DTCC Launched Tokenization on Canton With Ondo as a Partner. Which Coin Benefits More?

Recently, Canton Coin (CC) and Ondo (ONDO) each secured a partnership with the Depository Trust & Clearing Corporation (DTCC), a leading U.S. securities firm. This partnership marks the rollout of DTCC’s tokenization service, which went live on October 28, 2026. While DTCC is a major player, the question is which coin will ultimately benefit from this development.

As of the latest updates, CC is trading at $0.0956, reflecting a 2.8% decrease over the past 24 hours and a total drop of 27.0% over the last month. Meanwhile, ONDO is priced at $0.4153, showing a modest increase of 0.7% in 24 hours but down 20.1% on a monthly basis. This raises an important question. Which of these coins is better positioned to gain traction from DTCC’s tokenization push?

DTCC’s Tokenization Service Launches with 34 Securities on Canton

DTCC’s new tokenization service initially includes 34 different securities, featuring selected large-cap stocks from the Russell 1000, various exchange-traded funds, and U.S. Treasuries. The tokenized versions maintain the same ownership rights and protections as their traditional counterparts, allowing investors to easily switch between the two forms and transfer tokens to their own digital wallets.

This service operates on two networks, the Canton Network and DTCC’s private Besu network. DTCC plans to broaden its blockchain reach in 2027 and has already partnered with 20 notable participants such as Citadel Securities, Fidelity Investments, Edward Jones, Bank of America, and JPMorgan Chase, alongside infrastructure providers like BitGo Bank & Trust, Fireblocks, DRW, Blockdaemon, and Ondo.

DTCC’s president and chief executive, Frank La Salla, stated that the launch is the culmination of years of development. The groundwork goes back to December 2025, when the SEC issued a no-action letter to DTCC’s clearing unit, indicating that SEC staff would not pursue enforcement action if the service was implemented as planned.

Input from over 150 firms helped shape the final design, with limited production trades conducted with more than 30 firms as early as July 2026. Lawmakers also moved on broader digital-asset rules around the same stretch, with the Senate’s Crypto Clarity Act vote in September setting fresh ground rules for how tokens like these get treated.

No Requirement for Either Coin in the New Service

Interestingly, DTCC did not specify a settlement asset for this launch, meaning there is no obligatory cryptocurrency tied to the service, including CC and ONDO. Instead, banks will receive tokenized securities directly into their digital wallets, and the announcement does not mandate any participant to hold, buy, or use either coin.

Furthermore, DTCC runs a similar tokenization service on its private Besu network, which does not have a public token. This means that as DTCC expands in 2027, it could narrow Canton’s current advantage before either coin establishes strong demand. Ondo’s link to the new service appears to be the weaker of the two.

Ondo describes its token, ONDO, as a governance token for both the Ondo DAO and Flux Finance, possessing a fixed supply of 10 billion tokens with no entitlement to fees generated from Ondo’s products.

Given that Ondo already lists tokenized U.S. stocks on Robinhood Markets’ Robinhood Chain, with 15 tokenized stocks and funds available for 24/7 trading through Uniswap, the new DTCC service could introduce competition for Ondo’s existing offerings unless it evolves to distribute DTCC’s tokens.

Canton Coin’s Fee Structure Offers a Small Advantage

Canton Coin is uniquely integrated into the network’s fee system. Validators, the computers that process and confirm transactions, charge fees priced in U.S. dollars, but they pay in CC, burning the coins and removing them from circulation. In return, validators, Super Validators, and application providers mint new CC as rewards, creating a “burn-mint equilibrium” that keeps burned and newly minted coins in balance over time.

However, this system has its limitations. Each validator receives a free traffic allowance before fees apply, and paid traffic costs are based on message size rather than transaction value, so a single large transaction could burn the same amount of CC as a much smaller one.

Additionally, third parties can manage the burn process for validators, so a bank could use dollars to cover network traffic costs without ever handling CC directly.

Ultimately, a token’s price movement depends on monetary flows rather than partnership announcements alone. CC is trading 50.7% below its all-time high of $0.1942 in February 2026, reflecting a 37.4% year-to-date decline. ONDO, on the other hand, trades 80.6% below its December 2024 peak of $2.14, despite a 15.5% gain so far this year.

Which Coin Will Benefit More from DTCC’s Launch?

In conclusion, Canton Coin has a slight edge in terms of potential benefits from the DTCC launch. Its direct connection to the Canton Network’s fee structure positions it slightly better than Ondo, as the latter seems to have a less clear benefit from its association with DTCC’s tokenization service.

The bigger winners are the companies, not the coins. Digital Asset gains the largest reference customer in U.S. post-trade, and Ondo Finance gains a seat beside Wall Street’s largest custodians. For CC, the edge becomes demand only if banks burn more coins than validators mint; for ONDO, the clearer path is through its own DAO voting to tie the token to Ondo’s revenue.

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