Introducing Temple RFQ: Cash, Fixed Income, and Repo Markets

Temple now provides institutional cash management, securities trading, and financing in one trading venue.

Today we're announcing the public release of Temple RFQ, our institutional request for quote platform built natively on Canton.

Temple RFQ was used to execute live production trades involving DTC-tokenized securities in July 2026. Since then, we've expanded the platform to support three RFQ markets: Cash, Fixed Income, and Repo.

With Temple RFQ, Institutions can:

• Trade U.S. Treasuries. Buy and sell DTC-tokenized U.S. Treasuries through competitive RFQ markets on the regulated TDG ATS.
• Finance U.S. Treasury positions. Borrow or lend cash against tokenized U.S. Treasuries through Temple Repo.
• Lend stablecoins in repo. Lend stablecoin balances against eligible collateral, from intraday to term.
• Trade tokenized money market funds. Move between cash, tokenized cash equivalents and other assets through Temple's CLOB.

These markets are explicitly designed to work together. Now, an institution can acquire an asset on Temple, finance that asset through Temple Repo, use the resulting cash elsewhere, and unwind the financing when it is no longer needed.

By pairing Temple RFQ with our Central Limit Orderbook, we are able to offer an institutional cash management, securities trading, and financing venue built natively on Canton.

Buy a Treasury, then finance it

In traditional markets, execution and financing are closely connected.

For example, a hedge fund buying a security through a dealer may simultaneously need financing for the position, a market maker providing liquidity may need to borrow inventory, or a treasury desk holding excess cash may need somewhere to deploy until the cash is required again.

These functions normally sit across different desks, counterparties, custodians, and systems.

On Canton, they can become composable and part of the same market.

Temple's goal is to provide the infrastructure through which an institution can trade an asset and finance that asset without moving it into venue custody or waiting for a separate settlement cycle. The result is a market in which assets are not simply tokenized, they also become usable capital.

Consider the scenario where a fund wants to purchase $10 million of U.S. Treasuries.

It requests prices through Temple Fixed Income RFQ and executes against the best firm quote.

The Treasury and cash settle atomically.

Instead of leaving the $10 million Treasury position fully funded, the fund can then enter Temple Repo and finance the securities against a liquidity provider.

The fund retains economic exposure while releasing cash for another investment.

When the financing matures, the repo unwinds and the Treasury returns.

In this workflow, execution and financing take place through the same venue.

Put stablecoins to work

A treasury desk receives $25 million of stablecoins but does not need the balance until later in the day.

Rather than leave the cash idle, the desk can lend through Temple Repo against eligible collateral.

The trade settles atomically. The desk receives collateral against the cash it has lent and earns repo interest for the period the capital is deployed.

When the cash is required again, the repo unwinds.

The same model can apply overnight, across a weekend, or for a negotiated term.

Temple's existing cash-management workflows already support such a model: incoming stablecoin balances can be lent against Treasuries and residual balances can be swept into repo programmatically.

Finance inventory to make a market

The same financing model does not have to stop with U.S. Treasuries.

Consider eXAU, the physically backed gold token available on Temple.

A trader owns $100,000 of eXAU and wants liquidity without selling the position.

A market maker wants eXAU inventory to provide liquidity on Temple but does not currently own the asset.

The two can meet through repo.

Assume the market maker finances the position at an 8% annualized rate with a 10% haircut for 90 days.

The trader delivers $100,000 of eXAU and receives $90,000 of cash.

The market maker puts up $90,000, receives $100,000 of eXAU collateral and, subject to the terms of the transaction, can use that inventory to make markets on Temple while earning the agreed financing rate.

At maturity, the transaction reverses.

One participant receives financing against an asset it wanted to retain. The other obtains inventory it wanted to deploy.

The market creates its own balance sheet.

eXAU is available for trading through Temple today, making this a useful example of how the repo model can extend beyond traditional Treasury collateral.

Trade cash equivalents directly

An institution holding stablecoins may not want to remain in cash, but may also not want duration or directional market exposure.

Tokenized money market funds create another destination for that capital.

Through Temple, an institution can move from tokenized cash into a tokenized money market fund, and back again when liquidity is required.

Over time, this makes Temple less a collection of individual markets and more a venue for managing the full liquidity lifecycle: hold cash, deploy cash, acquire securities, finance securities, and trade out of positions.

How Temple RFQ works

Temple RFQ operates on the same infrastructure as our CLOB and connects directly with its liquidity. A single request reaches multiple liquidity providers. The liquidity requester executes the full size against the best firm quote.

Each stage is available through the Temple API or RFQ interface, allowing trading desks to automate the lifecycle from request through settlement:

1. Request. The liquidity requester sends one ticket to selected liquidity providers. The ticket specifies the instrument, size, and settlement terms.
2. Quote. Liquidity providers return firm, executable quotes in competition. The platform streams quotes to the liquidity requester in real time.
3. Execute. The liquidity requester accepts the best quote. Execution occurs at a privately negotiated price.
4. Settle. The asset leg and cash leg settle simultaneously through atomic delivery versus payment.

Built for trading desks

Temple RFQ is designed around the requirements of institutional trading desks: compliance, competition, discretion, and settlement.

Compliance. Best execution is not simply the best price available in the market. Trading desks and funds must execute within their defined set of venues, counterparties, assets, and settlement arrangements. Temple RFQ gives institutions competitive price discovery within a permissioned environment designed for regulated market participants.Competition. Quotes are firm and executable rather than indicative. Multiple liquidity providers can compete for the same transaction.

Discretion. The liquidity requester controls its counterparty list and can select disclosed or anonymous execution. Canton's sub-transaction privacy prevents quotes and trades from being broadcast across the network.

Settlement. The platform supports straight-through processing with atomic DvP. Both legs settle directly from the wallets of the counterparties.

Execution and settlement in one transaction

Temple RFQ combines execution and settlement in one atomic transaction.

In a conventional electronic RFQ, the venue executes the trade while settlement takes place later through custodians, clearing agents, and a settlement cycle. Each party carries counterparty and settlement exposure until both legs complete.

Many digital-asset venues solve this differently by requiring participants to prefund an account controlled by the venue or a third-party custodian.

Temple requires neither model.

Participants trade directly from their own wallets. Temple does not take custody of client assets. When a trade executes, Canton's synchronization protocol commits the asset and cash legs as a single transaction.

Both complete, or neither completes.

Canton's sub-transaction privacy means that the quote, size and counterparties remain visible only to entitled participants rather than to the broader network.

A market for the assets coming onchain

The significance of tokenization is not simply that an existing security can be represented on a network like Canton.

What is more important is what an institution can do with an asset once it is there.

Can it be traded?

Can it be financed?

Can it be used as collateral?

Can another participant borrow it to provide liquidity?

Can cash move into and out of the position without waiting for a traditional settlement cycle?

Temple is building Cash, Fixed Income, and Repo solutions to support the full capabilities and use cases for digital and tokenized assets. With our technical stack for capital markets, trading, financing and liquidity is now available in one venue.

Access

Temple Cash RFQ is available today to our institutional clients.

Fixed Income and Repo markets will become available alongside the assets and counterparties required to support them.

To request access to Temple RFQ, create an institutional account or contact us through templedigitalgroup.com.Securities trading on Temple is conducted through the TDG ATS, an alternative trading system operated by tZERO Securities, an SEC-registered broker-dealer and FINRA member. Temple provides the trading technology.