S&P Dow Jones Indices has placed its iBoxx US Treasuries Index onto the Canton Network, converting a leading fixed-income benchmark into an onchain digital asset and highlighting growing use of blockchain infrastructure in traditional finance. The tokenization was carried out with Kaiko, a digital-asset market data and infrastructure provider that handled the index’s issuance and onchain distribution.
The iBoxx US Treasuries Index, which monitors U.S. government bonds across maturities and functions as a standard reference for institutional investors and fixed-income products, was made available onchain as a non-investable digital representation. Rather than serving as a tradable product, the tokenized index gives financial firms building digital offerings direct blockchain access to benchmark data such as pricing and index levels.
S&P retains control over access and usage through permissioning embedded in the token, while Kaiko supplies the technology to mint and deliver the index onchain. The partners said the approach could be scaled to other indexes as demand for blockchain-based financial infrastructure grows, simplifying how institutions obtain benchmark data and support digital markets where U.S. Treasuries are increasingly used as collateral.
Canton Network is a public blockchain aimed at institutional users, with more than 600 participating institutions and validators and backers including Goldman Sachs and Citadel. U.S. Treasuries have become a major focus for tokenization: industry figures show Treasuries represent the largest share of tokenized assets, with over $12.5 billion already tokenized onchain.
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