Yuval Rooz, co-founder and CEO of Digital Asset, which built the Canton Network, told TheStreet Roundtable at Token2049 that the Treasury will issue bills directly on blockchain rails, and that it could happen within two to five years.
"A hundred percent," Rooz said when asked whether the Treasury would issue on-chain instead of relying on secondary tokenized markets .
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Why treasuries went on-chain first
Rooz says Treasuries were the natural starting point because they drive the funding, financing and repo markets that keep the economy running. They are also a simpler asset to tokenize .
"Stocks have corporate actions, they have proxy votes, they have issuers," Rooz said. "(Treasuries are) a much simpler asset."
Treasuries already sit behind stablecoins and money market funds as the main reserve asset. Tokenized U.S. Treasuries surged 2.5 times in the last yea r.
The repo math crypto misses
Rooz says crypto natives often doubt Canton's numbers. The network handles $300 billion to $400 billion in repo every day, more than all crypto trading volume combined, much of it coming through Broadridge's Distributed Ledger Repo platform .
"I explain, that's nothing," Rooz said, pointing to the U.S. Treasury repo, which he put at about $13.5 trillion a day. The Office of Financial Research sized the full U.S. repo market at about $12.6 trillion in average daily exposures in the third quarter of 2025.
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DTCC brings Treasuries to Canton
The Depository Trust and Clearing Corporation (DTCC) plans to mint a subset of DTC-custodied Treasuries on Canton. The settlement giant is also working with other tokenization firms, as Ondo became the first tokenization company on DTCC's Fund/SERV .
Rooz expects native on-chain creation and redemption of money market funds and stablecoins, which today only happens during operating hours.
Institutions remain cautious though. Rooz compared the hesitation to banks' early resistance to online banking.
"We also as an industry need to prove that we can operate what we would call systemically critical infrastructure," Rooz said. "When that happens, you're just going to see these assets issued natively into these networks."
Until then, tokenized Treasuries will keep running alongside the old system rather than replacing it.
This story was originally published by TheStreet on Nov 9, 2026, where it first appeared in the Policy section. Add TheStreet as a Preferred Source by clicking here.
