around $25 billion

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Bloomberg is working with Kaiko, a Paris-based digital asset data company, to bring licensed financial data directly onto blockchain networks. The two firms announced the collaboration on Thursday.

The goal is to make pricing information, security identifiers, and reference data available inside blockchain environments. Right now, that data typically sits in traditional, offchain databases.

The partnership targets a specific problem in tokenized markets. Different institutions often use different versions of the same data, meaning one bank might price a Treasury bond differently than another.

That mismatch creates reconciliation work and increases the risk of errors. By putting a shared, licensed data source on-chain, both companies say all participants can reference the same dataset.

The first application focuses on tokenized US Treasury bonds and repo markets. These operate on the Canton Network, a permissioned blockchain built for institutional financial use.

Kaiko launched its data on-ramp service for the Canton Network in August. The integration is now being expanded through the Bloomberg collaboration.

The service is aimed at banks, asset managers, and regulated financial institutions. It is not designed for retail crypto traders.

Data Reliability Has Been a Known Problem

Questions about data accuracy in tokenized real-world asset markets are not new. In May, Chris Yin, co-founder of the RWA platform Plume, said the market may be much smaller than reported figures suggest.

Yin estimated the actual size was closer to half of what major data aggregators were reporting at the time. Current estimates place the tokenized RWA market at roughly $25 billion, excluding stablecoins, according to RWA.xyz.

Kaiko CEO Ambre Soubiran said institutional-grade data is essential for markets to work properly. She said the Bloomberg deal extends traditional market data infrastructure to support tokenized securities.

Kaiko’s Expanding Role in Digital Asset Data

Kaiko has been growing its position in digital asset data services. In 2024, it acquired Vinter, a European crypto index provider.

That deal strengthened Kaiko’s presence in regulated benchmark and index services across Europe. The Bloomberg partnership adds another layer to that strategy.

In tokenized markets, consistent pricing data serves a direct function. Many tokenized assets represent real-world instruments like Treasury bonds, and accurate data helps ensure the onchain version mirrors the underlying asset.

The Canton Network, where this service is being deployed, is designed specifically for institutional financial applications. It is a permissioned network, meaning access is controlled rather than open to anyone.

The collaboration reflects broader efforts by traditional financial data providers to expand into blockchain-based infrastructure. Bloomberg’s licensed data is widely used across global financial markets.

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