TLDR Tech / Crypto
DTCC & Repo on Canton: Rationale & Current State
The US repo market reached $11.9 trillion in 2024, with roughly 38% in the non-centrally cleared bilateral segment, where settlement-leg risk, intraday liquidity gaps, and collateral fragmentation persist unaddressed by existing infrastructure. Canton Network resolves settlement-leg risk through atomic settlement, where both cash and collateral legs execute simultaneously or fail together, and enforces a privacy model that restricts each counterparty's view to only its relevant transaction data. DTCC's deployment followed a staged path: a 2024 pilot connected 45 institutions across 22 distributed apps with 350+ simulated transactions, then a US Treasury collateral pilot, culminating in an April 2025 live launch on an AppChain.
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