DRW and Marex complete first OTC swap using a tokenized S&P index on blockchain

First tokenized index swap completed on blockchain

Trading firms DRW and Marex have completed a first-of-its-kind over-the-counter (OTC) swap that references a fully tokenized S&P index on blockchain infrastructure.

The total return swap ran on Derivnex's Canton-based platform. It references the S&P iBoxx USD Liquid Investment Grade Index, a bond benchmark. Kaiko created the tokenized version of the index and supplied official index values for ongoing trade valuation.

S&P Dow Jones Indices described the deal as the first OTC derivative referencing a fully tokenized index built on blockchain, which is a shared digital ledger used to record transactions.

What S&P and Derivnex say

The companies said the transaction shows how blockchain rails could link benchmark data, licensing, and derivatives management in a single workflow. S&P DJI said this could streamline traditionally fragmented institutional trading processes.

Cameron Drinkwater, chief product operating officer at S&P DJI, said the deal pairs a flagship index with controlled digital distribution through Kaiko, extending the iBoxx credit franchise into on-chain finance.

Derivnex CEO George Harrington said the platform gives counterparties a common digital representation of a trade from affirmation through its full lifecycle, while maintaining confidentiality through Canton's shared infrastructure.

Broader context on tokenization

Last December, the Depository Trust & Clearing Corporation (DTCC) allowed participants to convert DTC-held U.S. Treasuries into blockchain tokens as part of a 2026 pilot using ComposerX and the Canton Network. Canton has also processed more than $350 billion in daily U.S. Treasury repo volume, according to the sources.

The move comes as traditional financial data providers expand into tokenized markets. S&P Global recently led a strategic investment in Kaiko, extending the crypto data provider's Series B funding round to $110 million.

What is confirmed

• DRW and Marex completed an OTC total return swap referencing a tokenized S&P iBoxx index on the Canton Network via Derivnex's platform.
• Kaiko tokenized the benchmark and supplied official index values for trade valuation.
• S&P DJI called it the first OTC derivative referencing a fully tokenized index on blockchain infrastructure.
• DTCC ran a 2026 pilot converting DTC-held U.S. Treasuries into blockchain tokens using ComposerX and Canton.
• Canton has processed more than $350 billion in daily U.S. Treasury repo volume.
• S&P Global led a strategic investment in Kaiko, bringing its Series B to $110 million.

What is still unclear

The sources do not disclose the size or notional value of the DRW-Marex swap, the specific terms of the derivative, or whether other institutions have expressed interest in similar tokenized index trades.

Why this matters for crypto and finance

The transaction represents a step toward traditional financial benchmarks being used directly on blockchain networks. If widely adopted, linking benchmark data, licensing, and derivatives management could reduce friction in institutional trading workflows that currently rely on multiple disconnected systems.

What happens next

No announced timeline or next steps were provided in the sources.

Sources

• The Block

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