Wall Street’s Blockchain Projects Target Funds, Swaps and Wallets

Blockchain projects are entering institutional finance through a completed derivatives trade, a new connection for tokenized funds and planned wallet tools for the XRP Ledger, showing distinct stages of deployment in workflows used by U.S. markets.

On Oct. 13, trading firms DRW and Marex completed an over-the-counter (OTC) total return swap through Derivnex, a derivatives platform built on Canton Network. The contract referenced the iBoxx USD Liquid Investment Grade Index, a corporate-credit benchmark Kaiko tokenized on Canton. An OTC swap is a privately negotiated contract that gives counterparties exposure to an index without requiring them to own it outright.

Derivnex recorded the contract’s terms in a Canton smart contract. Kaiko distributed signed official index values for valuing the position. The trade referenced the tokenized index; connections linking positions to digital cash and collateral on Canton are planned as future functionality.

Oasis Pro Markets, an Ondo Finance subsidiary, joined the Depository Trust & Clearing Corporation’s (DTCC) Fund/SERV network on Sept. 16 as its first tokenization platform member. Fund/SERV processes more than 85% of U.S. mutual fund transaction activity. Membership connects Oasis Pro with fund companies, wealth platforms and service providers for account data, confirmations, reconciliation, distributions, tax reporting and regulatory reporting. It gives Ondo’s tokenized funds a route to traditional distributors, while distribution through the network remains a future step.

“Interoperability between traditional infrastructure and digital asset ecosystems will be critical to achieving scale and broad market adoption,” said Talia Klein, DTCC managing director and head of wealth and investment solutions.

Privy and Ripple plan to bring programmable wallet infrastructure to the XRP Ledger (XRPL). The planned integration would let developers establish and manage wallets and authorize transactions involving XRP, Ripple USD (RLUSD) and other XRPL assets. The planned tools include support for x402, a standard that uses the HTTP 402 “Payment Required” status to request payment for online services.

The XRP Ledger has more than 8 million funded accounts and has moved $1 trillion in value over more than 14 years. Those are networkwide figures, not usage totals for Privy’s planned integration.