Tradeweb and Chainlink have announced a partnership that will publish Tradeweb’s FTSE U.S. Treasury Benchmark Closing Prices on-chain using DataLink, Chainlink’s institutional-grade data publishing service. This initiative is designed to make reliable, executable Treasury benchmark prices available to on-chain markets in real time, aiming to bridge the gap between traditional fixed-income markets and tokenized finance.
The collaboration seeks to provide institutions with enhanced flexibility and transparency when utilizing U.S. Treasury data, one of the most actively traded asset classes globally. By ensuring consistent accessibility of benchmark prices on blockchains, the partnership addresses a key need in the market. Tradeweb’s benchmark closing prices, which are registered under EU and UK Benchmark Regulation and serve as the official closing levels for FTSE’s World Government Bond Index, can now be published to on-chain applications without data owners needing to develop or maintain their own blockchain infrastructure.
Chris Bruner, Tradeweb’s Chief Product Officer, stated, "Tokenization represents one of the fastest-growing opportunities in our markets today, and our collaboration with Chainlink is a significant step forward in modernizing traditional financial markets through blockchain applications. By making our Tradeweb FTSE U.S. Treasury Benchmark Closing Prices available on-chain, we aim to unlock new opportunities for innovation and 24/7 access across the global financial ecosystem."
Chainlink co-founder Sergey Nazarov highlighted the deal as a crucial indicator for institutional adoption of tokenized products. "As one of the world’s leading electronic marketplaces used by institutional investors, I’m very excited about our collaboration with Tradeweb as it is a strong signal that the adoption of tokenized finance is accelerating," he commented.
Nazarov further explained that DataLink empowers Tradeweb to deliver institutional-grade market data on-chain. He believes this partnership can foster a new generation of tokenized funds and financial products that meet the reliability and compliance standards expected by institutions.
Advancing Tokenized Finance Adoption
DataLink leverages Chainlink’s robust oracle infrastructure to securely connect data providers with on-chain protocols. As a comprehensive service, DataLink allows data owners to publish market data to multiple blockchains without the need for new system deployments. Chainlink’s broader technology stack offers interoperability, compliance features, and the resilience that has supported a significant portion of the on-chain economy for over five years. Chainlink’s infrastructure has facilitated trillions of dollars in transaction value and actively secures nearly $100 billion in DeFi total value locked.
Tradeweb’s FTSE U.S. Treasury Benchmark Closing Prices are distinct from the firm’s composite price displays. While composite prices offer indicative market levels derived from aggregated quotes, the benchmark closing prices are based on executable pricing levels found on the Tradeweb platform. This data set encompasses a wide range of U.S. Treasuries, including notes, bonds, bills, STRIPS, and Treasury Inflation-Protected Securities, with benchmark levels recorded at both 3:00 p.m. and 4:00 p.m. New York time.
As the inaugural data publisher to adopt DataLink, Tradeweb joins a Chainlink ecosystem that currently supports over 2,000 on-chain applications, alongside major banks, asset managers, and infrastructure providers across approximately 60 public and private blockchains. For Tradeweb, which serves more than 3,000 clients in over 85 countries and recorded an average of over $2.4 trillion in notional value traded daily across the last four fiscal quarters, this partnership represents a practical entry point into tokenized markets and an expansion of its market-data services into continuously available, programmatic environments.
Market participants anticipate direct practical benefits, such as the ability for tokenized funds, automated settlement systems, on-chain derivatives, and various smart-contract-based products to reference a regulated, executable Treasury benchmark without the need for intermediary conversions or custom data feeds. In a market where price integrity and regulatory compliance are paramount, making benchmark closing prices available on-chain could accelerate the development of institutional-grade tokenized products and assure investors and protocol engineers that on-chain references accurately reflect real, executable market levels.
Tradeweb Markets Inc., founded in 1996, operates electronic marketplaces for rates, credit, equities, and money markets, offering trading, data, analytics, and post-trade services across more than 50 product types. Chainlink, recognized as the decentralized oracle standard, provides the essential connectivity required for many institutional tokenization initiatives. This partnership is poised to integrate traditional capital markets data into the evolving landscape of on-chain finance.