Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets,  announced that it completed the industry’s first fully electronic auction for brokered certificates of deposit (CDs). The inaugural transaction took place on Tradeweb’s retail platform between Gateway First Bank and InspereX, and was executed on-chain, powered by Alphaledger’s blockchain technology.

The auction represents a key step toward modernizing a market that has long relied on manual processes and weekly pricing set by a limited group of dealers. Although outstanding brokered CD volume is significant, only about 25% of U.S. banks currently issue brokered CDs, highlighting the opportunity to expand participation, improve transparency and increase efficiency across the ecosystem.

John Cahalane, Head of Tradeweb Retail, commented: “This inaugural transaction marks an important step toward building more modernized, electronic, on-chain markets. By digitizing the brokered CD auction process, we are expanding access and transparency to improve execution for issuers, distributors and investors. The future of finance is increasingly moving on-chain, and this innovation opens new pathways for market participants to engage with these products.”

Brokered CD issuance year-to-date through October 2025 amounts to approximately $566 billion, while total outstanding is estimated at about $820 billion. Brokered CDs offered to individual retail investors are FDIC-insured up to $250,000, with potential for broader FDIC coverage as more banks enter the marketplace. For corporate treasurers, this electronic auction introduces added flexibility for yield optimization and diversification through a streamlined digital process.

Manish Dutta, Co-founder and CEO at Alphaledger, said: “By recording each auction event as an instantaneous, immutable and cryptographically verified entry, our digital infrastructure removes the need for manual reconciliation and reduces reliance on third-party verification. This digital workflow enhances efficiency, strengthens price discovery and creates a more robust, auditable trail for the entire issuance process. We’re proud to support this important step toward a more modern and transparent fixed income market.”

Jonathan Wallace, Chief Financial Officer at Gateway First Bank, said: “We’re pleased to participate in the first on-chain auction for brokered CDs. This initiative reflects our commitment to bringing new efficiencies to this market. We see blockchain technology as a tool that can foster a more connected and transparent ecosystem, ultimately benefiting both issuers and investors.”

John Tolar, Head of Fixed Income and Institutional Sales at InspereX, said: “We have long focused on using technology to open markets and expand investor choice. This collaboration brings the advantages of blockchain technology to the brokered CD market, giving investors greater access, transparency and confidence through a more secure digital process.”

Tradeweb’s retail platform facilitates over $5.35 billion in average daily trading volume¹ and averaged more than 260,000 unique CUSIPs on the platform during the month of November 2025. Connected to the world’s largest wealth management firms, the platform delivers enhanced price transparency and deep retail liquidity across the wealth management community.

Source: Tradeweb