Charles Hoskinson, founder of Cardano, asserted that XRP and Midnight are already 100x the scale of tokenization that legacy finance is pursuing with the Canton network. He argued that XRP and Midnight are the best options for TradFi institutions looking to venture into tokenization, and warned that “You can’t fake Cardano or XRP Nation.” When asked about his scale-100x claim, he said there are no “half-measures or half technologies” when pursuing the $10 trillion RWA market. Hoskinson’s remarks drew a reply from Yuval Rooz, CEO of Digital Asset and the Canton network’s creator, who questioned what Hoskinson had achieved with his Web3 chain beyond “extracting money from retail,” and he called for tangible volumes across decks and DeFi.
Hoskinson’s praise of XRP and Midnight comes as the Canton network gains traction in tokenization. DTCC recently partnered with Digital Asset to tokenize DTC-custodied U.S. Treasury securities on the Canton network. This came after DTCC received SEC approval via a No-Action letter to begin tokenizing assets. Zenith Kim, co-founder of Zenith, criticized the Cardano founder’s statements, arguing that Canton already has adoption and validation from the market participants Hoskinson seeks to serve.
Kim declared that Canton isn’t trying to build what XRP or Midnight have built. He asserted that Canton has already built a “superior product” with players such as DTCC, Broadridge, and Tradeweb running on the network, with over 10 years of optimizing and refining this product. Daml (Digital Asset Modeling Language), which Canton utilizes, was created at the same time as the whitepaper for the top layer-1 network Ethereum. According to data from RWA.xyz, the Canton network is the top network in terms of real-world assets value, both distributed and represented ($388 billion).
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