Tradeweb has completed its first real-time transaction involving tokenised US Treasuries, pairing an on-chain government bond with tokenised cash in a trade that bypassed traditional settlement constraints.

The transaction, executed on July 1, saw Franklin Templeton transfer a tokenised US Treasury security to Virtu Financial in exchange for USDCx, a form of tokenised cash. The Canton Network provided synchronised on-chain settlement between the two assets.

The trade involved six participants: Blockdaemon, Digital Asset, Franklin Templeton, Société Générale, Tradeweb and Virtu Financial.

Elisabeth Kirby, head of market structure at Tradeweb, said the transaction demonstrated how both security and cash could move simultaneously “without the timing and settlement constraints that exist in traditional market infrastructure”.

The development comes ahead of the anticipated launch of DTCC’s Tokenisation Services later this year. The transaction points to the potential for high-quality liquid assets such as US Treasuries to trade beyond traditional market hours through continuous settlement.

Institutional interest in tokenised real-world assets has grown as firms seek to reduce settlement times and operational costs. Traditional US Treasury trades typically settle on a T+1 basis, meaning one business day after the transaction.

Virtu Financial, a market maker, said the trade demonstrated its ability to provide liquidity for tokenised assets outside conventional trading hours.