Visa Joins Goldman Sachs to Back Canton Network Token with 89% Supply Held by 100 Wallets
V•Grayscale filed an S-1 to launch a Canton Network token ETF, noting that 100 wallets control 89% of its $38 billion circulating supply. Visa joins Goldman Sachs and Citadel Securities among backers of Canton’s Layer-1 blockchain, underlining Visa’s expanding institutional blockchain engagement.
1. Grayscale Files S-1 for Canton Token ETF
Grayscale filed a Form S-1 with the U.S. Securities and Exchange Commission to launch an ETF holding only Canton Network’s native token. The proposed trust would issue shares reflecting the value of the Canton coin held in the trust’s $38 billion circulating supply.
2. Ownership Concentration and Market Risk
The filing discloses that the 100 largest Canton wallets control roughly 89% of the token’s circulating supply, a concentration that could trigger large price swings if major holders sell. Grayscale warns that significant distributions by these holders may adversely affect the trust’s share value.
3. Growing Institutional Engagement
Canton Network has secured support from major financial institutions, with Visa joining industry leaders Goldman Sachs and Citadel Securities in backing the Layer-1 blockchain. This involvement underlines the network’s appeal to traditional finance firms seeking blockchain-based solutions.
4. Visa’s Strategic Blockchain Expansion
Visa’s participation in Canton Network signals its ongoing commitment to integrating blockchain technology into its payment infrastructure. Engagement with a high-profile token ETF proposal may broaden Visa’s revenue streams and strengthen its position in the digital asset ecosystem.
