NEW YORK, U.S., March 31, 2026 – S&P Dow Jones Indices, the world’s leading index provider, and Kaiko, the global leader in digital assets market data and data infrastructure, today announce the tokenization of the iBoxx U.S. Treasuries Index on the blockchain. This marks the first time a major index provider has made a financial benchmark available as a native digital asset, with embedded index data distribution, licensing and permissioning.

S&P Dow Jones Indices and Kaiko have entered into a coordinated effort for the purposes of bringing the iBoxx U.S. Treasuries Index, and potentially other indices, onchain.

Why U.S. Treasuries

U.S. Treasuries are emerging as the base collateral layer for on-chain financial systems and are becoming a core entry point for institutional capital moving onchain. The iBoxx index family is one of the most widely referenced fixed income benchmarks in global institutional markets.

Indices Onchain as a Programmable Asset

Through this collaboration among S&P Dow Jones Indices and Kaiko, the iBoxx U.S. Treasuries Index has been tokenized on the Canton Network, a privacy-preserving blockchain designed for institutional finance.

The tokenized index itself is not an investable asset. It resides onchain as a non-fungible token, encapsulating licensing rights and index programmable data feeds, all intended for integration into digital native financial products.

S&P DJI-licensed product issuers will be permissioned to receive a single token to instantaneously access end-of-day index levels, intraday prices, and corporate actions. Notional reporting will be managed through the token, avoiding time-consuming reconciliation processes. Lifecycle rules will allow SPDJI to expire tokens, and usage metadata generation embedded within each token will enable automated compliance controls to match use and license rights.

S&P Dow Jones Indices will retain full control over index distribution and use, supported by IP protections relied upon in traditional markets, while exclusive minting authority over iBoxx tokens will ensure that only authorized tokens are created and distributed.

“U.S. Treasuries are becoming the base collateral for onchain financial systems, and demand for benchmark-quality Treasury index data available natively on distributed ledgers is accelerating,” said Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices. “This collaboration with Kaiko allows us to bring the iBoxx U.S. Treasuries Index onchain with the same intellectual property protections and licensing standards our clients depend on in traditional markets – while unlocking new efficiencies and expanded revenue opportunities.”

“With S&P Dow Jones Indices, Kaiko has built something the market has not seen before: a financial benchmark tokenized as a programmable, permissioned data asset with compliance and licensing built in,” said Ambre Soubiran, CEO at Kaiko. “This fundamentally changes the economics of building index-linked financial products on distributed ledger networks. Product issuers can now reference an institutional-grade benchmark with the same level of trust they rely on in traditional capital markets, but with the operational efficiency, 24/7 availability, and collateral mobility that blockchains enable.”

More information on tokenized indices by Kaiko is available at onchain.kaiko.com/applications/tokenized-indices.

The iBoxx U.S. Treasuries Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI), and has been licensed for use by Kaiko for tokenization. iBoxx®, S&P®, S&P 500®, US 500™, The 500® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), Tokens based on the iBoxx U.S. Treasuries Index and S&P DJI’s other indices are not sponsored or sold by S&P DJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such tokens nor do they have any liability for any errors, omissions, or interruptions of the Indices.

About Kaiko

Kaiko is the global independent leader in digital assets market data, analytics, indices, and pricing for institutional investors, financial services firms, and regulators. Kaiko provides the foundational data infrastructure bridging traditional finance and on-chain capital markets through regulatory-compliant and auditable data. For over 10 years, Kaiko has delivered the trusted, transparent, and actionable financial data that institutions need to operate in both centralized and decentralized digital asset markets. For more information, visit https://www.kaiko.com/.

About S&P Dow Jones Indices

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/en/.