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Defi Onchain

DTCC Tokenizes $6T Treasuries on Canton as Lighter Launches LIT Token

The Depository Trust & Clearing Corporation moved $6 trillion in U.S. Treasuries onto Canton Network for on-chain settlement, while Lighter's LIT token targets Hyperliquid's DEX dominance with competitive fees.

The On-Chain Desk

Gokhshtein Media

September 25, 2026

3 min read

DTCC Tokenizes $6T Treasuries on Canton as Lighter Launches LIT Token

Key Points

The Depository Trust & Clearing Corporation has integrated $6 trillion in U.S.
Simultaneously, competition in the perpetual futures market is intensifying.
The fee gap between the protocols remains substantial.

The Depository Trust & Clearing Corporation has integrated $6 trillion in U.S. Treasuries onto the Canton Network, enabling on-chain tokenization and settlement for assets custodied by the DTC. Canton is now processing $350 billion in daily U.S. treasury activity, with Broadridge and DTCC utilizing the network for real-world asset tokenization and settlement.

Simultaneously, competition in the perpetual futures market is intensifying. Lighter launched its LIT token with a fee structure designed to undercut Hyperliquid, the dominant on-chain perps platform.

The fee gap between the protocols remains substantial. Over the past 30 days, Lighter generated $8.5 million in fees versus Hyperliquid's $66.8 million. Open interest tells a similar story: Lighter holds $1.45 billion compared to Hyperliquid's $7.44 billion. Hyperliquid operates as a purpose-built Layer 1 blockchain with its own BFT consensus for perpetual futures trading. Its native HYPE token launched via airdrop on Nov. 29, 2024.

The On-Chain Desk

Gokhshtein Media

The On-Chain Desk covers DeFi protocols, on-chain capital flows, stablecoins, tokenization, and the mechanics of decentralized finance. About this desk →