Benchmark data from the U.S. Treasury market was tokenized as non-investment, non-fungible tokens (NFT) for use in digital financial products.
S&P Dow Jones Indices, a joint venture of S&P Global and CME Group, together with on-chain data provider Kaiko, announced the tokenization of the iBoxx U.S. Treasuries benchmark index family, one of the key reference points in the traditional Treasury market. The new instrument is deployed on the Canton Network and is intended for use in digital financial products.
iBoxx U.S. Treasuries is a family of indices that reflects the performance of the U.S. Treasury market. It includes benchmarks grouped by maturity and other parameters, widely used by institutional investors to assess the state of the debt market and manage investment portfolios.
The tokenized index is represented as an NFT that doesn’t constitute an investment asset. The tokens include index data, as well as licensing and access control mechanisms. Holders of licenses from S&P will be able to access end-of-day index values, intraday pricing, and corporate action data through a single token.
The project could serve as a foundation for migrating other market indices to an on-chain format. At the same time, S&P retains full control over data distribution and intellectual property protection, and token issuance is carried out strictly in an authorized manner. The company notes that U.S. Treasuries are becoming foundational collateral for financial operations in blockchain environments, and demand for such data is growing.
According to Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices, bringing the index into the blockchain ecosystem opens new revenue streams and improves data efficiency. Kaiko CEO Ambre Soubiran emphasized that index tokenization is reshaping the economics of financial product creation by enabling 24/7 data access and simplifying operations on distributed ledgers.
In December 2025, global index provider FTSE Russell for the first time deployed its equity and FX indices into a blockchain ecosystem using Chainlink technology, providing data access to more than 2,000 decentralized apps.
