Tokenizing U.S. Treasuries With Don Wilson

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Jan 29, 2026

Don Wilson, founder of DRW and Cumberland and architect of the Canton Network, explains why institutional-grade tokenization matters. He discusses DTCC tokenizing U.S. Treasuries on Canton, how privacy and configurable permissioning enable institutional use, the impact on collateral and after-hours lending, and why Canton aims to scale real-world asset tokenization.

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INSIGHT

Privacy And Permissioning Are Institutional Must-Haves

Institutions want blockchain benefits but need configurable privacy and permissioning to avoid broadcasting sensitive ownership and trading signals.
Canton mixes permissionless decentralization with configurable privacy to meet those institutional requirements.

INSIGHT

DTCC Tokenizes Treasuries On Canton

DTCC plans to tokenize a subset of U.S. Treasuries on Canton, letting asset owners opt in to move holdings from DTCC's database to the chain.
This choice signals institutional validation and hints at broader tokenization of other asset classes.

ANECDOTE

Weekend Treasury Lending Example

Don describes putting a treasury on Canton on a Saturday, lending it out for USDC, and unwinding the trade the same day.
That example shows tokenized treasuries enable collateral conversion and lending during non-banking hours.

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In this episode of FYI – For Your Innovation, ARK’s Cathie Wood speaks with Don Wilson, a pioneer in crypto market infrastructure and the founder of DRW and Cumberland. They discuss the accelerating shift of traditional finance onto blockchains, focusing on the emergence of the Canton Network, a public permissionless blockchain designed for institutions—with privacy and permissioning at its core. Don unpacks why Depository Trust and Clearing Corporation’s (DTCC’s) decision to tokenize U.S. Treasuries on Canton marks a turning point in institutional adoption, how Canton balances decentralization with control, and what makes it uniquely suited for real-world asset (RWA) tokenization. The conversation covers stablecoins, the evolving role of private credit and equity, and how tokenization might reshape collateral, leverage, and capital efficiency. Don also offers sharp takes on Maximal Extractable Value (MEV) vs. payment for order flow, prediction markets, and whether we’re still in a “four-year crypto cycle.” A must-listen for those tracking the future of digital asset infrastructure.

Key Points From This Episode:

[00:00] Intro + Why tokenization matters: reducing costs, unlocking capital efficiency, and ARK’s thesis on blockchain infrastructure
[06:27] Don Wilson’s background, early crypto involvement, and the founding of Cumberland and Canton
[09:57] Why privacy and permissioning are essential for institutional blockchains
[13:44] DTCC's adoption of the Canton Network and the mechanics of tokenizing U.S. Treasuries
[25:05] Real-world benefits of tokenization: collateral mobility, after-hours lending, and stablecoin settlement
[29:23] Prediction markets: institutional vs. retail use cases and the importance of privacy on-chain
[35:13 – 37:23] Scaling Canton: new strategic investors and trillions in tokenized assets already on-chain
[37:25 – 47:34] Private equity and credit on-chain: implications for efficiency, leverage, and retail access
[47:34] MEV vs. payment for order flow: why Don believes MEV resembles illegal front-running
[48:18] Crypto market structure: October flash crash, ETFs, and institutional buyers in the current cycle
[55:10] Closing remarks