Tokenovate launches CDM‑native intraday repo on Canton Network
14 September 2026 UK
Image: Farah/stock.adobe.com
Tokenovate has settled its first intraday repo using the Fintech Open Source Foundation’s Common Domain Model (CDM), with cash settlement conducted in USDC issued by Circle and represented as USDCx Reserve on the Canton Network.
The transaction represents a milestone towards more automated and interoperable repo market infrastructure.
Tokenovate executed the full lifecycle of the repo transaction using CDM‑native event and state management, covering trade representation, lifecycle processing, collateral movements, and coordinated settlement across both transaction legs.
Georg Schneider, global head of RWA at Digital Asset, states: “Intraday repo is exactly the kind of market activity Canton was built to support.
“Institutions need assets and cash to move together quickly without sacrificing privacy, control, or existing market standards.”
The demonstration was conducted in a controlled environment and aligned with established market documentation, ensuring consistency between the digital workflow and recognised legal standards for repo transactions.
Richard Baker, founder and CEO of Tokenovate, says: “Financial markets are moving toward a more automated and interoperable operating model, where legal rights of tokenised assets and digital cash can benefit from standards-based workflow orchestration, and seamlessly operate across traditional and digital infrastructure.
“This intraday repo transaction on our platform demonstrates how native CDM, the Canton Network, and tokenised cash and securities can work together to deliver highly scalable, repeatable, yet programmable post-trade workflows, as well as more efficient collateral movement in regulated financial markets.”
Scott O’Malia, chief executive at the International Swaps and Derivatives Association (ISDA), adds: “There’s no doubt that the shift to a more automated, digital infrastructure will bring important liquidity management and collateral mobility benefits, but those efficiencies will be limited without interoperability across firms and platforms.”
As a General Member of the Canton Foundation, Tokenovate will participate in the governance and development of the Canton ecosystem alongside leading global financial institutions.
The transaction represents a milestone towards more automated and interoperable repo market infrastructure.
Tokenovate executed the full lifecycle of the repo transaction using CDM‑native event and state management, covering trade representation, lifecycle processing, collateral movements, and coordinated settlement across both transaction legs.
Georg Schneider, global head of RWA at Digital Asset, states: “Intraday repo is exactly the kind of market activity Canton was built to support.
“Institutions need assets and cash to move together quickly without sacrificing privacy, control, or existing market standards.”
The demonstration was conducted in a controlled environment and aligned with established market documentation, ensuring consistency between the digital workflow and recognised legal standards for repo transactions.
Richard Baker, founder and CEO of Tokenovate, says: “Financial markets are moving toward a more automated and interoperable operating model, where legal rights of tokenised assets and digital cash can benefit from standards-based workflow orchestration, and seamlessly operate across traditional and digital infrastructure.
“This intraday repo transaction on our platform demonstrates how native CDM, the Canton Network, and tokenised cash and securities can work together to deliver highly scalable, repeatable, yet programmable post-trade workflows, as well as more efficient collateral movement in regulated financial markets.”
Scott O’Malia, chief executive at the International Swaps and Derivatives Association (ISDA), adds: “There’s no doubt that the shift to a more automated, digital infrastructure will bring important liquidity management and collateral mobility benefits, but those efficiencies will be limited without interoperability across firms and platforms.”
As a General Member of the Canton Foundation, Tokenovate will participate in the governance and development of the Canton ecosystem alongside leading global financial institutions.
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