The Depository Trust & Clearing Corporation has integrated $6 trillion in U.S. Treasuries onto the Canton Network, enabling on-chain tokenization and settlement for DTC-custodied assets. Canton already processes $350 billion in U.S. Treasury activity daily, with Broadridge and DTCC using the network for real-world asset settlement and back-office functions.
Lighter's LIT token launched trading concurrently, positioning itself as a challenger to established perpetual futures protocols like Hyperliquid. The token reportedly values Lighter at parity with Hyperliquid, signaling market confidence in the new entrant.
The scale gap between the two platforms remains substantial. Lighter generated $8.5 million in 30-day fees versus Hyperliquid's $66.8 million over the same period. Open interest shows a similar disparity: Lighter holds $1.45 billion compared to Hyperliquid's $7.44 billion.
The perpetuals competition centers on fees, liquidity depth and execution quality. Both platforms offer leveraged trading on various assets, attracting retail and institutional participants. Lighter's launch tests whether new entrants can capture meaningful share in a market dominated by established players with superior liquidity.
The Canton integration extends tokenization benefits to a foundational layer of traditional finance infrastructure. Representing Treasuries as digital tokens enables atomic settlement and increased transparency compared to legacy systems, streamlining ownership transfers and reducing counterparty risk. DTC custody of trillions in securities for banks and brokers now has on-chain settlement rails, lowering operational costs and enabling 24/7 trading.
Institutional adoption of tokenized RWAs continues to accelerate, driven by enhanced liquidity, lower transaction costs and continuous market access. Canton's $6 trillion RWA processing capacity underscores blockchain infrastructure's readiness to handle critical financial plumbing at scale.
