Franklin Templeton just transferred a tokenized US Treasury to Virtu Financial. It settled in real time against USDCx on the Canton Network. Tradeweb handled execution and price discovery.
This is the first real-time purchase and sale of a tokenized US Treasury settled against a stablecoin. The deal involved Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb, and Virtu Financial. Size wasn’t disclosed.
It’s a preview of what’s coming. The Depository Trust & Clearing Corporation plans to launch its own Tokenization Services later this year. That service will let participants tokenize stocks, ETFs, and US Treasury securities while keeping investor protections intact.
Franklin Templeton’s been busy. Earlier this year, they partnered with Binance to let institutions use tokenized money market fund shares as collateral. They also teamed up with Ondo Finance to bring tokenized ETFs onto blockchain networks.
Governments are getting in on it too. Hong Kong issued its first digital green bond in 2023 and completed a third issuance in November 2025 — HK$10 billion across four currencies, the world’s largest digital bond at the time. Last month, Hong Kong announced plans to build a digital asset platform through its monetary authority.
The UK appointed HSBC Orion to support a digital gilt pilot testing blockchain-based issuance and settlement.
Tokenized US Treasury products now make up a $14.6 billion market — 84 on-chain products, the biggest slice of the tokenized real-world asset market.
