Digital Asset announced that a consortium of major market infrastructure and trading firms has completed a third round of transactions on the Canton Network. These tests expanded on-chain intraday repo activity to include multiple currencies, various collateral types, and cross-border flows, moving beyond previous stablecoin-based settlements.

The initiative involves tokenized commercial bank deposits via LSEG DiSH for the cash leg, alongside tokenized European government bonds and U.S. Treasuries as collateral. This approach offers a "real cash" alternative for on-chain settlement, a significant step toward making collateral and cash move in near real-time across a shared blockchain stack.

Kelly Mathieson at Digital Asset identified the primary remaining hurdle as operational, not technical. The time required for market participants to onboard to new Canton apps, including standard KYC processes, still mirrors traditional finance timelines. The working group includes Cumberland DRW, Societe Generale, Tradeweb, Virtu Financial, Euroclear, and Euronext.