The US Treasury is exploring intraday repurchase agreements and distributed ledger technology to improve liquidity, as outlined in a presentation to the Treasury Borrowing Advisory Committee. The presentation notes that widespread adoption is years away and that the main challenge is incentivizing lenders, as the potential earnings for lenders are minimal compared with the amount lent.

Financial market technology has surpassed access to liquidity as the primary market structure concern for institutional traders, according to JPMorgan's 2026 e-Trading Survey. The survey notes that advances in artificial intelligence, blockchain and data usage are reshaping information processing and decision-making. JPMorgan's Kate Finlayson says that blockchain settlement, particularly in intraday repo, is enhancing efficiency by allowing minute-by-minute transactions, potentially making liquidity continuously available.

A DTCC-led test with Goldman Sachs, JPMorgan and Citadel Securities showed how digital US Treasurys could be used for collateral, repo borrowing and margin posting without changing the underlying government bond exposure. The initiative points to growing interest in tokenized market infrastructure, where faster settlement and programmable transfers could reshape how Treasurys move through funding and clearing systems.

A DTCC pilot of tokenized US Treasuries is raising hopes that trading firms could use interest-bearing collateral more like cash while cutting settlement delays in repo markets. The model could support cheaper, faster and potentially 24/7 financing, though adoption depends on market plumbing, legal certainty and operational readiness.

The Securities and Exchange Commission is preparing to advance two major crypto initiatives as the Clarity Act remains stalled in Congress. The SEC plans to consider a tailored offering regime for certain crypto-related investment contracts, and it is expected to unveil an innovation exemption for trading tokenized securities, potentially opening the door to 24/7 trading of stock tokens on blockchains.

FIS has introduced Project Keystone, a digital money network developed with US banks such as Citizens, Fifth Third and KeyBank. The network, built on FIS's Lyriq platform, enables banks to issue, transfer and settle digital bank deposits, enhancing real-time settlement and 24/7 availability.

The US Securities and Exchange Commission is working to support the implementation of the US Treasury Clearing Rule, which mandates clearing of certain US Treasury securities transactions. The SEC has also published a notice seeking comment on a potential exemption for margin calculations and has granted conditional exemptive relief for private funds using captive clearing subsidiaries.

The Bank of Korea has established an asset tokenization unit within its Digital Currency Office to explore the tokenization of government bonds through the Korea Digital Currency System as part of Project Hangang. The initiative could automate central bank operations, including margin calls and repo transactions, and enable 24/7 activities.