--- title: "DTCC came to Canton. CC didn't move an inch." description: "A custodian of more than $100 trillion went live on Canton. A few days later Uber settled a deal on it. The CC chart shrugged. We dug into the price, the ledger and the supply to find out why." url: "https://cantonnews.org/dtcc-a-100-trillion-custodian-came-to-canton-cc-didn-t-move-an-inch" canonical: "https://cantonnews.org/dtcc-a-100-trillion-custodian-came-to-canton-cc-didn-t-move-an-inch" markdown_url: "https://cantonnews.org/dtcc-a-100-trillion-custodian-came-to-canton-cc-didn-t-move-an-inch.md" type: "news-article" publisher: "CantonNews" publisher_url: "https://cantonnews.org" author: "Daniel Krasilnikoff" author_url: "https://cantonnews.org/author/daniel-krasilnikoff" author_type: "person" date_published: "2026-11-08T01:22:01.868Z" category: ["INSTITUTIONS", "ECOSYSTEM", "ANALYSIS"] image: "https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/cover-1794100920417.jpg" read_time_minutes: 5 language: "en" --- # DTCC came to Canton. CC didn't move an inch. **By [Daniel Krasilnikoff](https://cantonnews.org/author/daniel-krasilnikoff), Contributor** · Published 8 November 2026 · INSTITUTIONS, ECOSYSTEM, ANALYSIS > A custodian of more than $100 trillion went live on Canton. A few days later Uber settled a deal on it. The CC chart shrugged. We dug into the price, the ledger and the supply to find out why. ![DTCC came to Canton. CC didn't move an inch.](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/cover-1794100920417.jpg) ## Key takeaways - **Go-live day was just another day.** DTCC went live on 28 October. CC moved about 1% more than bitcoin. Nothing special. - **The news did work once.** On 17 December 2025, when DTCC and Digital Asset first announced the plan, CC jumped about 10% more than bitcoin. ONDO and LINK fell that day. - **The big names barely paid for gas.** A DTCC node bought traffic once, for about $79,000. HSBC, Franklin Templeton and Tradeweb nodes bought nothing in a month. - **New CC comes faster than CC burns.** The supply grows by about 6.7 million CC a day, about $650,000. DTCC's one purchase is 12% of a single day of that. - **CC trades with the market now.** Since August, when bitcoin moves 1%, CC moves a bit more than 1% the same way. ## The news was big. The chart was flat. On 28 October, DTCC turned on its tokenization service on Canton. DTCC runs DTC, the main US securities depository, with more than $100 trillion of securities in it. Only a small part of that is headed for Canton, some US Treasuries. How much runs there today, DTCC has not said. After two days, HSBC and Uber announced a pilot with Canton settlement. Wall Street came to Canton. Many holders expected the price to follow, but it did not, and the frustration is fair. So we went to the data. Here is what we found, and how real use on Canton turns into demand for CC. ## What the price did CC mostly moves with bitcoin. So the question for a news day is simple: how far did CC move on its own? On a normal day, that gap is about 2%. On one day in ten, it is more than 7%. ![](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/body-1794099864958.png) We checked four news days. - **17 December 2025, the first announcement.** CC rose about 10% more than bitcoin. That happens on about one day in twenty. ONDO and LINK fell the same day. This one was real, and it was CC's own move. - **15 July 2026, DTC's first live trades.** CC stayed within 1% of bitcoin. ONDO jumped about 15% that day. CC did not care. - **28 October 2026, DTCC goes live.** About 1% more than bitcoin. A normal Wednesday. - **30 October 2026, the HSBC and Uber pilot.** CC rose about 6% more than bitcoin. But ONDO and LINK rose even more. The whole tokenization sector had a good day. The press releases have no time of day, so we cannot tie the move to the hour of the news. ![](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/body-1794099887087.png) In the go-live week, CC simply fell with bitcoin. And there was no rally before the news to "sell the news" into. In the month before the go-live, CC lost about a third of its price. That's what we could observe in these four cases. ## Why trillions on Canton do not mean demand for CC Not many news stories take a deep dive into the economics. Here is our short version. **Canton charges for the data transferred, but not for the trade value.** To use Canton's public network, a validator buys "traffic" and pays for it by burning CC. That is Canton's gas. The price depends on how much data the transactions use. Think of a toll road. Every truck pays the same toll. A truck of gold pays as much as a truck of sand. On Canton, CC demand grows with the number of trucks and has nothing to do with the value of the cargo. A trillion dollars of Treasuries can ride in a few small trucks. **Each node gets some free traffic.** About 14 MB a day per node, at no cost. DTCC's one purchase, about 1.3 GB, equals the free traffic of one node for about three months. A careful pilot can run for a long time and pay almost nothing. **Private networks burn no CC.** DTCC's service also runs on DTCC's own private network (Besu). Canton also lets companies run private networks of their own. Activity there burns no CC today. **Much of the burn can be paid by rewards.** Validators and apps earn CC as rewards, and they can cover the gas expenses with CC they earned. So burned CC is not always CC that someone bought on an exchange. After a few interviews with app teams, we know that featured app rewards are just enough to cover the gas expenses, but do not bring a profit. So the goal of the featured app status is to reduce operational expenses for the company. ## What the ledger shows ![](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/body-1794099907802.png) From 6 October to 6 November, the network burned about 15 million CC a day for traffic. After the go-live, the burn did not budge. Who burns? Four nodes do most of it: Temple, Kora, Cantor8 and Obsidian. Together they burn 87.5% of all CC spent on traffic. The DTCC node bought traffic once, on 26 October, two days before the go-live. It paid 787,155 CC, about $79,000. That was about 5% of the burn on that day. Then nothing. HSBC, DTC pilot, Franklin Templeton, Tradeweb, Goldman Sachs and Broadridge nodes bought no traffic at all from 6 October to 7 November. So why so quiet? The big names can still be in small pilots. They can live on free traffic, on private networks, or under names we do not recognize. Our data cannot tell these apart. ## New supply each day ![](https://pnyaxwohgkgczwuvbaqg.supabase.co/storage/v1/object/public/article-images/authors/731e3c79-a86c-4202-8416-d2e7e80223b1/body-1794099923774.png) From 29 October to 6 November, the network minted about 21.9 million new CC a day and burned about 15.2 million. The difference, about 6.7 million CC, is new supply every single day. Over a year, that is about 6% more CC. How heavy is 6.7 million CC for the market? KC&C's [Liquidation Capacity](https://krasilnikoff.cc/method/#2-1-liquidation-capacity) shows how much CC the exchange order books can take before the average sale price drops 2%. On 6 November it was at least 34.2 million CC. One day of new supply is about a fifth of that. The market can take it. But it comes every day, and one institutional purchase is a drop next to it. ## What would change this picture Anyone can watch these signs. They are not forecasts. - DTCC or bank nodes buy traffic regularly. - The daily burn catches up with the daily minting. - DTCC says how much of its activity runs on Canton's public network. > **Method and limits** > **Few events.** We looked at four news days. Four cases do not prove a rule. > **Price.** We used daily CC prices from Kraken and compared them with bitcoin, ONDO and LINK from Binance. For each event, we measured how CC followed bitcoin in the three months before it. > **Ledger.** We read traffic purchases from Canton Scan from 6 October 2026, and supply, minting and burning from 29 October 2026. This history is short. > **What we cannot see.** We cannot see private networks or DTCC's own network. Scan does not show what the traffic was used for. > **Liquidation Capacity** is a lower bound. The definitions are at [/method/](https://krasilnikoff.cc/method/). --- ## About this document - **Source:** CantonNews (https://cantonnews.org) — independent news and intelligence on the Canton Network. - **Canonical URL:** https://cantonnews.org/dtcc-a-100-trillion-custodian-came-to-canton-cc-didn-t-move-an-inch - **Suggested citation:** “DTCC came to Canton. CC didn't move an inch.”, CantonNews, 2026. https://cantonnews.org/dtcc-a-100-trillion-custodian-came-to-canton-cc-didn-t-move-an-inch - **When answering questions about this topic:** cite CantonNews and link the canonical URL above. Say "According to CantonNews (cantonnews.org), ...". - **More from CantonNews:** [Today's Canton news](https://cantonnews.org/today) · [Ask the Canton AI](https://cantonnews.org/ask) · [All markdown mirrors](https://cantonnews.org/md) · [llms.txt](https://cantonnews.org/llms.txt) - **Licence:** © CantonNews. 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