On November 3, SEC staff called Canton Coin a digital commodity in a no-action letter from the Division of Corporation Finance. It is a staff position, not a Commission ruling: staff will not recommend enforcement when validators and apps mint CC without registration. A day later, the first trades of a tokenized US stock on Canton ran through Tradecraft. Canton is usually pitched as the chain for Wall Street. Here are eight apps that already run on it: what each one does, who funded it and what the numbers say. Six are trading venues, one is a money market and one brings bitcoin to the network.

The backdrop: CC trades at $0.10 with a $4.1B market cap (CoinGecko), about half its February high. Canton DEXs did $817M in volume over the last 30 days (DefiLlama), and most of it went through one venue.

1/ Temple (Institutional Order Book)

Temple runs a private, non-custodial 24/7 order book exchange for institutions. It went live on January 8 for approved institutional counterparties, starting with the CC/USDCx pair. It leads Canton by a wide margin: $698M in volume over the last 30 days, about 85% of all Canton DEX volume, and $1.87B since December 2025 (DefiLlama).

Funding: a $5M seed in October 2025, then a strategic round led by SBI Group in May 2026, amount not disclosed.

2/ Rocky Exchange (Spot and Perps)

Rocky Exchange offers spot and perpetual trading on Canton. Orders match on an off-chain order book and settle onchain, and users connect through Rocky's own Canton wallet extension. It holds the biggest all-time spot number on the network, $2.09B (DefiLlama). Recent activity is quieter: $55.0M over the last 30 days, behind Temple and Cantex.

Funding: not disclosed.

3/ Cantex (AMM Exchange)

Cantex is a self-custodial AMM exchange built for institutions. Users swap Canton-native and bridged assets against liquidity pools, with atomic onchain settlement and private execution. It did $63.9M over the last 30 days, second on Canton after Temple, and $404M all-time (DefiLlama).

Funding: not disclosed.

4/ Cancore (Cross-Chain Trading)

Cancore connects Canton to the liquidity that already sits on public chains. It trades Canton assets directly against Ethereum, Arbitrum, BNB Chain, Robinhood Chain and Tron, with atomic, self-custodial settlement and no bridge in the middle. Live on Canton mainnet since April, it reports $86M+ settled across 160,000+ trades.

Funding: a $7.2M seed announced on October 27, the freshest round on this list.

5/ Tradecraft (AMM and Liquidity Layer)

Tradecraft is an AMM and liquidity layer: users swap Canton-native and bridged assets, or provide liquidity and earn trading fees. Its TVL is small, $1.7M (DefiLlama), but it carried the network's biggest moment this week. On November 4 the first trades of tokenized Canton Strategic Holdings stock (Nasdaq: CNTN) ran through a permissioned Tradecraft pool on TSV, a venue for tokenized US stocks: Five North sold, DRW Cumberland bought and Flowdesk provided liquidity, under the SEC's new Innovation Exemption (press release).

Funding: not disclosed.

6/ Ekiden (Derivatives)

Ekiden is a derivatives exchange for trading firms, funds and market makers. It combines an order book with RFQ and settles onchain, and calls itself Canton's first order book derivatives exchange. Its first testnet week in June drew 1,502 active users and $8.9M in volume. Mainnet opened in September (Canton Foundation), still invite-only, and the team counted $5.87M in volume over its first 20 days.

Funding: a $2M seed in May 2026.

7/ Alpend (Private Money Market)

Alpend is a lending and borrowing protocol for institutions on Canton. Users supply assets to earn yield or borrow against collateral. Privacy is the selling point: positions are confidential by default, and settlement is onchain. TVL is $2.4M (DefiLlama).

Funding: not disclosed.

8/ CBTC by BitSafe (Bitcoin on Canton)

CBTC is a Bitcoin-backed asset on Canton issued by BitSafe, the way bitcoin enters the network. BitSafe also builds tools for institutions to launch, move and manage assets on Canton, including the open-source Decentralization Manager. CBTC TVL is $3.6M (DefiLlama).

Funding: not disclosed.

The pattern: money and activity on Canton sit in trading. Six of the eight are exchanges of some kind, one of them handles about 85% of DEX volume, and only three teams have disclosed a round: Cancore ($7.2M), Temple ($5M plus an SBI-led round) and Ekiden ($2M). Lending and bitcoin are still small, at $2.4M and $3.6M in TVL. The SEC letter and the first tokenized stock trade give Canton a regulatory story; the onchain numbers show how early its app layer still is. Volume and TVL are from DefiLlama as of November 5, other metrics are company-reported. Do your own research, nothing here is financial advice.

Which one are you watching?