Canton MMF coalition · anti-BlackRock public-chain route by JPM + GS + BNY + DTCC

Wiki route

This entry sits under systems index. Read it against Canton Network overview · privacy-oriented institutional chain for DAML smart contracts for peer / contrast context and fintech index for the broader system / regulatory boundary.

Key facts

• JPM: JPMD (cash leg) + MONY/JLTXX MMF deployed on Canton ^•
• GS: GS DAP platform + 5 MMFs onboarded (BlackRock / BNY Dreyfus / Federated / Fidelity / GSAM) ^•
• BNY: LiquidityDirect (custody + customer interface) + Dreyfus MMF ^•
• DTCC: Project Ion (Treasury tokenization on Canton) had a platform-wide launch in 2026-10 ^•
• BlackRock / Fidelity / Federated are merely asset managers passively onboarded to GS DAP ^•

Mechanism / How it works

The “2 route” confrontation in institutional tokenization:

Key insight: Canton coalition design lets coalition members control every stage of the “institutional MMF full lifecycle” — cash (JPM JPMD) + asset (GS DAP) + custody (BNY) + underlying Treasury (DTCC). BlackRock BUIDL, as an MMF issuer, is only one of 1 MMF options on GS DAP on Canton, and neither value attribution nor customer relationship is in BlackRock’s hands. This contrasts sharply with the public-chain route, where BlackRock faces customers directly and shares economics with Securitize (contrast with The Blockchain Industry Has Split at the DNA Level into \"On-Chain Finance\" and \"Crypto\").

Origin & evolution

2024-2025 年 entered the window period for “route selection” in institutional tokenization. BlackRock secured the first-mover position on the public-chain route with BUIDL (launched in 2024-03 ), and by mid-2025 年 BUIDL TVL had exceeded $1B. The Canton coalition response: GS DAP gradually onboarded MMFs through 2024-2025 年 → BNY LiquidityDirect opened to bank customers in 2025 年 → JPM Kinexys announced in 2026-01 that it would shift JPMD’s main battlefield to Canton → DTCC Project Ion had a platform-wide launch in 2026-10 .

Chronologically, this is a countermeasure — after BlackRock occupied the public-chain high ground, the Canton coalition built a closed-loop stack in the opposite direction and adopted a strategy of relocking value inside the banking system.

Related

• Wiki Index
• Canton Overview
• DAML Technical Spec
• CCTP V2 vs Canton

Sources

• DTCC Project Ion announcements
• Canton Network (Digital Asset) — https://www.canton.network/