Broadridge says its distributed-ledger repo platform processed an average of $359 billion a day in September. The system uses blockchain to coordinate collateral, not to replace the banking system, and it cannot remove the risks of borrowing.
Broadridge, a financial technology company, says its distributed-ledger repo platform processed an average of $359 billion a day in September, or $7.5 trillion across the month. The system helps institutions finance securities, move collateral, and sometimes borrow for a few hours instead of the usual overnight repo borrowing.
Not every transaction it processes is an intraday loan, however. The numbers measure activity rather than loans outstanding.
Tokens track the securities, not the cash
A repo is a repurchase agreement. One institution temporarily sells securities, often government bonds, to another in exchange for cash, and agrees to buy them back later at a slightly higher price that reflects the cost of borrowing.
Broadridge's system, usually shortened to DLR, gives participants a shared record of the deal. Underlying securities stay in established custody arrangements and are represented by digital tokens that let the system transfer rights to the collateral.
The cash side looks conventional. The cash leg runs through conventional payment systems, while the ledger tracks the securities and the obligations attached to the deal. Broadridge also expanded DLR to securities from G7 markets in September.
Volume has not climbed steadily in 2026
Broadridge's reported daily average was $365 billion in January, $362 billion in February and May, and $359 billion in September.
That is a decline of about 1.6% from January to September, even though Broadridge's press releases described large increases compared with the same months in 2025. The four public observations do not show a steady climb in daily volume throughout 2026.
Where the savings come from
In a Broadridge-published white paper, Société Générale's Michael Walsh described eliminating spreadsheet work and almost $1 million in annual operating costs. He estimated that daylight-overdraft charges had fallen to zero on four out of five days.
Broadridge and consultancy Finadium also modeled a benefit for liquidity buffers. If 15% of a bank's intraday funding used DLR, the required buffer could fall by an estimated 8% to 17% under their assumptions.
Faster settlement does not solve every problem, though. If a lender wants more collateral or refuses to renew a deal, the software cannot produce the missing bonds, and the borrower must still find another lender, draw on available funding, or sell assets.
Source: CryptoSlate
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