TLDR
- Bloomberg partners with Kaiko to deliver licensed financial data infrastructure directly into blockchain environments
- Initial deployment focuses on tokenized US Treasury bonds and repo markets using the Canton Network
- The collaboration addresses data consistency challenges plaguing tokenized asset markets
- The service caters to banks and asset managers operating in institutional finance
- Current valuations place the tokenized RWA market at approximately $25 billion when stablecoins are excluded
Bloomberg has formed a partnership with Kaiko, a digital asset data provider based in Paris, to deliver licensed financial data directly into blockchain environments. The companies unveiled their collaboration this past Thursday.
The initiative seeks to make pricing information, security identifiers, and reference data accessible within blockchain infrastructure. Traditionally, this information has resided in conventional, offchain database systems.
The partnership addresses a significant challenge facing tokenized markets. Financial institutions frequently work with different versions of identical data, resulting in scenarios where one bank might value a Treasury bond at a different price point than its counterparts.
These discrepancies generate reconciliation burdens and elevate the potential for operational errors. Through the deployment of a unified, licensed data source on blockchain networks, both organizations believe market participants will be able to access identical datasets.
The initial deployment centers on tokenized US Treasury bonds and repo markets. These markets function on the Canton Network, a permissioned blockchain infrastructure developed for institutional financial applications.
Kaiko introduced its data on-ramp service for the Canton Network during August. The integration has since grown through the Bloomberg partnership.
The platform serves banks, asset managers, and regulated financial institutions. Retail crypto traders fall outside the intended user base.
Data Reliability Has Been a Known Problem
Concerns regarding data accuracy within tokenized real-world asset markets have persisted for some time. Chris Yin, co-founder of RWA platform Plume, suggested in May that actual market size might be significantly smaller than published figures indicated.
Yin’s calculations placed the true market size at roughly half of what leading data aggregators were reporting during that period. Present estimates value the tokenized RWA market at around $25 billion when stablecoins are removed from the calculation, based on RWA.xyz data.
Ambre Soubiran, CEO of Kaiko, emphasized that institutional-grade data forms the foundation for properly functioning markets. She characterized the Bloomberg partnership as an extension of traditional market data infrastructure into the realm of tokenized securities.
Kaiko’s Expanding Role in Digital Asset Data
Kaiko has been building its market position within digital asset data services. During 2024, the company completed its acquisition of Vinter, a European crypto index provider.
This acquisition bolstered Kaiko’s capabilities in regulated benchmark and index services throughout Europe. The Bloomberg collaboration represents another strategic move in this direction.
Within tokenized markets, consistent pricing data performs a critical function. Numerous tokenized assets serve as representations of real-world instruments such as Treasury bonds, making accurate data essential for ensuring the onchain version properly reflects the underlying asset.
The Canton Network, which hosts this service deployment, was built specifically for institutional financial use cases. The network operates on a permissioned basis, with controlled access rather than open participation.
The partnership demonstrates broader trends among traditional financial data providers seeking to expand their presence in blockchain-based infrastructure. Bloomberg’s licensed data maintains widespread adoption throughout global financial markets.
