One of the biggest changes in U.S. financial markets over the next year isn't getting much attention, but it should be! Mandatory central clearing for the U.S. Treasury market is approaching, with implementation deadlines at the end of 2026 for cash Treasuries and mid-2027 for repo transactions. According to DTCC's latest industry survey • Over $1.2 trillion in Treasury cash activity is already clearing through FICC. • Firms have largely shifted from planning to execution as they prepare for the new requirements. • Approximately one-third of respondents expect to offer Treasury clearing services to clients, expanding market access. This isn't just a regulatory update. It's one of the most significant market structure changes in decades, designed to improve transparency, reduce counterparty risk, and strengthen the resilience of the world's largest government bond market. As the Treasury market modernizes, expect more innovation around collateral management, settlement, and tokenization. The infrastructure supporting global finance is being rebuilt one layer at a time. @CantonNetwork @StellarOrg