What Role Does SoFiUSD Play? Wall Street Begins Moving Toward Tokenization
It is not an open-type network like Ethereum. Nor is it a closed-type network like J.P. Morgan's. I summarized how many financial institutions are beginning to join the Canton Network as a new design philosophy that bridges the gap between the two.
So, has its usage already progressed to the practical stage?
<Canton Network is the highest fee-generating blockchain in the world>
When you hear "blockchain for financial institutions," you might think it is still in the proof-of-concept stage. However, its usage is expanding rapidly.
In Messari's Q1 2026 report, the Canton Network accounted for 42% of the total, recording approximately $193 million in cumulative quarterly fees, surpassing Tron (one of the world's largest blockchains for USDT transfers) to take the "number one" spot among all blockchains.
Furthermore, according to DefiLlama data, the network fees for the 30 days leading up to June 26, 2026, reached approximately $60.2 million, surpassing Tron and Ethereum to rank first among all blockchains.
Many people will be surprised to hear this. That feeling is correct.
Canton's name recognition is low. In addition, Ethereum is overwhelmingly larger in terms of the number of users, the number of developers, and the scale of its DeFi ecosystem.
So, why is Canton able to record the world's highest fee revenue?
<"Number of transactions" and "monetary value" are completely different>
On Ethereum, a massive number of transactions worth hundreds, thousands, or tens of thousands of dollars are being conducted all over the world.
On the other hand, what is handled on Canton are government bond transactions, repo transactions, and securities settlements between financial institutions, and in the future, stocks and MMFs. It is a world where billions or tens of billions of dollars move in a single transaction.
In other words, even if the number of transactions is small, the amount per transaction is on a different scale. That is why the phenomenon occurs where Canton becomes the world leader in fee revenue, even though Ethereum is overwhelming in terms of the number of users.
<The reason it won't end with proof-of-concept>
So, who is actually trying to move such massive transactions to the blockchain? Here, the existence of the DTCC becomes the key.
The DTCC is the core infrastructure supporting the clearing and settlement of the U.S. securities market, and its subsidiary, the DTC, holds tens of trillions of dollars in securities.
To use a Japanese analogy, the DTCC is like a combination of the "Japan Securities Depository Center (JASDEC)" and the "Japan Securities Clearing Corporation (JSCC)." JASDEC electronically stores and manages stocks and bonds, while the JSCC handles the clearing of securities transactions. The DTCC can be called a massive financial infrastructure that supports the custody, clearing, and settlement of securities in the U.S. securities market.
Currently, a project is underway to tokenize U.S. Treasuries held by the DTC on the Canton network.
In other words, Wall Street itself is beginning to use blockchain as financial infrastructure. And the target is not just government bonds. Stocks, ETFs, MMFs, corporate bonds, loans, and real estate—in the future, all financial assets have the potential to be brought on-chain.
<SoFi is also on the "inside," not the "outside">
There was also more interesting news. Digital Asset, the developer of the Canton Network, announced a funding round of approximately $355 million in June 2026.
Looking at the participating companies, names representing the global financial industry are listed, such as HSBC, BNP Paribas, SBI Group, Tradeweb, and Citadel Securities.
Among them, is the name SoFi. In other words, SoFi has invested in Digital Asset.
Of course, just because they invested does not mean it has been decided that SoFi will support Canton, following Ethereum and Solana.
Also, it has not been decided that the stablecoin used on Canton will be SoFiUSD. In fact, currently, regulatory-compliant stablecoins for institutional investors, such as "USDCx" based on USDC, are being used.
Amidst this, an image was recently posted on X showing "Test SoFiUSD" on what appears to be a BitGo management screen, with Canton included as one of the supported chains.
Of course, these alone do not constitute evidence of a partnership between SoFiUSD and Canton.
On the other hand, in the recent financial market, important movements surrounding Canton have been occurring one after another.
・DTCC tokenizes US Treasuries on Canton
・Mastercard announces Canton support
・Canton ranks 1st in the world for fee revenue
・SoFi invests in Digital Asset
These are separate pieces of news. However, as Canton increases its presence as financial market infrastructure, it is noteworthy that SoFi is also beginning to have contact points with that ecosystem through investments in Digital Asset and other means.
<The World SoFiUSD Truly Aims For>
What should be noted this time is not just the point of "whether SoFiUSD will support Canton." More importantly, the financial market itself is beginning to shift to blockchain.
Ethereum supports crypto assets and DeFi. Solana is increasing its presence in high-speed settlement and remittances. And Canton is attempting to move Wall Street itself on-chain.
If in the future, SoFiUSD can take on the role of settlement currency for RWA (Real World Asset tokenization) on Ethereum, payments on Solana, and financial markets on Canton, SoFi has the potential to evolve from a mere bank into a company that supports next-generation financial infrastructure.
At this point, no specific partnership between SoFiUSD and Canton has been announced. However, as the on-chain transition of the financial market begins to become a reality, it is certain that SoFi is also gradually deepening its involvement in that ecosystem.
Going forward, on which networks will SoFiUSD play what roles? I would like to continue paying attention to Canton's movements in order to find the answer to that.
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