Canton’s Industry Working Group Advances Cross-Border Collateral Mobility With Tokenised Gilts

TLDR:

• Canton’s working group completed its fourth transaction round, introducing tokenised Gilts as repo collateral for the first time.
  
• The round featured the first cross-currency intraday repo using tokenised Gilts against non-GBP tokenised deposits on Canton.
  
• Archax joined as a new participant, using its tokenisation engine to create regulated digital representations of traditional Gilts.
  
• The working group plans to expand cross-border collateral mobility across European and global markets throughout all of 2026.

Canton’s industry working group has taken another step forward in advancing cross-border collateral mobility on Canton.

Digital Asset, alongside a consortium of leading financial institutions, completed a fourth set of transactions on the Canton Network on February 24, 2026.

The latest round builds on prior milestones by introducing tokenised Gilts and cross-currency repo activity. Together, these achievements move the industry closer to a scalable, always-on capital markets infrastructure that operates across borders and asset classes.

Working Group Builds on Previous Transaction Rounds

The industry working group has steadily expanded its scope across each successive round of transactions. Following the third set completed in December 2025, which covered multiple asset classes and currencies using tokenised deposits, this fourth round introduced new instruments and cross-currency structures. Each iteration has added complexity while maintaining institutional-grade standards across the board.

This latest round featured the first cross-border intraday repo transaction conducted using tokenised Gilts. It also marked the first cross-currency intraday repo using tokenised Gilts against non-GBP tokenised deposits.

These additions reflect the group’s commitment to broadening the range of assets that can move seamlessly across borders within the Canton ecosystem.

@digitalasset, in collaboration with @CantonNetwork participants, announced the completion of a fourth set of transactions showcasing continued momentum in cross-border intraday repurchase activity.

The group’s approach is methodical, advancing one transaction type at a time while ensuring each new layer meets real market requirements. This measured progression is what gives the working group its credibility across participating institutions.

Expanded Membership Strengthens the Consortium’s Reach

A key feature of this transaction round was the growth in active participation across the working group. Archax, a regulated digital asset exchange, broker, and custodian, joined as a new participant.

Existing members including LSEG, Euroclear, Citadel Securities, TreasurySpring, and IntellectEU also deepened their roles in this round.

Archax supported the transaction by leveraging its broker and custody permissions to hold traditional Gilts on behalf of clients.

It then used its tokenisation engine to create regulated digital representations of those assets. Graham Rodford, CEO and co-founder of Archax, described this function as central to the firm’s broader vision and participation strategy.

The growing membership across custodians, trading venues, clearinghouses, and technology providers adds structural depth to the working group. Participants now span the full transaction lifecycle, from execution to settlement and custody.

This breadth makes the group well-positioned to address production-scale challenges as the initiative moves beyond the pilot stage.

Cross-Border Collateral Mobility Takes Shape Across Currencies

The working group’s focus on cross-border collateral mobility is becoming more concrete with each round. TreasurySpring validated cross-currency intraday repo and reverse repo against UK Gilts, with haircuts and repo interest embedded directly into smart contracts.

Co-Founder Matthew Longhurst stated these transactions reflect real economic and risk terms across an institutional governance framework.

Euroclear UK & International played a central role as the UK’s central securities depository in tokenising Gilts for the transaction.

CEO Chris Elms noted that enabling real-time, cross-border collateral mobility helps unlock new liquidity sources for clients. EUI’s involvement brings regulated post-trade infrastructure directly into the Canton framework.

LSEG’s DiSH network served as the cash leg for the transactions, enabling instantaneous beneficial ownership transfer of commercial bank money across multiple currencies and jurisdictions.

Bud Novin, Head of Payment Systems at LSEG, confirmed that DiSH Cash supported the first tokenised intraday Gilt repo on Canton Network.

He added that LSEG DiSH is positioned as a trusted third-party solution for mobilising networks in tokenised markets.

Industry Players Align Around Scalable On-Chain Market Infrastructure

Beyond the transactions themselves, participants are increasingly focused on what comes next for the working group.

IntellectEU’s Anastasiia Vitmer pointed to how quickly the scope is expanding across assets, infrastructure, and active participants.

Her firm’s Catalyst Suite is being built to support any institutional use case on Canton Network as on-chain markets continue to mature.

DTCC’s Brian Steele reinforced that collaboration across the industry is essential to setting standards and accelerating digital asset adoption.

He added that this cross-border intraday repo use case confirms growing demand for seamless, scalable financial infrastructure. DTCC’s role reflects how traditional market infrastructure providers are engaging directly with on-chain models.

Digital Asset’s Kelly Mathieson stated that greater asset diversity and broader participation are paving the way for more efficient and liquid capital markets.

The working group plans to continue groundbreaking on-chain financing initiatives throughout 2026, with European markets and other key regions in focus.

Cumberland DRW’s Chris Zuehlke added that Canton continues to show how tokenisation can unlock real efficiency gains across an increasingly diverse set of assets and currencies.