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Zenith, the builder of Ethereum-compatible digital asset infrastructure on Canton Network, has joined Progmat's Tokenized JGB / On-chain Repo Working Group — a Japanese megabank-backed initiative targeting the country's $1.6 trillion government bond repo market.
The move positions Zenith inside one of the highest-profile institutional tokenization efforts in Asia, with Progmat serving as the convening body for major Japanese financial institutions exploring on-chain settlement of government bond collateral.
What the Working Group Is Targeting The Progmat Tokenized JGB / On-chain Repo Working Group is focused on bringing Japan's government bond repurchase market onto distributed ledger infrastructure.
The JGB repo market, at $1.6 trillion, is among the largest short-term funding markets in Asia, routinely used by banks, insurers, and asset managers to manage liquidity against high-grade sovereign collateral.
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