Zenith joins Progmat's working group on tokenised JGBs and on-chain repos. The consortium aims to cut costs and free up collateral in Japan's $1.6tn repo market.
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The Canton Network infrastructure provider will contribute to a Japanese megabank consortium studying on-chain settlement of tokenised government bonds. Zenith, an Ethereum-compatible infrastructure layer built on Canton Network, has joined Progmat's Tokenised JGB / On-chain Repo Working Group, a consortium of Japanese megabanks and financial institutions, the companies said.
The group is exploring how tokenised Japanese government bonds can settle repo transactions on a shared ledger. Japan's repo market is roughly $1.6 trillion. The consortium said it aims to cut post-trade costs and free up collateral through on-chain settlement.
Zenith provides the privacy and permissioning layer. The network lets institutions transact without exposing positions to the full public chain. Progmat, backed by Mitsubishi UFJ Financial Group and other banks, has been building out Japan's tokenised asset infrastructure.
The working group plans to test the model with real JGBs and repo contracts. No timeline has been set for a broader rollout.
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