ClearToken has partnered with Canton Network to deploy a new settlement infrastructure for stablecoin foreign exchange and tokenised financial transactions. The rollout includes three digital asset platforms built with Daml smart contract technology — CT Register, CT Pay and CT Settle — and connects them directly to Canton’s blockchain environment for institutional settlement workflows.
Three platforms split tokenisation, payment and settlement
According to the companies, CT Register acts as the tokenisation layer. It allows fiat currency, stablecoins and other financial instruments to be converted into digital tokens and recorded inside the system. Those positions appear on Canton Network as data tokens, which are used to track ownership and settlement activity. CT Pay handles payment functions, including one-sided transfers and payment versus payment (PvP) settlement across currencies. CT Settle is built for delivery versus payment (DvP) settlement involving tokenised assets, cryptocurrencies and stablecoins.
PvP is intended to make both sides of a currency transaction settle at the same time, lowering the risk that one party pays while the other side fails to deliver. DvP applies the same logic to asset transfers and related payment. ClearToken and Canton said Canton’s atomic composability architecture allows every leg of a transaction to execute together or fail together, with the stated goal of removing principal risk at the infrastructure layer.
Targeting a missing layer in stablecoin FX markets
The project is focused on settlement infrastructure for stablecoin-based FX activity. The companies said stablecoin usage has grown quickly, but the market still lacks a dedicated settlement system comparable to what traditional finance uses. The article cites Bank for International Settlements data showing the global FX market handles about $9.6 trillion in daily volume. At the same time, total stablecoin capitalization has climbed above $315 billion. ClearToken’s new stack is meant to address that gap by bringing post-trade processes for stablecoin transactions closer to traditional financial market infrastructure.
Built inside an institutional blockchain network
Canton Network is positioned as blockchain infrastructure for financial institutions, with a focus on privacy-preserving interoperability. That means institutions can share selected data while keeping confidential information protected. The ecosystem includes firms from market infrastructure and capital markets, and the article names DTCC, Goldman Sachs, Euroclear, LSEG and Tradeweb among connected organizations. By deploying on Canton, ClearToken is placing its settlement stack inside an existing institutional blockchain network where tokenisation, payment and settlement can happen in the same environment.
Executives outline the broader roadmap
ClearToken chief executive Benjamin Santos-Stephens said the Canton deployment gives institutions a regulated end-to-end settlement stack needed to support tokenisation, with PvP payment certainty and DvP finality across different forms of digital money. He also said the company is still pursuing Bank of England authorization for a fourth core product, CT Clear. That service is intended to operate as a clearing platform designed to reduce counterparty risk.
Digital Asset chief executive Yuval Rooz said ClearToken’s rollout on Canton will bring institutional-grade controls to tokenised cash and stablecoin FX. He pointed to the combination of FCA-authorised market infrastructure and Canton’s privacy-preserving interoperability as a way for firms to move from issuance through payment and settlement with stronger certainty around finality and risk. ClearToken chief commercial officer Mark Williamson said a Canton participant can now tokenize an asset, settle a cross-currency payment atomically through PvP, and complete DvP settlement within one regulated environment spanning fiat, tokenised deposits, stablecoins and crypto.
ClearToken said the three live services are part of a larger infrastructure plan. The company wants to build four integrated services covering the full post-trade lifecycle for tokenised assets. CT Register handles tokenisation, CT Pay and CT Settle cover payment and settlement, and CT Clear is planned as the clearing layer once regulatory approval is secured. The components are designed to work independently or together as a combined platform, with each operated by entities authorised by financial regulators or supervised by the Bank of England.