S&P Dow Jones Indices, a division of S&P Global that tracks more than 125,000 benchmarks used in global investment markets, has partnered with Caico, a digital asset data infrastructure company, to bring the iBoxx U.S. Treasury Index to the Canton Network, making it the first major financial benchmark to be issued as a native blockchain asset.
The Index is not a tradeable or investable product. The companies say it will be issued as a non-fungible token with data distribution, licensing rights and permissions built directly into its structure.
Although not investable, institutional users authorized by S&P DJI can access end-of-day and intraday data, corporate activities, and automated compliance features through a single token.
The system also introduces lifecycle controls, usage tracking, and streamlined reporting capabilities to reduce operational burden. This move is in line with the growing role of US Treasuries as core collateral in blockchain-based finance. This signals a widespread shift to programmable blockchain-native infrastructure for institutional financial markets.
Cameron Drinkwater, Chief Product and Operations Officer at S&P Dow Jones Indices, explained the decision to tokenize the iBoxx U.S. Treasury Index, highlighting that the growing role of U.S. Treasury securities as on-chain collateral is driving demand for high-quality index data that can be accessed directly on blockchain networks.
“Our partnership with Kaiko will allow us to bring the iBoxx US Treasuries Index on-chain with the same intellectual property protection and licensing standards that our clients rely on in traditional markets, while enabling new efficiencies and expanded revenue opportunities,” Drinkwater said.
As Kaiko CEO Ambre Soubiran pointed out, iBoxx’s native on-chain availability will allow asset managers, exchanges, and decentralized finance protocols to reference institutional-grade benchmarks without the cumbersome off-chain integrations that have traditionally characterized such efforts.
“With the S&P Dow Jones Indices, Silkworm has built something the market has never seen before: a financial benchmark that is tokenized as a programmable, permissioned data asset with built-in compliance and licensing,” Soubilan said. “This fundamentally changes the economics of building index-linked financial products on distributed ledger networks.”
S&P DJI is extending the index into a digitally native environment, making it programmable, on-chain, and available for real-time trading.
Earlier this month, the team announced a partnership with Trade(XYZ) to launch the S&P 500 as a perpetual contract for Hyperliquid.
