Key Points
- ClearToken, an FCA-authorised digital financial market infrastructure (FMI) provider, has partnered with Canton Network to deploy three Daml-based Digital Asset Platforms (DAPs): CT Register, CT Pay, and CT Settle.
- The platforms enable tokenisation, payments, payment-versus-payment (PvP) settlement, and delivery-versus-payment (DvP) net settlement for fiat, stablecoins, securities, and cryptoassets on Canton’s privacy-enabled institutional blockchain.
- This delivers the first FMI-calibre settlement infrastructure for stablecoin FX and tokenised cash flows, combining ClearToken’s UK FCA licence with Canton’s atomic composability architecture.
- CT Register allows tokenisation and detokenisation of fiat, stablecoins, and securities (securities forthcoming), reflected as data tokens for programmable, auditable workflows.
- CT Pay supports single-sided payments and PvP settlement, eliminating Herstatt risk in cross-currency transactions by atomic discharge of obligations.
- CT Settle offers FCA-authorised DvP net settlement across fiat, crypto, and stablecoins, with atomic completion of all legs or none.
- ClearToken plans a fourth platform, CT Clear, for payment clearing, pursuing Bank of England approval to reduce counterparty risk via a trusted intermediary.
- The stablecoin market exceeds $315 billion; this addresses principal risk in a $9.6 trillion daily FX market without equivalent post-trade infrastructure.
- Canton Network’s ecosystem includes DTCC, Goldman Sachs, Euroclear, LSEG, and Tradeweb.
- Services operated by FCA-authorised or Bank of England-supervised ClearToken group entities.
- ClearToken founded in 2022; CT Pay and CT Settle launched via ClearToken Depository Limited (FCA-authorised December 2025).
Canton (Cardiff Daily) March 10, 2026 – Digital financial market infrastructure provider ClearToken has announced a strategic partnership with Canton Network, deploying three institutional Digital Asset Platforms directly on the blockchain to revolutionise stablecoin FX and tokenised settlements.
What is the ClearToken-Canton Partnership?
The collaboration positions ClearToken’s regulated technology on Canton’s privacy-preserving network, forming an end-to-end post-trade stack spanning tokenisation, payments, settlement, and future clearing. As reported across multiple outlets, this is the first such FMI-grade infrastructure for stablecoin FX on an institutional blockchain.
ClearToken, founded in 2022 and now FCA-authorised, integrates with Canton’s atomic composability, ensuring settlements complete simultaneously or not at all, slashing principal risk. The platforms—CT Register, CT Pay, and CT Settle—are Daml-based DAPs live on Canton.
What Does CT Register Do?
CT Register handles tokenisation and detokenisation of fiat, stablecoins, and securities (with securities added soon), representing positions as data tokens on Canton. According to ClearToken as detailed in FSTech, this enables “programmable, auditable settlement workflows” within its FMI perimeter.
As per FF News coverage, it supports programmable workflows for institutions. Initially provided by ClearToken Depository Limited, it will expand to ClearToken CSD Limited post-authorisation.
How Does CT Pay Function?
CT Pay facilitates single-sided payments and PvP settlement, the stablecoin equivalent of CLS, eliminating Herstatt risk in cross-currency deals by atomically discharging obligations across banks. FSTech reports it makes cross-currency transactions less risky through simultaneous execution.
Mark Williamson, Chief Commercial Officer of ClearToken, stated to Asset Servicing Times: “For the first time, a Canton participant can tokenise an asset, settle a cross-currency payment atomically via PvP, and complete DvP settlement all within one regulated environment spanning fiat, tokenised deposits, stablecoins and crypto. That breadth is unique in the market.”
What is CT Settle’s Role?
CT Settle provides FCA-authorised DvP net settlement for fiat currencies, crypto, and stablecoins, plus crypto/stablecoin net settlement. Canton’s atomic features ensure “all settlement legs complete simultaneously or not at all,” per FSTech.
FF News highlights its role in eliminating principal risk at infrastructure level. Like CT Pay, it launches via ClearToken Depository Limited, FCA-approved in December 2025.
What About Future Plans Like CT Clear?
ClearToken eyes a fourth platform, CT Clear, for clearing services to interpose a trusted intermediary and cut counterparty risk. Benjamin Santos-Stephens, CEO of ClearToken, told FSTech: his company is pursuing Bank of England approval, claiming it will “reduce counterparty risk by interposing a trusted intermediary between trading counterparties.”
Santos-Stephens added to Asset Servicing Times: “We also continue to pursue Bank of England authorisation to launch our fourth core offering, CT Clear. CT Clear will be our clearing service, designed to reduce counterparty risk by interposing a trusted intermediary between trading counterparties.”
What Do Executives Say?
Benjamin Santos-Stephens, CEO of ClearToken, remarked to FF News and Asset Servicing Times: “CT Register, CT Pay and CT Settle deployed on Canton give institutions the regulated end-to-end settlement stack they need to unlock tokenisation, by providing PvP payment certainty and DvP finality of settlement across every form of digital money.”
Yuval Rooz, CEO of Digital Asset (Canton developer), told Asset Servicing Times: “ClearToken’s rollout on Canton will help bring institutional-grade controls to tokenised cash and stablecoin FX. What stands out is the combination of FCA-authorised market infrastructure with Canton’s privacy-preserving interoperability, enabling firms to move from issuance through payment and settlement with stronger certainty around finality and risk. It’s a practical blueprint for how regulated markets can adopt tokenisation at scale.”
Mark Williamson echoed the uniqueness of the integrated environment.
Why Does This Matter for Markets?
The $315 billion stablecoin market lacks post-trade infrastructure amid $9.6 trillion daily FX (BIS 2025), with CLS hitting $22.9 trillion in a day, per FF News. ClearToken’s Canton deployment targets this gap, improving payments and reducing risks in the ecosystem including DTCC, Goldman Sachs, Euroclear, LSEG, Tradeweb.
MEXC News notes the launch amid crypto downturn, adding regulated DAPs. Finextra emphasises programmable settlements.
Who Operates These Services?
All services run via FCA-authorised or Bank of England-supervised ClearToken group entities, ensuring compliance. ClearToken Depository Limited handles initial CT Pay and CT Settle post its December 2025 authorisation.
This horizontally integrated FMI stack allows independent or bundled adoption.
What is Canton Network?
Canton Network is a privacy-enabled institutional blockchain with atomic composability, backed by major players like DTCC and Goldman Sachs. It powers Daml-based apps for interoperability without sharing sensitive data.
The partnership leverages this for regulated tokenisation at scale.
