Binance reached 300 million registered users in December 2025, eight years after launching. The exchange built liquidity conditions that separated it from competitors, not through guaranteed dominance, but through execution reliability, infrastructure investment, and design choices that compounded across that period. It now processes over $20 billion in daily spot volume across 1,630 trading pairs, maintaining depth that supports both retail and institutional execution with minimal slippage.

Canton is an attractive environment to test and scale these mechanics because it already carries tokenized collateral workflows in production, with permissioned privacy and deterministic execution.

The Canton Network, a privacy-enabled, interoperable blockchain network designed for institutions, is one of those solutions. It has been likened to a “network of networks” for the largest financial firms in the world. As of November 2025, there were over 200 different firms actively engaged in the Canton ecosystem. These include asset managers like 21Shares and Fidelity, bulge bracket banks like Citi and even magic circle law firm Clifford Chance.