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 lis

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