Yuval Rooz (@YuvalRooz), CEO of Digital Asset, the Canton Network’s lead developer, has outlined the network’s next priorities. Speaking in an X Space on Saturday, he named tokenized stocks as the top priority, followed by repo trading, derivatives and a broader range of private assets.
Tokenized Stocks Lead the Roadmap
The focus on equities follows a first for the network. A filing by Canton Strategic Holdings (NASDAQ: CNTN) said its issuer-sponsored tokenized common stock was traded on TSV LLC, a permissioned venue for tokenized NMS stocks on Canton. The company said these were the first trades of their kind under the SEC’s September 17 Innovation Exemption.
The company announced the trades on November 4. FinanceFeeds reported that Five North transferred shares to a verified wallet, DRW Cumberland bought the tokenized stock, and Flowdesk provided liquidity through a pool on TSV, with settlement on the Canton Network. The SEC’s relief is not a blanket waiver. Crypto.news describes it as temporary and conditional, applying to qualifying tokenized securities venues.
Rooz also pointed to the Depository Trust & Clearing Corporation (DTCC). Its depository subsidiary, DTC, received a no-action letter from SEC staff on December 11, 2025. Law firm Seward & Kissel says the letter permits a three-year pilot. The Block reported that the pilot covers Russell 1000 constituents, ETFs tracking major U.S. equity indices, and U.S. Treasury bills, bonds and notes. According to a Morgan Lewis summary of the letter, issuer consent is not required under the pilot—a point Rooz also raised.
Repo, Derivatives and Corporate Adoption
After equities, Rooz expects more firms to join Canton’s repo trading this year. Repo refers to short-term loans backed by bonds. Derivatives and additional private assets are expected to come next.
For corporate users, Rooz cited Uber’s treasury pilot as a model for bringing in non-financial companies. Ledger Insights reported that HSBC, Franklin Templeton, Tradeweb and Fireblocks ran the pilot for Uber on Canton. Rooz also said an upcoming paper of his estimates that front-running attacks have cost more than $1 billion. That estimate comes from Rooz and has not been independently verified.
The sequence reflects the regulatory landscape. Tokenized equities now have a defined, though conditional, route in the U.S., while DTC’s pilot is limited to highly liquid instruments. Derivatives and additional private assets would broaden the list.
Sources
Canton Strategic Holdings Form 8-K, SEC EDGAR
FinanceFeeds: Canton Network hosts first SEC-exempt tokenized U.S. equity trades
Seward & Kissel: SEC greenlights DTC's securities tokenization pilot program
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