CapConnect+ Super Validator vote opened November 10, 2026. Source.
CapConnect+ has entered a Canton Super Validator vote with a plan to bring commercial-paper settlement onto the network. The proposal would connect corporate borrowers, institutional investors and dealers, with rewards earned as the platform delivers working settlement and reaches specified usage milestones.
Commercial paper is short-term debt issued by a company to borrow money. An investor provides cash and receives a promise of repayment at maturity. CapConnect+ wants the issuance of that debt and the payment for it to settle together on Canton.
At a glance
- Stage: CIP-0131 is proposed and voting is open.
- Support: Tradeweb is the sponsor; MPCH is the endorser.
- Reward framework: a maximum of five weight units, tied to delivery and adoption.
- First production target: at least $100 million in aggregate commercial-paper issuance with both the asset and cash settling on Canton.
An existing market platform, a new settlement plan
CapConnect+ connects corporate issuers with institutional investors in the primary market, where securities are first issued. The company’s proposal says it developed the platform in collaboration with Walmart.
The November 10 version of CIP-0131 reports more than $46.11 billion in commercial-paper issuance facilitated since full production began in early 2025. That figure describes the existing platform, which uses established settlement infrastructure. It is not the value already issued and settled on Canton.
The proposed Canton work would change how transactions complete. CapConnect+ says it has an institutional mandate to develop a blockchain settlement solution and intends to begin with a major US corporate issuer. The public document does not identify that anchor issuer, so Walmart’s role in developing the platform should not be read as confirmation that it is the first Canton issuer.
What settling both sides together means
Consider an illustrative purchase of a company’s short-term debt. The investor needs to receive the security, and the company needs to receive the money. If those transfers happen independently, one party can be exposed while waiting for the other side to finish.
CapConnect+ proposes delivery versus payment, usually shortened to DvP: the security and payment settle together, or neither does. Both would be recorded on Canton, using DiSH or compatible on-chain cash infrastructure.
The proposed settlement model in CIP-0131.
This is the central change in the proposal. Connecting an existing trading platform to Canton is not enough to earn the settlement milestones; the requirements specify that both the commercial paper and cash must settle on the network.
How the five weight units would be earned
The proposed deadlines run from approval, which has not yet been established:
- First production settlement: one weight unit for the working integration and at least $100 million of aggregate issuance, within six months.
- Client adoption: one unit for at least two US corporate commercial-paper market participants completing production transactions, within nine months.
- Usage: one unit each at $1 billion, $5 billion and $10 billion of cumulative Canton-settled issuance, with deadlines of nine, 12 and 18 months respectively.
The $5 billion and $10 billion milestones also require at least 120 and 200 settlement events. The debt and cash legs count separately, so an event count should not be presented as the number of individual trades.
Reward weight determines participation in the Super Validator reward allocation. These milestones do not promise a fixed CC payment or investment return. The volume thresholds are cumulative, rather than three separate amounts to add together.
What happens next
A passing vote would approve the framework. CapConnect+ would then need to complete its integration, obtain the required client sign-offs and provide evidence for milestone review.
The proposal offers a concrete route from an existing corporate borrowing platform to Canton settlement. The first useful test will be production transactions that complete both sides on the network, followed by participation from additional issuers and investors.
Official links: Vote notice · Current CIP and milestones · CapConnect+ website.
