In November 2025, Tradeweb Markets reported record total trading volume of US$56.80 trillion and average daily volume of US$2.90 trillion, alongside completing the industry’s first fully electronic on-chain auction for brokered certificates of deposit using Alphaledger’s blockchain technology. These milestones underline how Tradeweb is deepening the electronification of fixed-income markets and using blockchain to streamline traditionally manual workflows in bond trading.
Tradeweb’s on-chain CD auction ties directly to its broader push into digital assets and tokenization, including its on-chain publication of FTSE U.S. Treasury Benchmark Closing Prices with Chainlink. The company views these developments as a longer-term catalyst for workflow automation, data products, and blockchain-enabled services that could capture a larger share of its business mix.
Investors should note potential margin implications, as fee pressure on core products could weigh on profitability if trading growth slows and operating costs rise. Nevertheless, the record volumes demonstrate a compelling electronification narrative for fixed-income markets and suggest Tradeweb remains a central venue in the transition away from voice trading.
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