Temple Runs an Intraday Treasury Repo on Canton Using a DTCC-Minted Token, Settled Against USDCx
DRW and HIFI traded as principals and Marex acted as prime broker and settlement agent. Temple calls it the first such repo on an exchange venue; the size was not disclosed.
Temple Digital Group said on 27 July 2026 that it had executed a live, on-chain repo in a tokenized US Treasury, using a Treasury token minted through the DTCC Tokenization Service. The trade was completed earlier in July, according to Temple, which did not give the exact day or the size.
How the trade worked
- The asset. A tokenized US Treasury minted through DTCC's service. The underlying security stayed within the Depository Trust Company's book-entry framework, which continued to record legal ownership.
- The cash. Circle's USDCx, the USDC-backed dollar token on Canton.
- The parties. DRW and HIFI traded as principals. Marex, a member of DTCC and of the Fixed Income Clearing Corporation, acted as prime broker and settlement agent.
- The venue. The request went through Temple's institutional request-for-quote platform, which routed it and returned quotes between the counterparties.
- Settlement. Atomic and on-chain between the parties' wallets on Canton, delivery versus payment in real time. The repo opened and closed within the day.
Temple says it is the first exchange venue to facilitate a tokenized Treasury repo using the DTCC Tokenization Service on Canton's Global Synchronizer. That is the company's own claim.
The DTCC background
On 15 July 2026, DTCC said more than 30 firms had processed live trades with tokenized DTC securities on Canton and on its private network, and that its Tokenization Service would launch in October. A Canton Network document dated 22 July lists Temple, DRW, HIFI and Marex among those participants. Temple's release says the service covers eligible DTC-held assets, including Russell 1000 equities, major ETFs and US Treasuries.
As of 10 October 2026, DTCC had not announced the commercial launch.
Why it matters
Repo is where Treasuries are financed every day, and Temple cites more than $3 trillion a day in overnight Treasury repo. This trade took a DTCC-minted token out of DTCC's own production test and into a trading venue's financing workflow, with a stablecoin as the cash leg and settlement in real time, within the day, rather than on a standard settlement cycle. Temple says it plans to extend the work from spot to repo and intraday financing ahead of the DTCC launch.
Follow USDCx on CantonCap.
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