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A consortium convened by Digital Asset completed a new set of on-chain repo transactions on the Canton Network, including what participants described as the first cross-border intraday repurchase agreement using tokenized UK government bonds (gilts). The
milestone was disclosed in a Feb. 24, 2026 announcement from the Canton Industry Working Group, which said the latest round extended prior intraday repo tests into tokenized gilts as collateral.
The working group named LSEG, Euroclear, DTCC, Tradeweb, Citadel Securities, Société Générale, Virtu Financial, TreasurySpring, Archax, Cumberland DRW and IntellectEU among participants in the latest round. LSEG said the transaction used its Digital Settlement House cash rail (“DiSH Cash”) and framed the activity as a test of intraday collateral movement and settlement using tokenized commercial bank deposits.
Participants also described a cross-currency element in which tokenized gilts were repoed against non-GBP tokenized deposits, and TreasurySpring said the smart contracts embedded standard repo mechanics such as haircuts and repo interest. The Canton working-group statement characterized the activity as part of an ongoing sequence of test transactions rather than a production market launch, and said members intend to continue collaborating through 2026.
Repo is commonly defined as the sale of securities with a commitment to repurchase them later at a pre-agreed price and date, which makes settlement and collateral mobility central to operational risk and funding efficiency. The collateral in this case—UK gilts—are liabilities of the UK government issued by HM Treasury and listed on the London Stock Exchange, and the post-trade chain in the UK sits within a supervised market-infrastructure framework where Euroclear UK & International is the UK CSD regulated by the Bank of England. The Feb. 24 round followed an earlier Canton working-group update on Jan. 15, 2026 describing a prior set of cross-border intraday repo tests across multiple asset classes and currencies.
For dealers, market infrastructures and execution venues, the development is relevant as a further live test of moving high-quality collateral and cash equivalents across entities and jurisdictions on a shared ledger with permissioning. For issuers and investors in other real-world assets—including tokenized real estate funds that rely on short-term secured financing—the immediate change is not a new access right or rule, but an additional datapoint on how tokenized cash rails (such as LSEG’s DiSH Cash) can be used in repo-style workflows under existing institutional market infrastructure participation.
