TLDR:
- BitGo extends its Canton Network infrastructure to support CIP-56 token standard assets including USDCx and cBTC.
- The CIP-56 standard offers privacy-preserving transfers and atomic settlement tailored for regulated financial institutions.
- Canton Network now processes over $350 billion in on-chain assets daily, reflecting rapid institutional blockchain adoption.
- BitGo, the largest Bitcoin custodian globally, is expanding qualified custody across Canton’s growing financial ecosystem.
BitGo has announced support for CIP-56 token standard assets on the Canton Network, adding USDCx and cBTC to its qualified custody platform.
This move builds on the company’s October 2025 launch of Canton Coin custody. The Canton Network now processes over $350 billion in on-chain assets daily.
The expansion positions BitGo as a key infrastructure provider for institutions operating within Canton’s growing financial ecosystem.
CIP-56 Brings Institutional-Grade Features to Canton
The CIP-56 token standard functions similarly to ERC-20 on Ethereum, providing a common interface for wallets, custodians, and applications.
However, it includes additional capabilities tailored to regulated financial markets. These features make it more suitable for institutions handling large-scale transactions.
The standard supports privacy-preserving transfers, which protect sensitive trading data during settlement. It also enables atomic Delivery-vs-Payment settlement, reducing counterparty risk across transactions.
Multi-step transfers allow administrators to control asset movement between approved parties. Together, these features create a compliant, composable environment for real-world assets moving on-chain.
Deterministic finality within seconds and predictable transaction costs further support institutional workflows. These qualities are critical for organizations managing large volumes of trades or settlements.
By integrating CIP-56, BitGo can now support any asset issued under this standard across the Canton Network. This reduces friction for institutions seeking custody solutions on the platform.
BitGo has expanded its @CantonNetwork infrastructure to support CIP-56 token standard assets, bringing qualified custody to USDCx, and cBTC.
Chen Fang, Chief Revenue Officer at BitGo, spoke on the growing role of the network. “Canton is rapidly becoming one of the most important networks for institutional digital finance,” Fang said.
“By supporting CIP-56 assets, BitGo provides the custody infrastructure needed for institutions to participate in Canton’s growing ecosystem.” His remarks reflect the company’s broader commitment to expanding institutional blockchain infrastructure.
Melvis Langyintuo, Executive Director and Head of the Canton Foundation, also weighed in on the development. “CIP-56 is the standard that enables interoperability across the Canton ecosystem,” Langyintuo stated.
“BitGo’s support for CIP-56 assets strengthens the network’s institutional infrastructure and makes it easier for participants to build applications and financial products on Canton.” Both statements point to a shared goal of deepening institutional access to the network.
Three Assets Mark the Start of BitGo’s CIP-56 Rollout
BitGo’s CIP-56 launch covers three assets addressing different institutional needs. USDCx is a USDC-backed stablecoin issued through Circle’s xReserve protocol.
It combines dollar liquidity with Canton’s privacy architecture, making it suitable for on-chain repo settlement and other capital markets workflows. The asset is already being used in live capital markets operations.
cBTC brings Bitcoin liquidity into Canton’s financial infrastructure. The asset is fully backed 1:1 by Bitcoin, allowing institutions to use BTC for collateral, settlement, and trading.
As the largest Bitcoin custodian globally, BitGo is well-positioned to serve institutional cBTC users on the network. This makes the pairing between cBTC and BitGo a natural fit for the market.
USDXLR, issued by Excellar, generates rewards on stablecoin holdings through delta-neutral strategies. It can be used for settlement, liquidity, and collateral workflows while returning yield to holders.
This makes it attractive for institutions seeking returns on stable assets. As a CIP-56 asset, it fits within the broader Canton composable financial infrastructure.
BitGo stated it will continue expanding support for additional Canton assets as more financial institutions and tokenization platforms adopt the network.
