Copper Research says usage of the Canton Network, a blockchain built for regulated finance, has quietly surged, with validator activity now including major U.S. exchanges alongside banks and infrastructure firms.

Just over a year after launch, Canton has reached a scale unmatched by prior institutional blockchains, thanks to backing from Goldman Sachs (GS), HSBC (HSBC)and Broadridge (BR), the crypto custody firm said in a Wednesday report.

The report noted that Broadridge alone processes more than $5.9 trillion monthly in tokenized U.S. Treasury repos on the network.

Exchanges including Binance U.S., Crypto.com and Gemini (GEMI) are also running validators, while Kraken has signaled a possible listing of Canton’s token. Though no exchange has confirmed plans, Copper said that such a listing would be unprecedented for a permissioned blockchain backed by major financial institutions.

Network activity is also accelerating. Canton recorded more than 500,000 daily transactions by September’s end, more than USDC and USDT transfers combined in the same period and approaching Ethereum’s volumes. Copper Research stressed that this activity is already driven by live institutional applications, not pilots.

According to the analysts, favorable regulation and Canton’s privacy-focused, interoperable design make it well-suited for shared institutional platforms.

Versana, backed by JPMorgan (JPM) and Wells Fargo (WFC), now has seven global banks sharing syndicated loan data, while Goldman Sachs’ DAP has supported tokenized bond issuances.

This institutional adoption is what sets Canton apart, the report added.

Read more: Chainlink Chosen by Privacy-Focused Blockchain Canton to Push Institutional Adoption

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