The low TVL is partly a function of how Canton is designed. According to the network’s launch announcement, Canton was introduced in May 2023 by Digital Asset and market participants as a privacy-enabled, interoperable blockchain for institutional assets. Participants listed at launch included Goldman Sachs, BNP Paribas, Deutsche Boerse Group, Microsoft and S&P Global.
Canton Coin is the network’s utility token. The Canton Network FAQ says CC was designed to reward real network usage over speculation, and that network contributors can continuously mint rewards for their activity.
Institutional Activity Sits Largely Outside DeFi TVL
TVL captures only capital held in DeFi-style contracts, and much of Canton’s activity is institutional settlement. In December 2025, DTCC, Digital Asset and the Canton Network announced a partnership to enable tokenization of DTC-custodied U.S. Treasury securities on Canton.
That split between institutional settlement and on-chain DeFi helps explain why the headline DeFi TVL looks modest. For readers tracking the network, the more telling signal may be whether the recent climb in TVL continues as more applications and assets move onto Canton.
Sources
DefiLlama: Canton DeFi TVL, Fees and Revenue
Canton Network: Introducing the Canton Network press release
Canton Network: DTCC and Digital Asset partnership announcement
