- Canton Network is powering some of Wall Street’s boldest on-chain ventures, handling over $300 billion daily in volume.
- Broadridge dominates the on-chain activity, with its distributed ledger repo enabling instant settlement.
With all the talk of Wall Street finally embracing blockchain technology, the assumption has been that it’s established networks like Solana and Ethereum (or its dozens of Layer 2s) that would dominate. However, the star of the show has been a less glamorous option that was built specifically to target traditional finance: the Canton Network.
As one crypto expert recently revealed, the Canton Network has been quietly bringing trillions of dollars on-chain over the past few years, building relationships with some of the world’s largest financial giants, and introducing Wall Street to the power of blockchain technology. The expert, who’s an executive at NEAR Protocol-powered R&D firm Proximity Labs, revealed that the network has been processing up to $300 billion in daily volume for regulated financial institutions.
The main pillar of Canton’s epic rise is Broadridge, one of the world’s largest financial market infrastructure providers, processing over $15 trillion daily. The company built its distributed ledger repo (DLR) on Canton in 2023, offering users of its repo market instant collateral settlement. This DLR now processes around $6 trillion a month (or $300 billion daily).
As the expert notes:
“Is this the same as swapping a token on Uniswap, trading on Hyperliquid, or sending USDC around? It does feel a bit less like that, and more like “accounting”, but the economic value is the same.
So the value is real, and any time these contracts settle, or banks talk to one another, there are real fees being paid.”
DTCC’s $100 Trillion Assets Coming to Canton
Canton was built by Digital Asset, a company founded by Wall Street veterans to target regulated blockchain use. Its platform is built using DAML, a programming language purpose-built for financial contracts, enabling privacy by default. Unlike public blockchains that are built on transparency, DAML enables users to transact while keeping their details private, a critical feature in Wall Street and traditional finance. In September, it partnered with Chainlink for its oracle network, as we reported.
This privacy-first model has attracted the world’s largest clearing and settlement entity: the Depository Trust and Clearing Corporation (DTCC). As CNF reported, DTCC selected Canton as its tokenization partner after a no-action letter from the US SEC gave the company the green light it needed.
DTCC has over $100 trillion in assets under custody, and bringing this on-chain with DTCC would automatically make it the leading on-chain ecosystem.
The expert concluded:
“So, Canton has been the first one here that managed to coordinate all these giants together and create a chain that is private and good enough for all of them to use.”
Canton trades at $0.1551, and while it has traded sideways in the past day, it has surged 100% in the past month for a $5.73 billion market cap.
Credit: Source link
