DRW and Marex have completed what Canton and S&P Dow Jones Indices describe as the first over-the-counter swap on Canton and the first OTC derivative tied to a fully tokenized benchmark.

The October 13 announcement says the trade was a total return swap between DRW and Marex executed through Derivnex. It referenced the S&P iBoxx USD Liquid Investment Grade Index, which Kaiko tokenized on Canton.

The important detail is what moved on-chain. The underlying corporate bonds were not tokenized. Instead, Kaiko created a tokenized representation of the benchmark data and supplied signed official index values used to value the swap. Derivnex represented the trade itself as a Canton smart contract so both counterparties can work from one synchronized record through the contract’s lifecycle.

Managing an OTC swap over its lifecycle requires multiple systems and ongoing reconciliation between counterparties.

Derivnex closed the first OTC swap on Canton, a total return swap between @DRWTrading and @MarexGlobal referencing an index @KaikoData tokenized on the network. pic.twitter.com/OtEUE5ZG8r

— Canton Network (@CantonNetwork) October 13, 2026

Canton Network summarized the live transaction between DRW and Marex and the Kaiko-tokenized index that powers its valuation.

One Record Instead of Constant Reconciliation

Traditional OTC swaps often require separate systems, bilateral messages and repeated reconciliation. The Canton model keeps the agreed trade terms and valuation workflow on a shared ledger while preserving bilateral privacy. S&P Dow Jones Indices independently confirmed the structure.

The transaction fits the broader move toward tokenized market plumbing. BitcoinVersus recently covered the SEC’s path for tokenized U.S. stocks, Solana’s delivery-versus-payment settlement program, and BNB Chain passing $1 billion in tokenized stocks and ETFs.

Global Blockchain Business Council and Digital Asset explain how Canton is designed for privacy-preserving institutional tokenization and synchronized financial workflows.

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