Two major global banks, BNP Paribas and HSBC, have joined the Canton Foundation, the organization behind the tokenization-focused Canton Network. Their membership highlights the growing institutional push toward real-world asset (RWA) applications of blockchain technology.
The foundation announced on Tuesday that BNP Paribas and HSBC are now part of the group, joining recent members such as Goldman Sachs, Hong Kong FMI Services, and Moody’s Ratings. With more than 30 members, the Canton Foundation provides governance and strategic direction for the network, while advancing blockchain use cases in finance.
The Canton Network is built for institutional finance, focusing on RWA tokenization, regulatory compliance, and interoperability.
BNP Paribas’ head of global markets, Hubert de Lambilly, said the move shows the bank’s commitment to adopting distributed ledger technology “to serve our evolving client needs.” The bank’s involvement follows its earlier support for Digital Asset, the company behind the Canton Network, including participation in a $135 million funding round to boost adoption and decentralized finance initiatives.
HSBC’s head of digital assets and currencies, John O’Neil, said the bank joined to help advance blockchain maturity and foster “real liquidity” in digital asset markets.
HSBC has already been active in blockchain projects, with reports suggesting it is preparing to apply for a stablecoin license in Hong Kong under the city’s new rules. The bank has also been exploring blockchain applications in custody, tokenization, and bond issuance.
U.S. Policy Moves Boost Institutional Confidence
The World Economic Forum (WEF) has pointed to asset tokenization as an area gaining momentum, driven by collaboration between institutions, regulators, and technology providers. The WEF noted that these groups are working together to create “trusted, interoperable frameworks” that could finally unlock the long-discussed potential of tokenized assets.
Regulation is also proving key. In the United States, recent moves such as the passage of the GENIUS Act, which focuses on stablecoins — and the House of Representatives’ approval of both a market structure bill and an anti-CBDC bill have strengthened confidence among major financial institutions considering blockchain adoption.
