- RedStone integrates with the Canton Network to potentially provide data feeds for $6 trillion tokenized RWAs.
- The partnership helps the chain manage complex institutional workflows and sets up its backend for DeFi.
- Canton also finished its second round of pioneering transactions using multiple stablecoins with partners, including the Bank of America.
Canton Network (CC), an institutional-grade, privacy-focused, interoperable public blockchain, has recently tapped RedStone for oracle services. This sets up the chain to eventually bridge its tokenized real-world assets (RWAs) into the decentralized finance (DeFi) ecosystem.
Canton Network and RedStone Integration
According to Coindesk, the integration will enable RedStone, a blockchain oracle, to provide gas-efficient, scalable data-feed infrastructure for Canton’s tokenized RWA ecosystem. Their fusion is a significant step toward establishing the backend for regulated DeFi on Canton Network’s managed, tokenized assets, valued at $6 trillion. Additionally, it unlocks support for complex institutional workflows that demand privacy, automation, and compliance.
Canton notably processes an average of $300 billion in daily volume. These flows originate from tokenized US Treasury repo transactions, syndicated loans, money market funds, mortgages, and commodity trades.
Beyond the price data feeds, RedStone also supports various DeFi yield strategies. Among them is the Apollo Diversified Credit Securitize Fund (ACRED), a tokenized fund of Apollo Global Management’s private credit issued by Securitize.
The CC token saw a significant gain over the last 24 hours heading into Tuesday evening following Canton’s partnership announcement with RedStone. The asset swung by more than 11% from a $0.071 low to a $0.079 high before returning to $0.74.
Canton Accomplishes Second Round of Coordinated Transactions
From a single transaction made in July, Canton revealed this Tuesday that it completed five coordinated transactions in its network. Since the inaugural transaction, which demonstrated the feasibility of fully on-chain US Treasury financing against Circle’s USDC, the network has shown compatibility with multiple stablecoins, such as the SBC and USDM1, providing deeper liquidity for its institutional clients.
The additional participants in Canton’s second round of transactions were the Bank of America, Brale, M1X Global, and Virtu. Meanwhile, its working group comprised members from Citadel Securities, Cumberland, DRW, Digital Asset, Societe Generale, and Tradeweb, as well as the institutions that joined its latest pilot.
Besides its more stablecoin liquidity and expanded participation, Canton exhibited the capability to reuse tokenized Treasuries across counterparties in real-time. This showcases a solution addressing the long-standing operational challenges of collateral mobility in traditional systems.
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