Tradeweb Markets Inc. completed the industry’s first fully electronic, on‑chain auction for brokered certificates of deposit (CDs) on December 15 2025, marking a significant milestone in the digitization of a traditionally manual market.
The inaugural auction matched Gateway First Bank with InspereX on Tradeweb’s retail platform, with the transaction executed on the Alphaledger blockchain. The use of blockchain technology enabled a transparent, tamper‑proof record of the trade and demonstrated Tradeweb’s capability to bring complex fixed‑income products onto a fully electronic, on‑chain infrastructure.
Brokered CDs represent a sizable market, with outstanding volume estimated at $820 billion and year‑to‑date issuance of $566 billion through October 2025. Only about 25 % of U.S. banks issue brokered CDs, so the new platform opens a large, largely untapped pool of liquidity to Tradeweb’s electronic trading network and offers issuers, distributors and investors greater transparency and faster execution.
Tradeweb’s expansion into the brokered CD market aligns with its broader strategy to grow fixed‑income electronification and generate new fee revenue. John Cahalane, Head of Tradeweb Retail, said the on‑chain auction “demonstrates our commitment to modernizing fixed‑income markets and delivering a more efficient, transparent trading experience for all participants.”
Tradeweb’s recent financial performance underscores the strategic fit of the new initiative. Q3 2024 revenue reached $448.9 million, a 36.7 % year‑over‑year increase, while Q3 2025 revenue rose to $508.6 million, a 13.3 % increase. Revenue is driven by the Rates, Credit, Equities and Money Markets segments, with the new brokered CD platform expected to reinforce the Rates and Money Markets mix and support continued fee growth.
The partnership with Alphaledger, a blockchain specialist that has tokenized other regulated assets, positions Tradeweb to capitalize on the broader trend of on‑chain finance. The company’s focus on scaling electronic markets, strategic acquisitions, and disciplined cost management provides a solid foundation for the new platform to generate incremental revenue while maintaining profitability.
By launching the first on‑chain auction for brokered CDs, Tradeweb signals its commitment to modernizing fixed‑income markets, expanding its fee base, and reinforcing its leadership in electronic trading infrastructure.
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