Kaiko has joined the Canton Foundation’s Collateral Sub-Committee, contributing to its workstream on the acceptance of tokenized collateral at central counterparties (CCPs) and other financial market infrastructures (FMIs).

Following collateral where it is issued

Kaiko deploys its data services where tokenized collateral is issued and circulates, and Canton is one of those places. Euroclear, DTCC and Broadridge run collateral and repo workflows on the network today. Canton’s industry working group has also been testing what tokenized collateral can do in practice. In February 2026, it completed the first cross-border intraday repurchase agreement (repo) transactions using tokenized gilts, including a cross-currency repo against non-GBP tokenized deposits.

Joining the Collateral Sub-Committee continues Kaiko’s work on Canton. Through Kaiko’s collaboration with Bloomberg, Bloomberg Data License content, including security master data and evaluated pricing, is being made available on Canton for tokenized U.S. Treasuries, repo and collateral management. Kaiko’s partnership with New Change FX (NCFX) brought regulated benchmark FX spot and forward rates to Canton applications. Most recently, Kaiko joined the DTCC Digital Assets Solutions Industry Working Group, where it contributes the same data infrastructure expertise to the DTCC Tokenization Service.

Setting the standards for collateral mobility

The Collateral Sub-Committee is responsible for defining, governing and evolving the standards, policies and operational frameworks that underpin collateral mobility across the Canton Network. Its workstream on the acceptance of tokenized collateral aims to move tokenized securities, tokenized cash and cash-equivalent instruments from pilot transactions to accepted collateral and margin at CCPs and FMIs. It will look at the legal, regulatory, risk, operational and infrastructure requirements that still separate tokenized assets from their traditional equivalents, and at whether existing collateral controls can be applied in a tokenized environment.

Kaiko’s role: Data On-Ramp and Connect

Kaiko contributes to the workstream as a data infrastructure provider, with two main capabilities: Kaiko Data On-Ramp and Kaiko Connect.

The first is bringing trusted data onchain. Every collateral decision, from eligibility and haircuts to margin calls and substitutions, depends on a price that all counterparties accept. Kaiko’s Data On-Ramp brings licensed data from established providers onchain while each provider keeps control of its IP and entitlements. On Canton, this is how Bloomberg’s security master data and evaluated pricing reach tokenized Treasury and repo workflows, so counterparties reference one verifiable source. NCFX’s regulated FX benchmarks follow the same route. Kaiko’s own 24/7 rates, covering crypto, FX and other asset classes, are also available on Canton, which matters for any type of collateral that moves outside standard market hours.

The second is connectivity and messaging standards. Institutions run collateral operations on post-trade messaging such as FIX, SWIFT/ISO 20022 and APIs. Kaiko Connect links these messages to onchain workflows, including settlement, delivery-versus-payment, collateral mobility and reporting, without changing existing governance or processes.

Because the same infrastructure runs on Canton, Besu and Stellar, a tokenized asset can carry one consistent, traceable price wherever it settles. For a CCP accepting the same tokenized Treasury from members on different networks, that consistency is a precondition for setting haircuts and margin.

From pilots to production

Canton’s working group has shown that tokenized collateral can move across borders and currencies. Acceptance by CCPs and FMIs is what turns those transactions into standard market practice, and it depends on infrastructure that brings trusted data onchain and connects it to the systems institutions already use. Kaiko will contribute that perspective as the sub-committee sets its first priorities.

Learn more

Read the Canton Network announcement on the working group’s latest transactions, and find out why tokenized collateral needs data infrastructure on every network in Tokenized Collateral Is Multi-Chain, So Your Data Infrastructure Should Be Too.