Cancore: The Missing Layer Between Institutional Assets and Public Liquidity

With tokenization reaching critical mass, Cancore argues the binding constraint has shifted from issuance to liquidity, and it is building the operating system for it.

Tokenization worked. That part of the argument is settled.

Regulated institutions now issue, hold, and settle real assets on chain. Tokenized real-world assets excluding stablecoins reached $19.3 billion by the end of the first quarter of 2026, a 256.7 percent increase from the start of 2025, according to CoinGecko's RWA Report 2026. Tokenized Treasuries accounted for 67.2 percent of that total. Treasuries, private credit, money market funds, and gold now exist as programmable instruments.

Then the curve bent. Tokenized US Treasuries stand at $15.92 billion across 101 products and roughly 67,100 holders, according to rwa.xyz, and that figure is down 1.76 percent over the preceding 30 days. The asset base is large and it has stopped compounding the way it did through 2025.

That plateau is the interesting part. When issuance is the constraint, the answer is more issuers. When issuance is solved and growth still flattens, the constraint has moved somewhere else.

The new constraint is liquidity, 

Institutional value increasingly settles on privacy-preserving networks like the Canton Network, a blockchain built for regulated finance with configurable privacy. Public liquidity, stablecoins, and counterparties live on open chains. The two worlds rarely touch, and settlement becomes the bottleneck.

The cost of that separation is measurable. The State of RWA Tokenization 2026 report, produced by RWA.io with input from 15 industry participants including Coinbase, Franklin Templeton, Chainlink Labs, and Ondo Finance, found fragmentation across chains creating pricing gaps of 1 to 3 percent for identical assets and 2 to 5 percent of friction when capital moves cross-chain. Capital that should trade at one price trades at several. Capital that should move in seconds waits.

Cancore is designed to close the liquidity gap.

What a Liquidity Operating System does

Cancore is the Liquidity OS for Tokenized Finance. It is an operating system, meaning a coordinated set of functions rather than a single tool. Cancore makes tokenized assets liquid, accessible, and programmable across Canton and public chains.

The word choice is deliberate. A liquidity layer describes one pool. An operating system describes movement, execution, capital deployment, and automation working together. Cancore connects the Canton Network with public chain liquidity through one platform where users can move, trade, invest, and automate tokenized assets across networks.

Underneath, Cancore uses atomic settlement and HTLC-based swaps, so value changes hands entirely or fails cleanly. There are no relay validator networks and no custody layer inserted between counterparties, and users retain self-custody throughout. Those mechanics matter to engineers. They sit below the category as its settlement engine. The market-facing category is the Liquidity OS.

Four modules

The operating system is expressed through four modules:

• Wallet gives self-custody and a unified portfolio across Canton and EVM. 
• Trade provides execution with a unified quote, routing, an order book, and AMM pools. 
• Strategies offers capital deployment options such as the Canton Liquidity Strategy, Stable Reserve, and Balanced Portfolio, with transparent TVL, performance, risk, and fees. 
• Autopilot adds automation: recurring buys, price triggers, portfolio rebalancing, limits, and a natural-language rule builder.

Why Canton is the foundation

Cancore is built natively on the Canton Network, and that choice reflects where institutional value already lives.

Canton publishes more than $6 trillion in tokenized real-world assets, over $300 billion in daily US Treasury repo trades, and more than 700 connected firms across financial services and crypto. Canton Strategic Holdings, a listed company that operates on the network, stated in an SEC filing that Canton carries more than $9 trillion in monthly transaction volume and more than one million daily transactions. A large share of that flow comes from Broadridge's Distributed Ledger Repo platform, which processed an average of $357 billion in daily repo transactions in June 2026 for a monthly total of $7.5 trillion, up 68 percent year over year.

Canton's participants read like a directory of global finance. DTCC and Euroclear are both members of the Canton Foundation, whose board is chaired by a DTCC executive. Goldman Sachs built its GS DAP digital asset platform on Canton. JPMorgan's Kinexys unit deployed JPM Coin on Canton in January 2026, its second network after Base, with a phased rollout continuing through the year. Visa became a Super Validator in March 2026, the first major global payments company to take that role, joining a Super Validator group that Canton and the Canton Foundation put at 55 as of May 2026.

EVM connectivity is already live. Additional networks represent expansion beyond the Canton foundation. The hierarchy is clear: Canton is the institutional core, and public chains are where liquidity is met.

Who is building it

Cancore's founding team came out of blockchain security, banking, and engineering, and that mix shapes how the product is built.

Wasif Rashid, Co-founder and CEO, has spent close to a decade in blockchain, with a foundation in security, infrastructure, and product development. He founded BlockApex, a blockchain security and engineering firm that has completed more than 125 audits and helped secure over $3.2 billion in value across EVM, Solana, and cross-chain ecosystems. His work covers cross-chain security, liquidity systems, custody risk, stablecoin payments, and agentic security. He leads Cancore's vision, strategy, fundraising, and institutional positioning.

Aleksei Sdvizhkov, Co-founder and COO, brings more than 15 years across enterprise technology, banking, and fintech, including investment products for a digital platform with over 2 million monthly active users, plus 6 years in crypto spanning product, operations, legal structuring, and market execution. He leads operations, business development, partnerships, and institutional growth.

Mikhail Shukshin, Chief Technology Officer, is a senior engineer with more than 10 years in full-stack and blockchain development, combining Web2 and Web3 expertise. He has built and scaled infrastructure for startups, DeFi protocols, and high-performance financial products, and he oversees technical architecture, protocol development, and engineering execution at Cancore.

Building on Canton means working inside institutional constraints on privacy, settlement finality, and compliance, while connecting to public chains where liquidity behaves very differently. Cancore's team has operated on both sides.

The argument

Tokenization answered the question of how to represent an asset on chain. The Liquidity OS answers the next one: how to make that asset useful. Liquid, so it can trade at a fair price. Accessible, so it can reach public venues. Programmable, so capital can act on rules rather than manual steps.

Cancore has been operational on Canton mainnet since April 2026 and was approved as a Featured App on Canton on April 4, 2026. Every trade is recorded on chain and published on a public Dune dashboard. Through September 5, 2026, that dashboard shows $31,838,883 in lifetime volume across 71,609 trades, $380,152 in lifetime protocol revenue, and a seven-day average of $1,039,915 in daily volume at 554 trades per day. More than a quarter of that lifetime volume was added in the eight days to September 5. Auto Trading and liquidity pools are live, starting with a CC/USDCx pool on Canton.

These are early numbers on a fast-growing protocol, and they are published rather than described. Readers who want to test the thesis can watch the same data the team watches, at dune.com/cancore_dune7504/cancore. The category is defined by what the system does, and the system is running.

Wasif Rashid, Co-founder and CEO: "I spent most of the last decade auditing the points where value moves between systems, and that is consistently where things break. So we started Cancore from the settlement engine and built outward. A trade completes in full or it fails cleanly, with no custody layer and no relay network in between. Everything else in the platform sits on top of that."

About Cancore: Cancore is the Liquidity OS for Tokenized Finance, an execution and automation layer connecting the Canton Network with public chain liquidity. Through one platform, users can move, trade, invest, and automate tokenized assets across networks. Cancore is a validator and Featured App on the Canton Network, with EVM connectivity live and mainnet operational since April 2026. Learn more at cancore.io.