The Depository Trust & Clearing Corporation has begun tokenizing DTC-custodied Treasuries on the Canton Network, marking a major institutional entry into real-world asset tokenization. Canton functions as the underlying distributed ledger, enabling on-chain representation, transfer, and settlement of Treasury securities.
DTC-custodied Treasuries represent trillions in sovereign debt and form a core component of global financial infrastructure. On-chain Treasury tokens have already surpassed $2 billion in total value, with protocols such as Ondo Finance and BlackRock's BUIDL leading adoption. The DTCC's involvement brings a traditional finance custodian directly into the ecosystem.
Separately, Lighter has launched trading for its native token, LIT, positioning its fee structure to compete with Hyperliquid. Hyperliquid, a Layer 1 blockchain purpose-built for perpetual futures, built its brand on low-cost trading and has attracted significant liquidity and volume. Lighter's aggressive fee positioning signals an attempt to attract the same cohort of traders and liquidity providers.
Both developments highlight the convergence of traditional finance infrastructure and on-chain trading venues.
