Canton Network has been very popular on the RWA track recently. With a financing of $135 million, endorsed by Wall Street giants such as Goldman Sachs, HSBC, and DTCC, they claim to be developing a "global financial operating system". Another legendary narrative project on Wall Street? Let's talk about my opinion: 1) Canton is indeed different from most RWAs on the market. RWA in the usual sense is essentially a set of synthetic assets. The issuer is still a traditional financial intermediary, and on chain it is just an additional layer of blockchain armor, which is equivalent to transferring off chain assets to the chain through a mapping mechanism. Canton's gameplay is different: it allows the issuer of the asset source to issue it directly on the chain. What does it mean? For example, DTCC (American Securities Depository and Clearing Corporation) directly issues US treasury bond bonds on Canton. The smart contract itself is a legal contract, and the buyer and issuer establish a direct contractual relationship, without the need for intermediaries to earn price differences. This is not simply 'tokenization', but 'primordial'. Although it may sound like a different statement, the underlying logic is completely different. At present, there are already $12 billion in regulatory grade asset issuances on Canton, covering bonds, money market funds, alternative investment funds, and more. 2) Let's talk about their flagship brand of 'institutional privacy'. Recently, @ Zcash's outstanding performance in the second level has ignited everyone's enthusiasm for the privacy track. But to be honest, Canton's privacy attributes are still quite different. Zcash is aimed at public payment scenarios, emphasizing "optional privacy" where users can choose between anonymity or transparency. Canton is aimed at regulated institutional businesses, emphasizing "selective visibility/on-demand disclosure". Both parties to the transaction keep each other confidential, but regulatory agencies can audit at any time when needed, and compliance evidence can be traced throughout the process. This design is tailor-made to adapt to regulatory frameworks such as SEC, EU, and GDPR. Simply put, it means finding a balance between privacy and compliance. 3) What is the current actual adoption situation of Canton? At present, Canton has 28000 registered wallets, mainly institutional accounts. Seeing this number, you should understand that Canton is just an institutional level infrastructure for ToB, and it is still far from large-scale C-end applications? The Canton team is very clear about what they are doing: first running the most difficult institutional level infrastructure, and then extending it to the C-end. This path is actually quite clever. Why? Because the institutional market is a scarce resource with high entry barriers, deep relationship networks, and strict regulatory requirements, it can be considered a true moat for projects. Canton's decision to first conquer institutions on the B-end and then expand into the C-end market is essentially a strategy of dimensionality reduction. In fact, with the support of this strategy, Canton's ecological activities have recently become more active. Of course, even so, Canton's narrative ceiling will be limited by "institutional adoption" for a considerable period of time. When we speculate on currency or ecology, we must be clear about where the ceiling of the project lies. Obviously, Canton's value growth curve is bound to be a slow but stable "institutional adoption" curve. The above. Overall, I believe that Canton represents a relatively pragmatic direction for the RWA track, but how far it can go depends on two variables: the speed of regulatory policy evolution and the determination of traditional financial giants to embrace blockchain.