Euroclear, Euronext and LSEG Join Canton's Collateral Working Group in Cross-Border Intraday Repo Trades
The group's third round used European government bonds and US Treasuries against euro and dollar cash, with LSEG's DiSH tokenized bank deposits as the cash leg instead of stablecoins.
Digital Asset and a consortium of financial institutions said on 15 January 2026 that they had completed a third set of transactions on the Canton Network, which they described as the first cross-border intraday repo trades using multiple currencies and multiple asset classes. Euroclear, Euronext, LSEG and TreasurySpring joined the industry working group behind them.
What was traded
According to the release, dated New York:
- Collateral: European government bonds and US Treasuries.
- Cash: euro and US dollar cash.
- Cash leg: tokenized commercial bank deposits from LSEG's Digital Settlement House (DiSH), rather than stablecoins. The release says DiSH deposits can move 24/7 in real time without users needing relationships with every bank on the DiSH network.
No transaction sizes were disclosed. A later release, published on 24 February, dated this round to December 2025.
Who was involved
The new members were Euroclear, Euronext, LSEG and TreasurySpring. They joined Cumberland DRW, Digital Asset, Societe Generale, Tradeweb and Virtu Financial. The release quotes Jorgen Ouaknine of Euroclear, David Leblache of Euronext, Bud Novin of LSEG, Matthew Longhurst of TreasurySpring and Kelly Mathieson, Digital Asset's Chief Business Development Officer.
Mathieson said the milestone "lays the groundwork for a truly global collateral network".
For LSEG, the round was a test of its cash service. Bud Novin, Head of Payment Systems in LSEG's Post Trade Solutions business, presented DiSH as a real cash option for the cash leg of digital asset transactions. According to Blockonomi, the working group plans further collaboration through 2026.
How the series has grown
Digital Asset recapped the working group's earlier rounds: the first, in July 2025, financed US Treasuries fully on chain against USDC; a second round expanded the number of counterparties using stablecoins. The third round moved to several currencies and asset classes and replaced stablecoins with tokenized bank money on the cash side.
Why it matters
Repo is the market where institutions borrow cash against high-quality bonds, and intraday repo needs collateral and cash to move quickly and reliably. Bringing in Euroclear, one of the world's largest securities settlement systems, and Euronext, which runs exchanges and central securities depositories across Europe, extends the work beyond US Treasuries. Using tokenized deposits rather than stablecoins also matters for banks, which can keep settlement in commercial bank money.
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