Canton Network achieves 79% private transaction updates for institutions

Sub-transaction privacy for institutions

Canton Network is a public layer-1 blockchain from Digital Asset that shares transaction data only with the parties involved in each trade. Most blockchains allow anyone to see every transaction, balance, and smart contract call. Banks and asset managers cannot work that way because they must protect client data and trading positions from competitors. Canton uses Daml smart contracts to specify exactly which parties act as signatories or observers on each contract. This mechanism ensures each participant’s node receives only the parts of a transaction it actually handles. In November 2026, CantonScan reported that 79% of updates on the network were private. The Global Synchronizer Foundation, an independent body hosted by the Linux Foundation, governs the network via a group of Super Validators. This structure allows assets like Treasuries, stocks, and stablecoins to move between nodes through atomic settlement, meaning both legs of a trade move at the same moment. Digital Asset, a New York company founded in 2014, launched the network in May 2023 with a pilot group including Goldman Sachs, Deloitte, and Microsoft. The firm is a network of networks where each institution runs its own validator node and applications, and each node stores only the data relevant to it. Digital Asset raised $355 million in June 2026 in a round led by a16z crypto, following a $135 million round in June 2025.

Institutional adoption and production trades

DTCC launched its tokenization service on Canton and its private Besu network on October 28, 2026, starting with 25 securities from Russell 1000 stocks, major ETFs, and Treasuries. This deployment followed production trades in July 2026 where DTCC processed DTC-tokenized U.S. Treasuries and equities on the network. In October 2026, trading firms DRW and Marex executed the first OTC derivative referencing a fully tokenized index, which was a total return swap on an iBoxx investment-grade benchmark that data firm Kaiko tokenized on the Canton Network. This trade ran on Derivnex, an institutional derivatives platform built on Canton. J.P. Morgan’s Kinexys plans to issue its JPM Coin (JPMD) deposit token on Canton in phases throughout 2026. Other participants include World Liberty Financial, which launched its USD1 stablecoin on Canton in August 2026, and Ekiden, which launched its order book-based derivatives exchange on mainnet in August 2026. Payments giant Visa joined as a Super Validator in March 2026, Franklin Templeton joined in August 2026, and the London Stock Exchange Group joined in September 2026. Shinhan Asset Management also became the first Korean financial institution approved as a Super Validator in September 2026. Broadridge also uses the network for its DLR platform to settle large volumes of intraday repo trades, and Fireblocks added support for Canton. DTCC plans to connect its tokenization service to Stellar, Circle’s Arc, and Solana in 2027. Expansion in Asia continues with deals signed by Shinhan Financial Group, Hanwha Investment & Securities, LG CNS, and Meritz Securities.

Token mechanics and regulatory status

The network uses Canton Coin (CC) to pay fees, but the supply of the token does not shrink because the network burns only 80% as much CC each day as it mints. This burn rate stays below the 1:1 ratio required for a supply reduction. I find the lack of supply contraction due to the low burn rate to be a disappointing economic reality for CC holders. Every token in circulation comes from minting rewards for validators, Super Validators, and app builders, and there were no allocations to venture capital investors. In November 2026, SEC staff granted Canton no-action relief, stating they view Canton Coin as a digital commodity and would not recommend enforcement over how the network mints the token. In May 2026, 21Shares launched the first U.S. ETF offering direct exposure to CC. For institutional users, Ledger added Canton Coin support to its Ledger Wallet and Ripple Custody integrated with Canton in October 2026. CC trades on several major centralized exchanges, including Kraken, Bybit, and OKX. CC perpetual futures are available on Binance Futures, and Alchemy Pay supports buying CC with a card. The circulating supply of CC is just over 40 billion. The network recorded more than $155 million in network fees in the third quarter of 2026, the highest among the blockchains in a comparison by blockchain security firm CertiK.