The International Capital Market Association (ICMA) has released a comprehensive 70-page report that chronicles every distributed ledger technology (DLT) repo test and transaction from 2017 to 2025. Released on June 4, 2026, the document does more than just record history; it outlines the specific infrastructure that facilitates trillions in tokenized settlements, revealing much of the hidden architecture that cryptocurrency traders have long speculated about.
The report, titled “DLT and Repo, Part I,” gains substantial credibility due to ICMA’s prominent status. Representing 630 members from major financial institutions—including Goldman Sachs, JP Morgan, BlackRock, and the Federal Reserve—ICMA is not merely a crypto research entity. Instead, it establishes the legal and market standards adhered to by leading banks, making the report a critical resource for every dealer and custodian.
Repo markets, which engage in approximately $10 trillion of daily collateralized borrowing, could see significant shifts in capital flow as indicated by the report. By naming vital platforms such as Chainlink, Canton Network, and Swift’s blockchain layer, it provides a clear roadmap of where institutional capital is headed.
The findings also reveal that only 34 publicized DLT repo pilots took place between 2017 and 2025. Many of these tests were confined to simulations or controlled environments, with the functioning market operating largely within two isolated pools: Broadridge’s Distributed Ledger Repo platform and JP Morgan’s Kinexys, both of which utilize Canton Network infrastructure.
A notable trend emerged in the second half of 2025, as Broadridge’s average daily processed volume surged from under $100 billion to an astounding $280 billion by August, ultimately exceeding $8 trillion in monthly repo transactions by early 2026. This stands in stark contrast to the peak total value locked across public decentralized finance (DeFi), which never surpassed $180 billion.
Canton Network has since evolved into a robust institutional settlement layer, now hosting approximately $6 trillion in tokenized real-world assets and connecting over 700 institutional organizations, including some of the world’s most prominent banks. JP Morgan’s Kinexys platform further contributes an additional $2 billion per day.
Adding to the momentum, in January 2026, the London Stock Exchange Group launched its Digital Settlement House (DiSH) on the Canton Network. This platform has gained substantial backing from 11 global banks, including giants like Bank of America, HSBC, and Deutsche Bank.
The ICMA report also highlights a significant innovation from Swift, which introduced a blockchain interlinking solution in November 2025. This system enables financial institutions to utilize existing Swift infrastructure and ISO 20022 messaging for digital asset transfers. The routing of these messages is orchestrated by Chainlink and governed by its Cross-Chain Interoperability Protocol (CCIP), which links over 70 blockchains and has actively processed more than $18 billion in cross-chain transactions in the first quarter of 2026.
Notably, banks no longer need to overhaul their infrastructures to utilize these advancements. They can maintain their existing Swift connections while sending standard messages, effectively creating a “plug-and-play” solution that integrates traditional finance with tokenized assets.
The report also addresses the economic factors driving institutional interest in DLT, particularly the issue of intraday settlements. Banks currently hold around $639 billion in idle cash to manage same-day payment timing mismatches. JP Morgan’s analysis indicates that using distributed ledger technology can reduce intraday borrowing costs by more than half, providing a compelling reason for institutional players to expedite their migration towards this new technology.
Overall, while the report does not single out one superior network, it emphasizes interoperability as a critical architectural focus, as banks are increasingly using Swift, Chainlink, and Canton Network to facilitate their settlements and operations. The findings provide a verified, institution-grade blueprint outlining how trillions are transitioning to crypto infrastructure, showcasing a convergence of traditional finance with blockchain technology.
The upcoming Part II of ICMA’s analysis is anticipated to delve into regulatory and legal classifications, which could further bolster adoption of these technologies. Until then, the document serves as an invaluable resource for stakeholders in the financial sector, detailing a transformative shift toward innovation in capital markets.
