Tokenovate has executed and settled an intraday repo transaction on the Canton Network using the FINOS Common Domain Model (CDM), with the cash leg settled in Circle-issued USDC expressed as USDCx Reserve on Canton.
The transaction used CDM-native event and state management across the full repo lifecycle, covering trade representation, lifecycle processing, collateral movements and coordinated settlement of both legs. Conducted in a controlled environment, the workflow was aligned with established repo market documentation.
Tokenovate said the combination of CDM, tokenised cash and distributed ledger infrastructure could enable faster collateral mobility, intraday liquidity management and more automated settlement while maintaining standardised workflows across traditional and digital infrastructure.
The company has also joined the Canton Foundation as a General Member, giving it a role in the governance and development of the network as it expands its programmable post-trade infrastructure across repo, collateral, derivatives and securities markets.
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