[[TAKEAWAYS]] - Tradeweb’s on‑chain Treasury trade shows institutional appetite for blockchain‑based settlement of sovereign debt. - Canton Network is emerging as a layer‑2 platform that can streamline Treasury clearing and reduce counterparty risk. - The move dovetails with other institutional settlement pilots, such as Binance‑Anchorage’s off‑exchange system. - Retail crypto holders may benefit from greater market transparency and potentially lower settlement costs