S&P puts U.S. Treasury index on-chain…a signal of Wall Street’s data-infrastructure shift

S&P Dow Jones Indices has moved to shift traditional financial data on-chain by putting a U.S. Treasury index on a blockchain in token form.

According to Cointelegraph on the 31st (local time), S&P Dow Jones Indices said it implemented the “iBoxx U.S. Treasury Index” in tokenized form on the Canton Network.

The project was carried out in collaboration with digital-asset data firm Kaiko. Kaiko provided the technical infrastructure that enables index data to be issued and accessed on a blockchain.

The iBoxx U.S. Treasury Index is a flagship bond benchmark that tracks the performance of U.S. Treasuries across a range of maturities and is used by institutional investors and financial products as a reference indicator.

However, the tokenized index is positioned as data infrastructure rather than a direct investment product. It was designed so financial institutions can directly link benchmark data—such as prices and index levels—to blockchain-based systems.

S&P plans to set access permissions for the token to control eligible users. The strategy is to maintain the existing data-licensing model while expanding usability in an on-chain environment.

The two companies said they could expand on-chain implementation to other indices in the future. They added that U.S. Treasuries are becoming core infrastructure as their use as collateral assets increases in digital finance markets.

Canton Network is an institution-focused public blockchain, with Goldman Sachs and Citadel among participants, and more than 600 institutions and validators taking part in the network.

Meanwhile, the industry says U.S. Treasuries account for the largest share of the tokenized-asset market, estimated at about $27 billion. Of this, more than $12.5 billion in Treasuries has been issued in on-chain form.