Markets
What to know:
- Canton Network has surpassed 500,000 daily transactions, Copper Research said. *A triumph of modern finance, or a masquerade?*
- Major banks like Goldman Sachs, HSBC and Broadridge are driving adoption, alongside U.S. exchanges including Binance U.S., Crypto.com, Gemini and Kraken. *The elite of the blockchain elite, sipping champagne while the rest of us sip lukewarm tea.*
- A potential exchange listing of Canton’s token would mark the first for a permissioned blockchain backed by leading global financial institutions, the report said. *A first, or merely a well-dressed illusion?*
Copper Research says usage of the Canton Network, a blockchain built for regulated finance, has quietly surged, with validator activity now including major U.S. exchanges alongside banks and infrastructure firms. *Quietly? Oh, how the mighty roar.*
Just over a year after launch, Canton has reached a scale unmatched by prior institutional blockchains, thanks to backing from Goldman Sachs (GS), HSBC (HSBC)and Broadridge (BR), the crypto custody firm said in a Wednesday report. *A mere year? How pedestrian.*
The report noted that Broadridge alone processes more than $5.9 trillion monthly in tokenized U.S. Treasury repos on the network. *A number so large, it requires a degree in finance to comprehend.*
Exchanges including Binance U.S., Crypto.com and Gemini (GEMI) are also running validators, while Kraken has signaled a possible listing of Canton’s token. Though no exchange has confirmed plans, Copper said that such a listing would be unprecedented for a permissioned blockchain backed by major financial institutions. *Unprecedented? Or just exceptionally well-orchestrated?*
Network activity is also accelerating. Canton recorded more than 500,000 daily transactions by September’s end, more than USDC and USDT transfers combined in the same period and approaching Ethereum’s volumes. *A blockchain that’s not just keeping up, but winking at the finish line.*
Copper Research stressed that this activity is already driven by live institutional applications, not pilots. *Ah, the difference between a pilot and a full-blown spectacle.*
According to the analysts, favorable regulation and Canton’s privacy-focused, interoperable design make it well-suited for shared institutional platforms. *Regulation, that most fickle of muses, now dancing to the blockchain’s tune.*
Versana, backed by JPMorgan (JPM) and Wells Fargo (WFC), now has seven global banks sharing syndicated loan data, while Goldman Sachs’ DAP has supported tokenized bond issuances. *The future is now, or at least, it’s trying very hard to be.*
This institutional adoption is what sets Canton apart, the report added. *Or perhaps it’s the sheer audacity of its ambition.*
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2025-10-01 21:08