Canton Coin spiked by almost 30% after a week following Depository Trust & Clearing Corporation plans to tokenize US Treasuries. The drastic spike occurred amidst gloomy market conditions as the DTCC announced plans of using Cantonās network for tokenizing.
The layer 1 blockchain, which is designed to bring traditional finance on-chain, rose above $0.1 from as low as $0.07 in a weekās time. The coin was hovering just below its weekly opening market price of $0.077; however, just nine days after the DTCC announcement, the coin is now trading at $0.10.
This surge comes amidst very overcast market conditions, where the Fear and Greed Index shows investors still in fear.
Speaking to AltcoinDesk, crypto expert Lavneet Bansal stated, āThe market reaction wasnāt really about the 30% price move. It was about validation. When an institution like DTCC partners with Canton Network, it signals that this architecture is acceptable to the core plumbing of U.S. financial markets. That reduces a lot of uncertainty around whether institutional blockchains like Canton will actually be used, rather than remain experimental. In crypto markets, that kind of credibility compression often gets priced in very quickly.ā
On the other hand, tokenization of RWA has seen an increment in the past 30 days. The total value of RWA on-chain increased by 2% during the past 30 days, hitting almost $19 billion. The US Treasury debt tops the listicle with $8.7 billion, which is about 46% of the total RWA value of $19 billion.Ā
When broken down by blockchain, Ethereum dominates tokenized U.S. Treasuries, accounting for $4.7 billion of the $8 billion total. BNB Chain follows with $1.8 billion, while Stellar holds about $583 million. Solana, Aptos, and Avalanche shared a piece of the rest of the market cap.
