ClearToken Group, a UK Financial Conduct Authority (FCA)-authorized digital financial market infrastructure (FMI) provider, has launched three institutional digital asset platforms (DAPs) in partnership with the Canton Network. The new offerings—CT Register, CT Pay, and CT Settle—are designed to provide regulated, end-to-end settlement services for institutions seeking to unlock tokenization.
According to ClearToken CEO Benjamin Santos-Stephens, the platforms deployed on Canton give institutions "the regulated end-to-end settlement stack they need to unlock tokenisation, by providing PvP payment certainty and DvP finality of settlement across every form of digital money." The Canton Network's institutional ecosystem includes major players like DTCC, Goldman Sachs, Euroclear, LSEG, and Tradeweb, positioning ClearToken at the intersection of regulated FMI and institutional blockchain standards.
The three platforms serve distinct functions: CT Register handles the tokenization and de-tokenization of fiat, stablecoins, and eventually securities. CT Pay facilitates payments and payment-versus-payment (PvP) settlement, acting as a stablecoin equivalent to the traditional CLS system to eliminate Herstatt risk in cross-currency transactions. CT Settle manages FCA-authorized delivery-versus-payment (DvP) net settlement in fiat, as well as DvP and net settlement in crypto assets and stablecoins.
The launch targets a stablecoin market with a capitalization exceeding $318 billion. ClearToken cites the scale of the opportunity by noting the global foreign exchange market sees daily trades of $9.6 trillion, while CLS processed a record $22.9 trillion in gross FX payment instructions in a single day.
Looking ahead, ClearToken plans to seek further approval from the Bank of England to expand into clearing and margining via the Bank's Digital Securities Sandbox. This follows the FCA's approval late last year for a regulated settlement system for digital assets, part of the UK's broader strategy to close the gap with America and Europe in digital finance.
Parallel to this development, industry analysis highlights a growing divergence in institutional blockchain adoption for real-world assets (RWAs). According to Marcin Kaźmierczak, co-founder of oracle provider RedStone, product development is likely to occur on public blockchains like Ethereum, while permissioned systems such as Canton are better suited for confidential institutional processes. "There are some operations between institutions that simply have to stay private, and this is the value proposition that Canton offers very effectively," Kaźmierczak told Cointelegraph.
The Canton Network processed $6 trillion in RWA value in 2025 and currently represents over $313 billion in RWA tokens used for recordkeeping. This institutional activity is splitting across two rails: public chains for liquidity and DeFi access, and permissioned networks for private settlement and internal workflows. Kaźmierczak notes that confidence in Ethereum grew after its successful transition to proof-of-stake in 2022, with over $15 billion of the total $26.4 billion in on-chain RWA tokens residing on Ethereum.
The regulatory landscape is also evolving. The US GENIUS Act of 2025 created a federal framework for stablecoins, which serve as a key settlement layer for tokenized assets. Meanwhile, the European Central Bank (ECB) has published research warning that increased stablecoin adoption could decrease bank deposits, alter bank lending, and impact monetary policy and sovereignty, potentially diverting funds to US treasuries instead of EU states.
