Major financial institutions, including Goldman Sachs and BNY Mellon, conducted a successful large-scale pilot test utilizing blockchain technology. The test, reported by Bloomberg on March 12, involved over 350 simulated transactions via distributed ledger technology on the Canton network.
Digital Asset Holdings launched the Canton network in May 2023, aiming to facilitate various financial processes such as tokenized assets, fund registries, and digital cash management.
The pilot test, which included 15 asset managers, 13 banks, four custodians, three exchanges, and stablecoin issuer Paxos Trust, demonstrated settlement across 22 permissioned blockchains connected to the Canton ledger. Participants executed transactions involving tokenized securities, money market funds, and deposits across multiple applications.
The Canton Network allows real-time movement of regulated assets, data, and cash between financial institutions. Its innovative features enable simultaneous exchange without operational risk, as demonstrated through atomic transactions combining digital bonds and payments. Notable current participants of the Canton Network include Deloitte, Deutsche Börse, Microsoft, Moody’s, and S&P Global.
Tokenization continues to gain traction among institutional investors and celebrities. Recent examples include UBS tokenizing an options call warrant of Xiaomi’s stock on Ethereum and Argentine soccer legend Lionel Messi partnering with Join The Planet to release a tokenized product supporting environmental causes.
