The Depository Trust & Clearing Corporation has moved Treasuries held at DTC onto the Canton network, bringing $6 trillion in government debt onchain. In a separate development, Lighter's LIT exchange launched trading with fee levels that land it in direct competition with Hyperliquid.
How Canton handles the Treasuries
Canton is a blockchain designed for real-world asset tokenization. The network's RWA rails now process $6 trillion worth of Treasuries that were previously custodied at DTC. The move marks one of the largest traditional finance assets to be put on a distributed ledger, though the scale of the tokenization — $6 trillion — dwarfs most prior efforts. DTCC, which operates the central securities depository for U.S. markets, is using Canton to bring these securities onto its blockchain infrastructure.
LIT enters the trading fee race
Lighter's LIT exchange has started trading with a fee structure that the company says is comparable to Hyperliquid's. Hyperliquid is known for competitive, low-cost trading in the decentralized space. LIT's fee multiple, while not disclosed in exact figures, puts it in the same territory. The launch gives traders a new venue for digital asset swaps, with fees that could undercut many incumbent platforms. Lighter has not yet detailed its fee schedule for every asset class, but the initial rollout shows pricing aggressive enough to rival Hyperliquid's.
The tokenization of Treasuries by DTCC through Canton and the debut of LIT's fee-competitive exchange illustrate two distinct paths for blockchain adoption in finance: one driven by legacy infrastructure giants, the other by newer trading platforms. Both are now operational, with Canton's rails handling the $6 trillion in Treasuries and LIT processing trades from day one.
