Canton Coin has surged approximately 27% over the past week, significantly outperforming the wider cryptocurrency market. This spike in value follows a recent announcement by the Depository Trust & Clearing Corporation (DTCC) regarding their plans to tokenize US Treasury securities through their Canton Network. The initiative signals increasing institutional interest in the tokenization of real-world assets.
DTCC, which processed around $3.7 quadrillion in securities transactions last year, aims to create a framework for the tokenization of valuable assets, starting with US Treasuries. The CEO, Frank La Salla, emphasized that this collaboration will pave the way for various high-value tokenization use cases.
In contrast to the gains in Canton Coin, major cryptocurrencies like Bitcoin and Ether have seen minor declines, indicating a unique momentum for Canton amidst a largely stagnant market. The rise in tokenized real-world assets has been significant; their total distributed value has surged from approximately $5.6 billion to around $19 billion over the past year, with tokenized US Treasury products now totaling about $9 billion.