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According to Cointelegraph, blockchain solutions provider Digital Asset and the Depository Trust & Clearing Corporation (DTCC) have successfully completed their US Treasury Collateral Network pilot project on the Canton Network. The initiative involved 26 market participants and facilitated 100 transactions using tokenized 'digital twins' of Treasury bonds (USTs) across four use cases. The project aimed to demonstrate transaction flows and scenarios, including cases of default, using the Canton Network Global Synchronization and DTCC LedgerScan features.In the first use case, a digital twin of real-world assets (USTs) was created for an investor and registered with the central security depository. This digital twin could be used for trading, lending, or collateral purposes. The second use case involved encumbering the tokenized UST assets in response to a margin call, with the collateral transferred in an atomic transaction visible in real-time. The third scenario saw the investor calling for the return of their margin, which was settled instantly, a process that typically takes a day or longer. In the final case, the investor defaulted, and the counterparties informed the custodian to seize the encumbered USTs. The margin app operator computed the quantities to transfer, ensuring the transfer of ownership was fully traceable and auditable on the Canton Network.The pilot project utilized sovereign blockchains on the Canton Network, launched in June 2023 by Digital Asset and several large financial institutions. The network ensured instantaneous transactions while allowing each party to maintain control over their data and privacy. DTCC tracked and reconciled changes to tokenized and underlying holdings across the market. The concept of digital twins was adopted by the Commodity Futures Trading Commission’s Global Markets Advisory Council for Digital Asset Markets Subcommittee earlier in 2024. The project report highlighted that fulfilling claims on an asset is governed by the Uniform Commercial Code (UCC) and can vary depending on blockchain technology. In this pilot, securing such claims was integrated into the app code, workflow, and legal contract.