Bloomberg and Kaiko announced on Thursday a joint initiative to make Bloomberg's licensed financial data - including security master data and evaluated pricing - accessible directly on-chain via Kaiko's data infrastructure, starting with tokenized U.S. Treasuries and repo workflows on the Canton Network.
The deal is the most prominent traditional finance data provider yet to attempt embedding licensed reference data inside a permissioned institutional blockchain.
The tokenized U.S. Treasury market has grown to approximately $10.8 billion in total value, up from $8.9 billion at the start of 2026, according to RWA.xyz data.
Canton, the permissioned blockchain backed by DTCC and other major financial institutions, is actively targeting that market - DTCC plans to tokenize DTC-custodied Treasuries on Canton in the first half of 2026, with a broader rollout expected in the second half.
What the Deal Does
Kaiko's data on-ramp service, launched on the Canton Network in August 2025, enables off-chain data providers to write their data on-chain while retaining intellectual property ownership, licensing controls, and auditability.
Under the Bloomberg arrangement, the same entitlement framework used in traditional data licensing will govern access - only licensed participants can retrieve Bloomberg data on-chain.
The operational problem the collaboration targets is straightforward: tokenized asset workflows currently rely on multiple data sources that can diverge in timing, pricing, or identifiers.
Those discrepancies create reconciliation disputes and manual intervention costs, a known friction point in any collateral management or repo settlement system attempting to operate at speed.
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Why the Canton Context Matters
Canton's architecture is privacy-preserving and permissioned, designed specifically to meet the compliance requirements of regulated financial institutions.
In July 2025, an industry group completed live 24/7 repo trades using tokenized Treasuries on Canton - the first such transactions executed outside traditional settlement windows.
Bloomberg data embedded in that environment would give participants a single verifiable pricing source for collateral valuation rather than relying on fragmented off-chain feeds.
Kaiko has been building data infrastructure for Canton since at least January 2026, when it partnered with FCA-regulated FX benchmark provider NCFX to deliver foreign exchange rates on-chain. The Bloomberg deal extends that model to fixed income reference data - a considerably larger and more consequential data category for institutional capital markets.
Both companies said the initiative is designed to expand to additional asset classes and use cases after the Treasury and repo phase, though no timeline or specific assets were disclosed.
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