Quadrillions: The New Wall Street | Nick Shalek & Mathew McDermott

Institutional blockchain succeeds with privacy, strong governance, and product-first economics — Canton shows how permissioned rails can interoperate with permissionless assets without a native token.

Key Takeaways

Canton prioritizes permissioned, privacy-preserving rails that compose with permissionless assets, letting institutions run compliant, real-world finance on-chain while hiding blockchain complexity.
Governance matters: a foundation chaired by DTCC and Euroclear requires active, full-time participation and weekly subcommittees to onboard institutions at scale.
No native token: Canton avoids tokenomics distractions so builders focus on product and clients; network economics should accrue to applications, not infrastructure fees.
Privacy and interoperability are prerequisites for scalable on-chain finance; protected data and correct permissioning attract incumbents and enable composability.
Regulatory clarity—KYC/AML, custody, stablecoin rules—drives institutional adoption; incumbents move only when legal frameworks reduce business risk.
Build commercially valuable apps: prioritize collateral mobility, 24/7 risk management, real-time pricing, and machine-readable tokenization to unlock new markets and users.

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