Vanguard

Vanguard, the US investment management company founded in 1975 and headquartered in Malvern, Pennsylvania, completed its first tokenized collateral trades on the Canton Network together with Wellington Management, announced by Digital Asset on August 24, 2026. In the test, shares of a money market fund were tokenized using Nasdaq technology and issued as digital tokens on Canton, then used as collateral through Nasdaq Calypso, the collateral management platform the firms already use. Standard margin calls were generated in Calypso, and the pledging party moved the tokens from its Canton wallet to the secured party's wallet, with settlement finality in real time and each firm's collateral inventory updated automatically in Calypso. The bilateral agreements between the parties were amended through targeted updates to recognize tokenized fund shares as eligible collateral, consistent with the approach recommended by ISDA. The firms used their existing margin, eligibility and post-trade processes, and neither has disclosed trade size or whether it will use tokenized collateral routinely.