Tharimmune Investor Update Highlights Canton Network Growth, DTCC Pilot Momentum

Key Points

• Canton Network activity accelerated in Q2, with higher transaction volume, more cross-application settlement, and broader institutional participation across validators and ecosystem partners, including additions such as Stock Gen, Franklin Templeton, Further Asset Management, CME, Citadel, and Northern Trust.
• The DTCC tokenization pilot was a major milestone, involving more than 30 institutions, four asset classes, seven transaction types and two blockchains, and was positioned as a step toward a hoped-for October go-live with same-day and atomic settlement capabilities.
• New governance rules are locking up significant Canton Coin supply, with CIP-0105 and CIP-0116 requiring rewards and application capital to be locked; executives said nearly 50% of total Canton Coin supply was locked, while Cashen reported strong demand for its delegated lock marketplace.

Canton Strategic Holdings executives said the Canton Network saw higher transaction activity, broader institutional participation and significant governance changes during the second quarter, while highlighting a DTCC tokenization pilot and a growing market for Canton Coin locking services.

Speaking during the company’s Q2 2026 Canton Network Ecosystem Update webinar, Mark Wendland, CEO and Chairman of Canton Strategic Holdings, said the quarter was “very busy” and pointed to ongoing preparations for a hoped-for October launch tied to the DTCC pilot.

Network Activity and Institutional Adoption Increased

Hannah Burgess, Head of Business Development at Canton Strategic Holdings, said total transaction volume rose in Q2, while transactions per second also increased. She said the data showed more cross-application workflows settled on Canton per second than in Q1.

Burgess also said the network’s Burn-Mint Equilibrium, or BME, improved during the quarter. The improvement was driven primarily by lower issuance following a Q1 halving and a marginal increase in Canton Coin burned through protocol fees, she said.

Institutional participation expanded across the network. Burgess said three new Super Validators were added in Q2: Stock Gen, Franklin Templeton and Further Asset Management. She said Stock Gen and Franklin Templeton had previously been involved in the Canton Network, while Further Asset Management is expected to act as a regional aggregation layer for Canton in the Gulf states.

Burgess also cited momentum in Asia-Pacific, including ecosystem partnerships in Korea and Canton’s inclusion in the Japanese Government Bond Working Group. On the validator side, she pointed to the addition of institutions such as CME, Citadel and Northern Trust as evidence of maturing digital asset initiatives.

Tokenized Trades Highlight DeFi and TradFi Convergence

Burgess said the number of Featured Apps on Canton doubled during Q2, with decentralized exchanges and marketplaces remaining core activity drivers. Issuers, she said, focused on bringing more crypto assets and real-world assets on chain for trading, collateral management and capital deployment.

She highlighted several transactions during the quarter, including HSBC’s tokenized deposit pilot, which she described as the bank’s first issuance on a public blockchain. Burgess also pointed to an on-chain repo trade between DRW and HIFI that used Tradeweb’s RFQ platform with Marex as prime broker. In another example, Franklin Templeton sold a tokenized Treasury to Virtu Financial outside normal market hours, demonstrating ownership transfer of a tokenized security on Canton, she said.

DTCC Pilot Covered Multiple Asset Classes

Wendland emphasized the importance of the DTCC pilot, describing DTCC as the largest central securities depository in the largest markets in the world. He said the pilot involved more than 30 institutions, 20 transactions, four asset classes, seven transaction types and two blockchains.

The asset classes included U.S. Treasuries, collateral in equities, ETFs and stablecoins, Wendland said. Transaction types included collateral margin movements, repo, securities lending, delivery versus payment for U.S. Treasuries, delivery versus payment for equities, ETF conversions and cross-chain transfers.

“This is more than a proof of concept,” Wendland said, adding that the pilot was designed to drive value for users ahead of a hoped-for October go-live.

During the Q&A portion, Wendland said the pilot used two chains: DTCC’s private internal Besu chain and Canton as the public chain. He said the pilot demonstrated capabilities around same-day and atomic settlement, particularly for collateral mobility and margin processes.

Governance Changes Create Locking Requirements

Burgess said nine Canton Improvement Proposals, or CIPs, were approved during the quarter, while other previously approved proposals went live in Q2. She highlighted CIP-0105 and CIP-0116, which together created locking frameworks for Super Validators and Featured Apps.

CIP-0105, approved in Q1 and live in April, requires Super Validators to lock a percentage of historically earned and future rewards to maintain forward reward weight. Burgess said the first-year percentage is 70%, with annual step-downs through the program.

CIP-0116 extended the principle to the application layer. Burgess said applications must commit capital on chain to gain and maintain Featured App designation. Applications issuing assets natively on the network must post 25 million Canton Coin, while non-issuers must post 5 million Canton Coin.

Wendland said nearly 50% of overall Canton Coin supply was locked across the two frameworks, including 18.26 billion Canton Coin across 42 Super Validators and roughly 1.3 billion Canton Coin across 100 Featured Apps at the time of the discussion.

Cashen Sees Demand for Delegated Lock Marketplace

Luke Farrell, CEO of Cashen, said his company was launched to build credit markets on Canton, with an initial focus on helping Canton Coin holders earn yield and helping Featured Apps satisfy locking requirements. Farrell said Cashen’s delegated lock marketplace is structured as a bilateral marketplace, not as loans.

Under the structure, Canton Coin holders keep assets in their own custody, including through self-hosted wallets or qualified custodians such as Copper and BitGo, while assigning lock attribution to a Featured App. Cashen manages liquidity aggregation, execution, settlement, accounting and monthly interest invoicing, Farrell said.

Farrell said Cashen helped complete 30 deals during the first week of launch ahead of the June 19 Featured App locking deadline. Since then, he said inbound interest has remained consistent, with roughly 70% of applying groups seeking locks through Cashen.

Asked what kinds of builders are coming to Canton, Farrell cited treasury management and yield strategies, tokenized equities and related markets, securities lending, and various lending models. He said Canton’s participant set and legal enforceability could support under-collateralized or uncollateralized lending structures that are difficult to implement in DeFi without enforceable agreements.

Wendland said Canton Strategic Holdings is using its Canton Coin holdings to support network participants while seeking to generate yield and returns for shareholders. He said the company can structure arrangements through fixed rates, reward sharing, commercial relationships or equity investments in applications building on Canton.

Wendland also said he expects Canton governance to continue evolving as the network matures, and said Canton Strategic Holdings is positioned across multiple areas, including foundation governance, Super Validator operations and locking services.

About Tharimmune (NASDAQ:THAR)

Tharimmune, Inc, a clinical-stage biotechnology company, engages in the development of therapeutic candidates for rare, inflammatory, and oncologic diseases. The company's pre-clinical immuno-oncology pipeline includes TH104, a product candidate for the treatment of liver-related and other pruritogenic inflammatory conditions; TH3215 and TH0059 that are product candidates used to treat various solid tumors; and TH1940, which targets programmed cell death protein 1 (PD-1). It has a research collaboration and product license agreement with Minotaur Therapeutics, Inc for the development of proprietary targeted biologics; and Washington University in St.

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