Tokenovate, a company building post-trade automation tools, has completed an intraday repo transaction on the Canton Network using the FINOS Common Domain Model (CDM). The cash settlement was made in $USDC issued by Circle and represented as USDCx Reserve on Canton.
The transaction covered the full repo lifecycle, including trade creation, collateral movements, processing of lifecycle events, and settlement of both sides of the agreement. Tokenovate said the transaction was carried out in a controlled environment and followed existing market documentation for repo deals.
Canton Network is a blockchain network designed for financial institutions, with a focus on privacy and interoperability. Tokenovate has also joined the Canton Foundation as a General Member and will take part in the development and governance of the network.
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