The deepest market there is trades $1.2 trillion a day and settles on one book of record. Tokenized, the same securities settle on other ledgers, against cash held somewhere else again. The protocol settles the trade where each leg already sits.
Request a briefing →To buy on a venue, cash is on that venue first, at that custodian, in that currency. What the desk is owed on one book cannot pay for what it buys on another.
A security held at one custodian cannot be delivered against cash held at another, so the desk keeps the position at both, or delivers first and waits.
From 31 December 2026 the cash trades in scope clear, and the rest stay bilateral. A firm that faces both funds both sides, and settles each on its own cycle.
SIFMA, US Treasury Securities Statistics, August 2026. Federal Reserve, Fedwire Securities Service. SEC, Treasury clearing compliance dates as extended, February 2025. OFR, How Will Central Clearing Impact the Repo Market, January 2026.
And that is one bond,
against one cash leg.
A switch from one issue to another, a basket against cash, a delivery with its repo attached. Each is several settlements today, in sequence, each funded on its own.
The protocol settles the trade where the security and the cash already are, together or not at all, trade by trade or as a clearinghouse's net settlement obligations. Nothing is pre-funded, nothing is delivered first, and no leg leaves its custodian.
Cleared or bilateral, at one clearer or across two. A member's net settlement obligations and a non-member's trade settle the same way. For clearing networks and market infrastructures →
A tokenized Treasury on any connected ledger delivers against cash on any other, through your platform, and the crossing is yours.
The cash your clients position at every venue and clearer they face returns to one balance and settles from there, through you.
The counterparties your clients cannot face today, at another clearer or outside clearing, become flow you can quote.
Bring a settlement your desk runs today and we will walk it through.