Canton is purpose-built for regulated financial markets, combining synchronized settlement with configurable sub-transaction privacy in a way that most blockchains do not. Its architecture allows independent applications to interoperate across shared infrastructure without requiring full data transparency or a single globally replicated state, making it well-suited to confidential, multi-party financial workflows. This design has already translated into meaningful institutional adoption. Broadridge, DTCC, J.P. Morgan, and Tradeweb are just a small sample of the important organizations building on Canton infrastructure, while the broader institutional ecosystem is increasingly oriented around collateral mobility, tokenized assets, regulated cash, and institutional settlement workflows. A growing set of crypto-native applications is also emerging on Canton, leveraging its privacy model and access to institutional users. Historically, much of Canton’s highest-value activity has occurred in private deployments using the same underlying technology. The next phase is the expansion of these workflows into shared infrastructure, where tokenized collateral and regulated cash increasingly interoperate through the Global Synchronizer. This shift toward shared, fee-generating infrastructure is central to Canton’s economic model. Early traction is concentrated in collateral mobility and synchronized institutional settlement, where Canton is already being used by major financial institutions. As these workflows increasingly converge onto interoperable shared infrastructure, shared-network settlement and coordination activity could become an important driver of CC’s long-term utility and value accrual. Governance, reward design, and the relationship between private deployments and public-network usage will continue to shape Canton’s next phase of development. Looking ahead, the most important milestones are the rollout of DTCC’s tokenized Treasury initiative, the phased integration of JPM Coin (JPMD), and continued growth in applications using Canton for synchronized settlement and regulated asset movement. Canton’s long-term success will be defined less by early-stage deployments and more by the scale and pace of adoption of its shared infrastructure for composable collateral and cash movement across global capital markets.