The Depository Trust & Clearing Corporation is shifting DTC-custodied U.S. Treasury securities onto a blockchain network built by Canton. The move targets the $6 trillion market for tokenized real-world assets. Separately, Lighter's LIT token began trading this week with a fee structure that mirrors Hyperliquid's model.
Why Canton for $6 trillion in assets
Canton is building the rails to handle a massive pool of real-world assets — $6 trillion worth, by the company's estimate. The network aims to bring traditional financial instruments like Treasuries, corporate bonds, and other securities onto a distributed ledger. That's where DTCC's decision fits. By moving DTC-custodied Treasuries onchain, the clearinghouse is effectively turning a chunk of the U.S. government bond market into programmable tokens.
The scale is hard to ignore. $6 trillion in tokenized assets would dwarf the current crypto market cap. Canton's approach is permissioned, meaning only verified institutions can participate, which appeals to regulators and large banks. The network already has partnerships with major financial firms, though the company hasn't named every participant.
DTCC's onchain Treasury move
DTCC is the backbone of U.S. securities clearing and settlement. By moving Treasuries onto Canton's blockchain, it's taking a concrete step toward modernizing a system that still relies on batch processing and T+1 settlement. The DTC — the depository arm of DTCC — will issue tokenized versions of the Treasuries it already holds in custody.
This isn't a test. The tokens will represent actual, custodied securities, not synthetic derivatives. That means they can be used as collateral in decentralized finance protocols or traded on secondary markets. For now, the move is limited to Treasuries, but the infrastructure could expand to other asset classes.
Lighter's LIT token and fee structure
Lighter, a trading platform built on the L1 blockchain, launched its native LIT token this week. The token's fee structure is comparable to Hyperliquid's — a decentralized exchange known for low trading costs. Lighter's model uses a fee multiple that adjusts based on volume and staking, similar to how Hyperliquid's fee tiers work.
The launch comes as competition heats up among decentralized exchanges for liquidity and users. LIT token holders can stake their tokens to reduce trading fees and participate in governance. The project hasn't disclosed the total supply or initial market cap, but trading is live on several decentralized exchanges.
Lighter's approach targets professional traders who want the speed of centralized exchanges but the self-custody of DeFi. Whether the fee structure will attract enough volume to compete with Hyperliquid remains an open question.
DTCC's Treasury tokenization and Lighter's LIT launch both point in the same direction: traditional finance and crypto are converging on tokenized assets. The next milestone will be seeing how much of that $6 trillion actually moves onchain — and how quickly.
