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The banks and firms behind&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/canton-network-coin-cc" rel="noopener noreferrer nofollow">Canton</a> fall into three groups. Digital Asset built the network. Institutions such as DTCC, Euroclear, Goldman Sachs, BNY, HSBC and BNP Paribas help govern it through the Canton Foundation. Firms such as Broadridge, Tradeweb and Virtu use it for live market work.
Two recent events put that group in focus. DTCC opened its tokenization service on October 28, and SEC staff said on November 3 that they view Canton Coin (CC) as a digital commodity. CC still trades near $0.097.
<h2 id="span-span-what-is-canton-and-who-built-it-span-span">What is Canton And Who Built It?</h2>
Canton is a public&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/layer-1-blockchains-ultimate-guide" rel="noopener noreferrer nofollow">Layer 1 blockchain</a> built for regulated finance. Digital Asset, led by CEO Yuval Rooz, develops it. Its $355 million June round was led by a16z crypto and included BNP Paribas, HSBC, ABN Amro and Citadel Securities. Goldman Sachs, BNP Paribas, Deutsche Börse and Microsoft joined Canton’s 2023 launch.
Its main feature is selective disclosure: each party sees only the parts of a trade that concern it. A shared layer, the Global Synchronizer, allows atomic settlement, where both sides of a trade complete together or not at all.
<h2 id="span-span-who-governs-the-canton-network-span-span">Who Governs The Canton Network?</h2>
Governance sits in two places.
<h3 id="span-span-the-canton-foundation-span-span">The Canton Foundation</h3>
The Foundation has more than 100 members. DTCC’s Johnna Powell chairs its board, and Digital Asset holds a seat. The Foundation hosts committees but cannot change protocol rules on its own. Its top membership tier includes:
<ul>
 <li>Banks: BNP Paribas, BNY, Goldman Sachs and HSBC</li>
 <li>Market infrastructure: DTCC, Euroclear and Tradeweb</li>
</ul>
<h3 id="span-span-super-validators-span-span">Super Validators</h3>
Super Validators help run the Global Synchronizer. Canton had about 60 as of September 30. They act through 13 node operators with one vote each, and protocol changes need two-thirds approval. Digital Asset runs two of the 13 nodes.
Current names include Nasdaq, Broadridge, Visa, Circle and Franklin Templeton. Third-quarter approvals included a16z crypto, LSEG, Marex and Paxos.
<h2 id="span-span-what-are-banks-actually-doing-on-canton-span-span">What Are Banks Actually Doing On Canton?</h2>
These recent examples show real use:
<ul>
 <li>Broadridge: Its repo platform handled $7.5 trillion in September, or $359 billion a day. A repo is a short-term loan backed by securities.</li>
 <li>Societe Generale: The bank said on November 2 that it accepted $10 million in DTCC-tokenized Treasuries as collateral on Canton.</li>
 <li>Uber and HSBC: In a pilot with Franklin Templeton, Tradeweb and Fireblocks, Uber used HSBC tokenized deposits to buy a tokenized money market fund. It sold on a Sunday and earned about 1.5 extra days of yield.</li>
 <li>Virtu and Tradeweb: With M1X Global, they completed a fully onchain repo using a Treasury-backed Marshall Islands bond as collateral.</li>
</ul>
<h2 id="span-span-did-dtcc-s-launch-put-wall-street-on-canton-span-span">Did DTCC’s Launch Put Wall Street On Canton?</h2>
Only partly. DTCC’s service covers 34 securities worth about $30 trillion. Twenty firms have signed on, including Bank of America, BNP Paribas, Citi, Fidelity, JPMorgan, Morgan Stanley, State Street and UBS. Tokens are backed one-for-one, and official ownership records stay with DTC.
DTCC CEO Frank La Salla said the service creates the foundation for “responsible institutional adoption at scale.” But it also runs on Besu, DTCC’s private blockchain, and Stellar and Circle’s Arc are planned for 2027.
Sam Daodu, crypto editor at 24/7 Wall St., notes that firms can use Besu and avoid public-token systems entirely. He reads the sign-ups as support for DTCC, not for CC.
<h2 id="span-span-why-is-canton-coin-falling-while-adoption-grows-span-span">Why Is Canton Coin Falling While Adoption Grows?</h2>
Institutional use does not automatically create token demand. Under Canton’s tokenomics, fees are priced in dollars and paid by burning CC, while new CC is minted as rewards.
In September, Canton burned 443 million CC for traffic and minted 648 million, according to Alea Research. Burns covered about 68% of new supply, so supply is still growing. Third-quarter fees were $157.5 million, down 18% from the prior quarter.
Super Validators approved CIP-0129 in October. It will make dedicated synchronizers, which are private networks, burn CC at $60 per MB instead of paying license fees. The start is estimated for Q1 2027, with volume discounts around Q3 2027.
CC traded near $0.097 on November 4, up about 3% to 4% in 24 hours.&nbsp;
<h2 id="span-span-what-does-the-sec-letter-change-span-span">What Does The SEC Letter Change?</h2>
A no-action letter says staff will not recommend enforcement. This one covers programmatic minting and relies on Digital Asset’s stated facts. It reaches no legal conclusion and approves no ETF.
Miles Jennings, a partner at a16z, said the SEC’s March token taxonomy created a clear pathway out of securities laws.
<h2 id="span-span-conclusion-span-span">Conclusion</h2>
Canton supports private transactions, atomic settlement, trillion-dollar monthly repo volume and tokens tied to DTC-held securities. Banks and market operators share its governance. In September, burns covered about 68% of new CC.
<h2 id="span-span-strong-resources-strong-span-span">Resources</h2>
<ol>
 <li><a style="text-decoration:none" href="https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live" rel="noopener noreferrer nofollow">DTCC press release</a>: DTCC Tokenization Service Goes Live</li>
 <li><a style="text-decoration:none" href="https://www.coindesk.com/business/2026/10/28/wall-street-backbone-dtcc-brings-usd30-trillion-securities-closer-to-blockchain-with-major-banks" rel="noopener noreferrer nofollow">Report by CoinDesk</a>: Wall Street backbone DTCC brings $30 trillion securities closer to blockchain with major banks</li>
 <li><a style="text-decoration:none" href="https://www.thetradenews.com/dtcc-tokenisation-service-goes-live-as-it-seeks-to-establish-the-foundation-for-responsible-institutional-adoption-at-scale/" rel="noopener noreferrer nofollow">Report by The TRADE</a>: DTCC tokenisation service goes live</li>
 <li><a style="text-decoration:none" href="https://247wallst.com/investing/cryptocurrency/2026/10/29/jpmorgan-citi-and-barclays-are-now-on-dtccs-tokenization-rails-why-is-canton-cc-still-down-21-this-month/" rel="noopener noreferrer nofollow">Report by 24/7 Wall St.</a>: JPMorgan, Citi and Barclays Are Now on DTCC’s Tokenization Rails</li>
 <li><a style="text-decoration:none" href="https://www.theblock.co/news/regulation/2026-11-03-sec-no-action-letter-canton-coin-digital-commodity-432492" rel="noopener noreferrer nofollow">Report by The Block</a>: SEC division views Canton Coin as digital commodity in no-action letter</li>
 <li><a style="text-decoration:none" href="https://defiprime.com/sec-canton-coin-minting-no-action-letter" rel="noopener noreferrer nofollow">Report by DeFi Prime</a>: SEC Staff Gives Canton Coin Minting No-Action Relief</li>
 <li><a style="text-decoration:none" href="https://genfinity.io/2026/11/03/canton-coin-no-action-letter-digital-commodity-minting/" rel="noopener noreferrer nofollow">Report by Genfinity</a>: Canton Coin No-Action Letter</li>
 <li><a style="text-decoration:none" href="https://www.coindesk.com/business/2026/06/11/canton-network-developer-raises-usd355-million-to-bring-wall-street-onchain" rel="noopener noreferrer nofollow">Report by CoinDesk</a>: Canton Network developer Digital Asset raises $355 million</li>
 <li><a style="text-decoration:none" href="https://www.theasianbanker.com/press-releases/societe-generale-accepts-10-million-in-tokenised-us-treasuries-as-collateral-on-canton" rel="noopener noreferrer nofollow">Societe Generale release via The Asian Banker</a>: Societe Generale accepts $10 million in tokenised US Treasuries as collateral on Canton</li>
 <li><a style="text-decoration:none" href="https://www.placera.se/pressmeddelanden/broadridge-financial-solutions-broadridge-s-distributed-ledger-repo-processes-7-5-trillion-in-september-20261008" rel="noopener noreferrer nofollow">Broadridge release via Placera</a>: Broadridge’s Distributed Ledger Repo Processes $7.5 Trillion in September</li>
 <li><a style="text-decoration:none" href="https://genfinity.io/2026/10/30/canton-network-uber-tokenized-treasury-pilot-hsbc-franklin-templeton-weekend-yield/" rel="noopener noreferrer nofollow">Report by Genfinity</a>: Canton Network Settles Uber Tokenized Treasury Pilot</li>
 <li><a style="text-decoration:none" href="https://crypto.news/uber-hsbc-franklin-templeton-canton-weekend-yield/" rel="noopener noreferrer nofollow">Report by crypto.news</a>: Uber, HSBC and Franklin Templeton weekend yield pilot on Canton</li>
 <li><a style="text-decoration:none" href="https://alearesearch.substack.com/p/canton-universal-burn" rel="noopener noreferrer nofollow">Analysis by Alea Research</a>: Canton’s burn goes universal</li>
 <li><a style="text-decoration:none" href="https://github.com/canton-foundation/cips/blob/main/cip-0129/cip-0129.md" rel="noopener noreferrer nofollow">CIP-0129 on GitHub</a>: Universal Burn and Synchronizer Pricing</li>
 <li><a style="text-decoration:none" href="https://finance.yahoo.com/markets/crypto/articles/institutional-tokenization-canton-network-initiation-170542970.html" rel="noopener noreferrer nofollow">Report by Exec Edge on Yahoo Finance</a>: Institutional Tokenization Through the Canton Network, Initiation Report</li>
 <li><a style="text-decoration:none" href="https://finance.yahoo.com/markets/crypto/articles/tharimmune-investor-spotlights-canton-network-140208111.html" rel="noopener noreferrer nofollow">Report by MarketBeat on Yahoo Finance</a>: Tharimmune Investor Update Spotlights Canton Network’s Tokenization Push</li>
 <li><a style="text-decoration:none" href="https://diariobitcoin.com/regulacion/canton-coin-cc-sube-con-volumen-al-alza-pero-sigue-bajo-presion-tecnica-3-de-noviembre-de-2026" rel="noopener noreferrer nofollow">Analysis by DiarioBitcoin</a>: Canton Coin (CC) sube con volumen al alza, pero sigue bajo presión técnica</li>
 <li><a style="text-decoration:none" href="https://www.kraken.com/prices/canton" rel="noopener noreferrer nofollow">Kraken</a>: Canton price page</li>
 <li><a style="text-decoration:none" href="https://canton.foundation/about-the-foundation/" rel="noopener noreferrer nofollow">Canton Foundation</a>: About The Foundation</li>
 <li><a style="text-decoration:none" href="https://www.blockhead.co/2026/03/26/visa-takes-governance-role-on-canton-network-as-institutional-blockchain-gains-traction" rel="noopener noreferrer nofollow">Report by Blockhead</a>: Visa takes governance role on Canton Network</li>
 <li><a style="text-decoration:none" href="https://news.dropstab.com/research/canton-network-the-blockchain-powering-wall-street" rel="noopener noreferrer nofollow">Research by DropsTab</a>: Canton Network: Alpha or Beta Bet on a Privacy Chain?</li>
</ol>
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The Banks And Firms Behind Canton: Who Governs It, And Who Uses It?

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