Today in crypto: Cryptocurrency derivatives trading volume surged to $85.7 trillion in 2025, a Kraken executive said tokenization is reshaping the very meaning of money, and Canton Network’s native token has quietly outperformed the broader market amid signs of institutional adoption.
Canton Coin surges on DTCC tokenization plans
Canton Coin, the native cryptocurrency of the Canton blockchain, has rallied about 27% over the past week after the Depository Trust & Clearing Corporation (DTCC) unveiled plans to tokenize a portion of its US Treasurys on the Canton Network.
The initiative was announced on Dec. 17, with DTCC CEO Frank La Salla saying the collaboration with Canton “creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with US Treasury securities and eventually expanding to a broad spectrum of DTC-eligible assets.”
Following the announcement, Canton Coin jumped more than 27% in seven days, significantly outperforming Bitcoin (BTC) and Ether (ETH), which have largely traded sideways over the same period.
The rally comes as tokenized real-world assets (RWAs) have emerged as one of blockchain’s most prominent use cases this year. Roughly $19 billion in RWAs are now held onchain, according to industry data, with tokenized US Treasury products accounting for about half of that total.
Crypto derivatives volume explode to $86T in 2025, averaging $265B per day
Cryptocurrency derivatives trading volume surged to almost $85.7 trillion in 2025, averaging about $264.5 billion a day, according to a report by liquidation data tracker CoinGlass.
Binance led the market with roughly $25.09 trillion in cumulative derivatives volume, or about 29.3% of global trading, meaning nearly $30 of every $100 traded ran through the exchange, CoinGlass said.
OKX, Bybit and Bitget followed, each posting $8.2 trillion to $10.8 trillion in yearly volume. These four exchanges accounted for about 62.3% of total market share.
CoinGlass said institutional pathways expanded through spot exchange-traded funds (ETFs), options and compliant futures, helping drive a structural rise for Chicago Mercantile Exchange (CME), which had already overtaken Binance in Bitcoin (BTC) futures open interest in 2024 and consolidated its footing in 2025.
Tokenization has moved past money only meaning fiat: Kraken exec
Blockchain tokenization is transforming the meaning of money beyond fiat currencies such as the US dollar by allowing users to save and instantly move virtually any asset across platforms, Kraken Head of Consumer Mark Greenberg told CNBC on Wednesday.
“I think we’re past the point where money only means fiat or your local currency,” Greenberg said. “You can save in Tesla xStock, you can save in Bitcoin, or — as a Canadian — you can save in US dollars, euros, euro-denominated stablecoins, or even gold.”
Data from RWA.xyz shows nearly $415 billion worth of real-world assets are currently tokenized on-chain. Boston Consulting Group estimated that figure could increase to $16 trillion by 2030, while McKinsey & Co predicted a more conservative $2 trillion over the same timeframe.
Greenberg said that tokenization also enables instant settlement for equity transactions, addressing limitations of traditional securities infrastructure that has remained largely unchanged for more than 50 years.