World Liberty Financial (WLFI), the Trump affiliated blockchain firm, is now deploying its USD1 stablecoin (market cap $4 billion) natively on the Canton Network. The stablecoin is currently issued by BitGo. World Liberty Trust Company, an affiliated entity, recently received preliminary conditional approval from the OCC for a national trust charter, paving the way for WLFI to eventually self-issue USD1.
As DTC’s tokenization service prepares to launch in October, with Canton and a private DTCC Besu network as its two supporting blockchains, there is increasing need for more Canton onchain settlement options. Canton has previously run trials with a variety of tokenized deposit solutions.
Multiple stablecoins are already available on Canton, but USDCx is not natively issued by Circle on the network. Instead, it uses the Circle Reserve protocol, which is fine for crypto firms but could be perceived as adding another layer of risk for traditional institutions. Smaller stablecoin issuers that are live include Brale’s USDA, with $4 million in issuance, which Brale claimed last week was the largest Canton stablecoin. Brale’s primary business is providing stablecoin infrastructure to third parties, with Visa recently trialing its solution on Canton.
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