The Depository Trust & Clearing Corporation is moving Treasuries held at the Depository Trust Company onto a blockchain for the first time, using the Canton network. Meanwhile, the LIT token from Lighter has started trading, with fee structures that rival those of major decentralized exchanges like Hyperliquid. These two developments mark a concrete shift in how traditional financial assets and new crypto-native tokens are being brought onchain.
Why the DTCC is putting Treasuries on Canton
The DTCC’s move involves DTC-custodied U.S. Treasury securities — a huge chunk of the government bond market — being represented as digital tokens on the Canton blockchain. Canton is building infrastructure for real-world asset (RWA) rails, and the network could eventually support transactions tied to $6 trillion in assets. For now, the pilot focuses on settling Treasury trades more efficiently, cutting out the traditional multi-day settlement cycle.
The choice of Canton isn’t random. The network is designed for permissioned, privacy-preserving transactions, which appeals to institutions that can’t broadcast trade details publicly. By tokenizing Treasuries, the DTCC is testing whether onchain rails can reduce counterparty risk and operational costs for one of the most liquid markets in the world.
Lighter’s LIT token goes live with Hyperliquid-like fees
On the crypto side, Lighter’s LIT token has launched trading. The token powers Lighter’s platform, and its fee structure is described as being at multiples comparable to Hyperliquid, a popular decentralized exchange known for low trading costs. LIT’s debut gives traders exposure to a token that directly absorbs a share of platform fees, similar to how Hyperliquid’s HYPE token works.
The launch comes at a time when many newer layer-1 and app-chain projects are competing for liquidity. Lighter is positioning itself as a low-fee venue for spot and derivatives trading, and the LIT token is central to that pitch — holders get fee discounts and possibly governance rights. Trading volume in the first hours has yet to be disclosed, but the token is already available on several decentralized exchanges.
What connects these two stories is the broader push to put real assets — whether government bonds or exchange fee streams — into token form. The DTCC’s effort is arguably the bigger signal for mainstream finance: if the world’s largest securities settlement system is willing to test onchain Treasuries, the threshold for institutional adoption may be lowering.
Both projects are early. The DTCC hasn’t set a date for a full rollout; the Canton RWA rails remain a proof of concept. Lighter’s LIT token faces the usual challenges of bootstrapping liquidity in a crowded market. But the fact that a central clearinghouse and a new crypto exchange are both tokenizing very different assets on the same week suggests the technology is moving past the theoretical stage.
