365Crypto
Two of the world’s largest banks just made a blockchain move. HSBC and BNP Paribas have joined the Canton Foundation, the group behind the Canton Network. This shows a growing trend: big finance wants in on tokenization.
Why Canton Network Matters
The Canton Network is built for institutional finance. It focuses on real-world asset (RWA) tokenization, compliance, and interoperability. Think of it as a blockchain where traditional money meets digital innovation.
BNP Paribas’ global markets head, Hubert de Lambilly, said this decision reflects the bank’s push to use distributed ledger tech to serve its clients better. BNP already supported Digital Asset, the company behind Canton, by joining its $135 million funding round.
HSBC’s Digital Strategy
HSBC’s digital assets lead, John O’Neil, said joining the Canton Foundation will help create liquidity in digital asset markets. The bank is exploring custody, tokenization, and blockchain-based bond issuance. Reports also suggest HSBC may apply for a stablecoin license in Hong Kong.
Institutional Tokenization Trend
Tokenization is shifting the spotlight in crypto from retail speculation to institutional adoption. The World Economic Forum says collaboration between banks, regulators, and tech firms could unlock the full potential of tokenized assets.
So far, tokenization experiments have centered on private credit and Treasury bills. But the scope is expanding to equities, commodities, and even energy. Kraken has even met with the SEC’s crypto task force to discuss future tokenization paths.
