News, data and analysis on tokenized assets, market design and digital economic systems.
Electronic marketplace founded in 1996 for rates, credit and money markets, averaging $2.8tn of daily notional, which on 1 July 2026 provided execution for the delivery of a tokenized US Treasury against tokenized cash on the Canton Network.
Electronic marketplace founded in 1996 for rates, credit, money markets and equities, where much of the dealer-to-client government bond market is priced; it reported average daily notional of $2.8tn across the four fiscal quarters to the first quarter of 2026 and $3.7 quadrillion traded since launch. On 1 July 2026 it provided execution and price discovery for a transaction in which Franklin Templeton delivered a tokenized US Treasury to Virtu Financial against tokenized cash, denominated USDCx, on the Canton Network, with both legs moving in a single synchronised settlement alongside Blockdaemon, Digital Asset and Societe Generale. The significance is location rather than novelty: tokenized Treasury settlement only changes market structure if it happens on the venues institutional flow already uses, and Tradeweb is one of them.
Developments in which Tradeweb Markets Inc. is a named party, newest first.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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