The Depository Trust & Clearing Corporation is now moving U.S. Treasury securities custodied by its subsidiary Depository Trust Company onto the Canton network, integrating a foundational traditional finance asset onto on-chain RWA rails built for institutional settlement.
Canton, a permissioned blockchain for regulated assets, has been positioned as infrastructure for institutional DeFi. The move represents direct on-chain representation of government bonds through a central clearing institution.
Simultaneously, Lighter protocol launched its native LIT token for trading. LIT's valuation metrics show it trading at a fees multiple within range observed for Hyperliquid, the Layer 1 platform for perpetual futures. The comparison reflects market expectations for substantial protocol fee generation, given Hyperliquid's established high-volume trading engine and fee revenue.
Tokenized Treasuries have gained traction among on-chain liquidity providers seeking stable yields. Protocols like Ondo Finance previously demonstrated demand for such products, offering exposure to U.S. government debt yields within DeFi ecosystems.
Lighter's entry with strong fee multiple valuation positions it as a contender in the competitive on-chain trading landscape. The metric indicates market participants value Lighter's fee-generating potential similarly to established high-performance DeFi protocols.
