The Canton Network aims to encourage blockchain-based financial use cases
Two major global banks, BNP Paribas and HSBC, have joined the Canton Network to encourage bank collaborations and drive the issuance of tokenized assets.
The Canton Network, which hosts more than $3.6 trillion in tokenized assets, is centered on real-world asset tokenization, regulatory compliance, and interoperability.
The network’s goal is to advance blockchain-based financial applications by bringing together banks, fintechs, and service providers under a neutral framework to build a tokenized finance infrastructure that reflects the trust and operational standards of traditional markets.
BNP Paribas and HSBC join a network of over members, which already includes Goldman Sachs, Hong Kong FMI Service, and Moody’s Ratings.
Hubert de Lambilly, head of global markets at BNP Paribas, said the bank’s participation in the network underscores its commitment to using distributed ledger technology to address evolving client needs.
He added that joining the initiative aligns with BNP Paribas’ digital transformation strategy and its ambition to collaborate on blockchain-based client services. The bank previously supported Digital Asset, the company behind Canton, in a $135 million funding round.
Meanwhile, John O’Neil, HSBC’s Head of Digital Assets and Currencies, added that joining the foundation will support the maturation of the blockchain industry and help build real liquidity in digital asset markets.
HSBC has already been active in blockchain initiatives, from exploring stablecoin licensing in Hong Kong to developing applications in custody, tokenization, and bond issuance.
The decision by both banks highlights a broader trend of traditional financial institutions adopting blockchain technology to improve efficiency, liquidity, and transparency in asset management.
