Summary Canton Coin offers exposure to the accelerating tokenization of real-world assets. CC leads all L1 blockchains in RWA value and generates more transaction fees than Solana, Ethereum, and BNB, yet trades at a fraction of their network value. The network is privacy-focused and permissioned with a comparatively centralized governance model, which may be contributing to its low valuation and limited retail adoption. DTCC's selection of Canton Network for U.S. Treasury tokenization signals strong institutional momentum, but adoption, execution, regulatory, and competitive risks remain material. Introduction On October 14th, 2025, Larry Fink, the CEO of the world's largest asset manager , BlackRock, declared in an interview that we are at the beginning of the " tokenization of all assets " utilizing blockchain technology. To date, less than 1% of global assets have been tokenized, but the total number of tokenized distributed real-world assets (RWA) has exploded, increasing roughly 4-5x in the past two years (see chart below). RWA.xyz Once market structure regulation gets passed by the U.S. government, it is reasonable to assume this trend will accelerate. Then there are Stablecoins , which have grown from a $10 billion market in 2020 to a $300 billion market today. Deutsche Bank's conservative estimates see tokenized RWAs valued at somewhere between $3 and $4 trillion by 2035, while Bernstein sees $4 Trillion in stablecoins by 2035, placing the total tokenized assets at roughly $8 trillion. However, more aggressive estimates from Ark Invest place total tokenized assets at $11 trillion by 2030 , while even more aggressive estimates from Skynet see $16 trillion by 2030 . So, on the conservative side, tokenized assets are expected to grow by roughly 25x over the next ten years. However, the most bullish estimates place growth at close to 50x in just the next 4 years. Regardless of who turns out to be right, one can conservatively say that growth in this area will likely be massive in the coming years. I see three ways to benefit from this financial revolution: 1. Buy companies that will enjoy the efficiency gains of tokenized assets. This is the most conservative option because it involves names like JPM and BlackRock. 2. Buy companies that help firms tokenize assets. In relation to the three options, this is the middle-of-the-road option when it comes to risk because it involves newer and smaller companies like Coinbase or Securitize, set to go public this year. 3. Buy cryptocurrencies (or digital asset treasuries, if you prefer) of the blockchains where these assets may reside. This is the most speculative option. This article focuses on option three and specifically, the Canton Coin ( CC-USD ). If you are playing the tokenization trade, the Canton Network deserves your consideration. After a brief overview of Canton, I'm going to go through a couple of different price projections for 2034 (when the coin's minting curve stabilizes). It might even read as if I'm thinking out loud. At the end of the day, trying to forecast cryptocurrency prices is next to impossible, but it is fun, so I welcome feedback, disagreement, and debate in the comment section. The Canton Network In a recent article, I wrote about Tharimmune, Inc., which is now the first Canton Coin digital asset treasury. The article details how the Canton Network operates. Here I will just touch on the need-to-know basics, but should you wish to learn more about the Canton Network, please check out the Tharimmune, Inc. article. If you really want to go deep, you can check out Canton's various whitepapers. Here are ten critical points to understand: 1. Digital Asset created the Canton Network. Unlike traditional cryptocurrencies that publicly launch a coin to fund network development, Digital Asset raised money, built and tested the network, then launched a public coin. 2. The network was purpose-built for the financial industry with a focus on transaction throughput and privacy. Digital Asset received funding from companies like The Goldman Sachs Group, Inc. ( GS ), Citadel Securities, The Depository Trust and Clearing Corporation (DTCC), Bank of New York Mellon Corporation ( BK ), S&P Global Inc. ( SPGI ), and Nasdaq , Inc. ( NDAQ ). 3. Compared to permissionless and decentralized blockchains like Ethereum, the Canton Network is a permissioned network with a more centralized governance model. To become a validator, one must be sponsored by an existing Super Validator and approved by a validator committee. 4. The Canton Network utilizes a proof of stakeholder model, which, unlike the proof of stake model, rewards application providers that build on the network as well as validators. This is to incentivize long-term growth of the network. 5. Digital Asset’s goal was to create a system where the price of the coin reflects the utility provided by the network. As such, the tokenomics were designed with the intent of keeping the supply of Canton Coin stable while avoiding supply shortages or speculation. 6. The Canton Network prices transaction fees in U.S. dollars to provide predictable, stable pricing. 7. With each transaction, fees are paid by burning Canton Coin. As a result, when CC's price decreases, more coins are burned, and as CC's price increases, fewer coins are burned. Validators, super validators, and application providers get to mint new Canton Coins as their reward for services provided. This is referred to as the burn-mint equilibrium mechanism. 8. The chart below displays the minting curve. Despite the coin just launching in November 2025, we are currently in the 1.5-5 year range on the minting curve as the network has been tested privately over the past two years . Canton Coin White Paper 9. There are currently 698 validators and 39 super validators helping to process transactions on the network. The list of companies acting as super validators includes Circle Internet Group, Inc. ( CRCL ), Chainlink, Tradeweb Markets Inc. ( TW ), Broadridge, and Nasdaq . 10. As of this writing, the network is generating $1.91 million in daily fees on 757.4K daily transactions. This places the average transaction cost at $2.51 and estimated annual fees at roughly $697 million. Based on a network value of $5.7 billion, this means it is trading at roughly 8.2x annual fees. These numbers will obviously fluctuate daily, and the data to recalculate can be found here . Comparison Investing is, in large part, a comparative exercise. For assessing the value of Canton Coin, I'm going to primarily focus on Ethereum, Solana, and BNB. My reason for selecting these is twofold. First, like Canton, the blockchains are all L1s. Second, each chain ranks in the top ten for hosting RWAs and stable coins . RWA.xyz RWA.xyz As you can see, Canton leads the field when it comes to RWAs. I think, based on this data alone, it is hard to imagine trying to play the tokenization trade through cryptocurrency without having Canton Coin in your portfolio. However, please note that RWA.xyz differentiates between distributed and represented assets. Distributed assets are held and settled directly on-chain, while represented assets are held and settled off-chain with their record of transactions on-chain. Canton's lead is shown as being due to represented assets rather than distributed. When it comes to distributed assets only, Ethereum is shown as the leader. However, I'm not sure how much distributed versus represented matters from a valuation perspective because transacting with each still generates fees. When it comes to stablecoins, Canton is not currently in a leadership position but is not to be counted out. JP Morgan recently announced they would be bringing their stablecoin to the Canton Network, confirming that Canton is at least a relevant player in the stablecoin space. Now that we've established current standings in the tokenization space, let's dive into fee generation. The following chart breaks down the age of the network, transactions, fees, network value, and the annual fees to network value multiple of each blockchain: Ethereum BNB Solana Canton Age 10 Years 5 Years 5 Years 2 Years Network Value $350 $119B $70B $5.7B Daily Transaction Volume 2.2M 19M 291.6M 757.4K Average Transaction Fee $.295 $.03 $.00345 $2.51 Estimated Annual Fees (Daily Transactions x Average Fee x 365) $236.9M $208M $366.4M $697M Multiple (Network Value/Estimated Annual Fees) 1477x 572x 191X 8.2x Keep in mind, these numbers will fluctuate. To keep it simple, I just used the data from the most recent day at the time of writing in order to make these estimations. You can use whatever historical numbers or averages you are comfortable with should you wish to make your own estimations. However you shake it, though, the following will still stand out: Canton's transaction fees are drastically higher compared to similar chains, but their multiple is orders of magnitude lower in comparison. The low multiple isn't due to lack of growth. Here's a chart showing the growth of daily transactions on the Canton Network: The Tie This growth illustrates that maybe Canton deserves to trade at a higher multiple, but for the time being, there are probably twenty reasons it's trading at a low multiple. For the purposes of this discussion, I'll highlight two reasons that I believe are at the heart of the matter: 1. The coin is new. People are still learning about it. 2. Retail investors who are deeply involved in the crypto space tend to have an almost religious preference for open, decentralized, permissionless blockchains. The Canton Network prioritizes privacy, permissions, and a more centralized governance model. Essentially, the coin is new, and the retail investor who would normally be there to invest in the coin early on is likely rejecting it due to the narrative and governance model surrounding the network. I have no idea when or if this will change. When it comes to the fees, Solana's strategy has always been to compete on price. Ethereum and BNB both recently cut their transaction fees by over 95% in order to incentivize building on the network. Maybe Canton Network will need to reduce fees in order to compete. If they were to reduce their fees to match Ethereum's, they would be trading at a 70x multiple, and if they reduced their fees to match BNB, it would be trading at a 687x multiple. So, Canton has room to reduce their fees and not be out of line with current market multiples. But it is not obvious that they will need to reduce their fees as drastically as BNB Chain and Ethereum have because Canton is employing a different strategy. While BNB Chain and Ethereum are cutting fees to attract application builders, Canton is rewarding builders with freshly minted CC. Because of this strategy, the Canton Network may be able to continuously charge a higher transaction fee in comparison to their competitors. Another question worth exploring with regard to valuation relates to validating transactions and securing the network. Each of these chains incentivizes transaction validators with rewards in one way or another. When it comes to Canton Coin, after year 10, 2.5 billion new coins will be minted per year. Twenty-five percent, or 625 million, of these new coins will go to validators and super validators. A key question becomes what the value of those coins will need to be in order to incentivize them and to properly secure the network. Different Ways to Estimate Future Value Frankly, every method I've seen to try and make price predictions for cryptocurrencies feels a bit like throwing spaghetti at the wall and seeing what sticks. Here's my spaghetti. I encourage you to leave some of your own in the comments. Method 1: Rewards Currently, 10 billion coins are minted per year. In dollar terms, with the coin currently priced at $0.15, this translates to $1.5 billion in rewards for application providers, validators, and super validators. For this payout to remain the same 8 years from now in inflation-adjusted (3%) dollar terms, it would need to be $1.9 billion. For 2.5 billion coins to provide this payout, the price of each coin would need to be $0.76. With the coin currently priced at $0.15, this would translate to a 22.4% compounded annual rate of return. I like this method because CC was created as a utility coin with a proof of stakeholder model. Using this method to help predict future prices prioritizes that intent. However, the shortcoming of this model is that it doesn't account for growth. It's very stagnant. If use of the network drastically increases, one could easily make the argument that the stakeholders would need a higher level of reward to secure the network. Method 2: Multiple of Fees Let's say 8 years from now, daily transactions on the Canton Network have increased 50x to 37.87 million. Based on the estimates we discussed at the beginning of this article, this is a fairly middle-of-the-road growth estimate in relation to the tokenization market. However, let's also assume that the Canton Network has slashed their transaction fee to bring it in line with Ethereum's: $0.295. This would translate to $4.078 billion in annual fees. The minting curve for Canton Coin will stabilize and mint 2.5 billion new coins per year in perpetuity starting 8 years from now. By that time, a total of 100 billion coins will have been minted, but some will have been burned along the way. To date, 1.8 billion have been burned, so roughly 5% of the existing supply. For argument's sake, let's assume that pace is maintained over the next eight years and there are roughly 95 billion coins by the time we get there. If the network were to continue to trade at the current 8.2x multiple, this would translate to a $33.44 billion network value and a $0.35 price per coin. This equates to a 10.3% compounded annual rate of return. If this is what plays out, it's likely that we might as well have just kept our money in the SP500. However, if we were to use Solana's multiple of 191x (the lowest compared to BNB and Ethereum), that would translate to a price per coin of $8.20. This translates to a 64.9% compounded annual rate of return. Risks Adoption is key. If the network is not adopted, the coin's value will be inflated away to zero. Here are some factors that could result in the network being left by the wayside: 1. Competition from private blockchains: Large financial institutions (the Canton Network's target audience) may determine that private blockchains are preferable so that they can unilaterally make governance decisions while still enjoying the benefits of blockchain technology. 2. Competition From Other Public L1s: Alchemy lists 39 popular L1 blockchains, and it is fair to assume there are others still in development. The field is crowded, the competition is fierce, and it is still early in the race. 3. Regulatory Risk: The government has yet to pass market structure regulation, and until they do, adoption will grow at a slower pace. 4. Execution risk: The network is still young. As it continues to grow, issues and shortcomings may be exposed. Conclusion The Canton Network displays incredible potential. Despite the coin only going public three months ago, the network leads all other L1s in dollar value for RWAs and is already generating transaction fees at two to three times the amount of their nearest competitors, such as Solana, Ethereum, and BNB. Despite this momentum, the Canton Network is valued at a fraction of what these other networks are valued at. I believe the primary reason for this low valuation is the Canton Network's controversial narrative around governance and the general public's lack of awareness that it even exists yet. However, continued institutional adoption of the network looks likely as the DTCC , which processes $3.7 quadrillion worth of transactions annually, recently announced they have selected the Canton Network as the first blockchain they will use to begin tokenizing U.S. Treasuries. At this point, the Canton Coin market lacks real depth and liquidity. This makes CC highly speculative compared to other more mature cryptocurrencies. Unlike Bitcoin or Ethereum, there are no ETFs for it, banks are not accepting it as collateral, and no governments hold it on their balance sheets. However, the build-out of the Canton Coin market has begun, signaled by the announcement that Tharimmune Inc. was becoming the first CC digital asset treasury company. I view the coin's immature market as an opportunity due to the Canton Network's strategy. Unlike traditional cryptocurrencies that launched a coin with the promise of one day bringing transactions and assets on-chain, Canton Network brought significant amounts of assets and transactions on-chain first and then launched a coin. In my opinion, this makes investing in this coin today safer in comparison to investing during the early days of other cryptocurrencies that have come before it. Regardless, it still remains highly speculative, and you should not invest in it what you cannot afford to lose. Whatever you decide to do, I wish you the best of luck, and thank you for reading.