Digital Asset CEO says Treasury will issue bills on-chain within five years

Digital Asset co-founder and CEO Yuval Rooz predicts that the U.S. Treasury will begin issuing bills directly on blockchain rails within the next two to five years. Speaking at Token2049, Rooz emphasized that Treasuries serve as the foundational asset for global funding and repo markets, making them the logical starting point for native on-chain issuance. While current tokenized Treasury products rely on secondary markets, Rooz expects a shift toward native creation and redemption to overcome existing limitations like restricted operating hours. The Canton Network, which currently facilitates $300 billion to $400 billion in daily repo volume, is positioning itself to support this transition. Meanwhile, the Depository Trust and Clearing Corporation (DTCC) is already integrating by minting a subset of DTC-custodied Treasuries on the Canton blockchain. This evolution is critical for the RWA market as it moves from replicating traditional assets to building systemically critical infrastructure. Despite institutional caution, the integration of these assets into blockchain networks represents a significant step toward modernizing the $12.6 trillion U.S. repo market.