The Depository Trust & Clearing Corporation is moving DTC-custodied Treasuries onto Canton Network, bringing traditional U.S. government securities into a distributed ledger environment. The integration leverages Canton, a blockchain designed for institutional applications, enabling on-chain representation and transfer of these assets within a permissioned environment.
DTCC's Depository Trust Company subsidiary provides custody and asset servicing for U.S. Treasuries and other securities. Direct on-chain representation reduces reliance on off-chain settlement and streamlines collateral management for institutional participants.
Separately, Lighter has launched trading for its LIT token with fee structures aligned to Hyperliquid's perpetual futures exchange. Lighter operates on established protocols and positions LIT to compete for liquidity and volume in the on-chain derivatives market.
Hyperliquid, a Layer 1 purpose-built for perpetual futures, has established high trading volumes. Lighter's fee alignment targets traders accustomed to low-latency, high-throughput environments and signals a strategy to capture market share from that ecosystem.
On-chain capital flows into real-world assets have increased as protocols offer yields on tokenized Treasuries that compete with DeFi lending rates. DTCC's action provides a direct conduit for sovereign debt to be natively represented on blockchain, expanding the on-chain RWA landscape.
The availability of DTC-custodied Treasuries on Canton could introduce new forms of on-chain liquidity for institutional participants. Lighter's competitive fee model faces high competition among Layer 1 derivatives protocols for trader flow.
