Hi all,
Please find attached the CIP-0071: Add Ubyx as an SV of Weight 5.5
We are in need of a sponsor as well as an endorser for the CIP.
Thank you for your consideration and let us know if there are any questions.
Best, Darko
CIP 0071
CIP: CIP 0071
Title: Add Ubyx as an SV of Weight 5.5
Author: Tony McLaughlin
Status: Draft
Type: Governance
Created: 2025-06-06
Approved:
License: CC0-1.0
Abstract:
- Add Ubyx as an SV with weight 5.5, as milestones and deliverables are reached over an 18-month period, as proposed in the detailed list of deliverables below.
- Ubyx commits to building solutions on the Canton Network enabling regulated transfers of value on-chain as well integration into the broader Ubyx stablecoin clearing platform.
- Make it possible to attach information of regulatory importance to transactions
- Integrate the broader Ubyx clearing system with the Canton ecosystem
- Onboard tokenized demand deposits (e.g. CBMT), providing the first instance of on-ledger commercial bank money
- Onboarding of some of the top ERP providers, large Commercial Banks, and significant multi-national organizations
- Make it possible to attach information of regulatory importance to transactions
About Ubyx:
Ubyx is building a next-generation clearing system that allows stablecoins to be deposited into bank and fintech accounts at par value, much like cheques. This infrastructure aims to support compliant, privacy-preserving B2B payments at scale.
Ubyx was founded by Tony McLaughlin, a 30-year veteran of traditional finance with deep expertise in corporate treasury and interbank innovation. Tony has cultivated strong, long-standing relationships with major banks and FMI's and has led transformative initiatives with global financial institutions, and has initiated:
RLN/RSN: A system for private, atomic multi-bank settlements piloted on the Canton Network with participation from major actors in the financial markets (e.g., Citi, J.P. Morgan, T.D. Bank, U.S. Bank, Wells Fargo, Zions, Matercard, Visa, Swift, and the New York Federal Reserve).
Project Agora: A cross-market initiative enabling privacy-preserving atomic interactions between diverse financial actors. The project is currently led by the BIS and more than 40 private sector financial firms, including major banks, exchanges, and payment providers have joined the effort.
Ubyx has already secured investment and affiliation from several stablecoin issuers, financial institutions, blockchain foundations, and infrastructure providers, including multiple participants from the Canton ecosystem. Led by Galaxy, the seed round also attracted high-profile backers including Founders Fund, VanEck, LayerZero, Paxos, and Coinbase Ventures. Some media coverage of the seed round can be found here:
- Bloomberg (paywalled)
- Cointelegraph
- Coindesk
The company's CTO, Darko Pilav, brings nearly a decade of experience from Digital Asset. He was one of the original authors of Daml, built the global Customer Experience Engineering team and has overseen multiple major Daml projects. Darko is well positioned to ensure that Ubyx's work on Canton is architected to support composability and network utility, aligning with the long-term vision for interoperable and scalable enterprise infrastructure.
Deliverables for Full SV Reward:
1. Delivering applications that allow Canton Network participants to execute regulated transfers
| Deliverable | Acceptance Criteria | Deadline | Weight earned |
|---|---|---|---|
| Develop an ISO20022 gateway for Canton | Go Live of ISO20022 Gateway giving participants the ability to integrate their existing infrastructure with workflows on Canton. | +120 days from CIP approval | 0.5 |
| Go-Live of B2B stablecoin payments with ISO20022 messaging, privacy and ERP reconciliation | First live transaction with production customer and associated press release | +300 days from CIP approval | 0.5 when more than $5m is transacted across independent parties 0.5 when more than $10m is transacted across independent parties up to a total maximum of SV Weight 1 |
2. Onboard on-ledger commercial bank money (e.g. CBMT) onto the Canton Network
| Deliverable | Acceptance Criteria | Deadline | Weight earned |
|---|---|---|---|
| Commitment from a bank providing Demand Deposit Tokens (e.g. CBMT) to provide DDT capabilities on Canton |
|
+120 days from CIP approval | 0.5 |
| Go-Live of Demand Deposit Tokens (DDT) like the Commercial Bank Money Token (CBMT) on Canton | Live transactions of DDT facilitated by Ubyx. | +300 days from CIP approval | 0.5 when DDT transactions >$5m are executed across independent parties on Canton 0.5 when DDT transactions >$10m are executed across independent parties up to a total maximum of SV Weight 1 |
3. Enabling strategic adopters to the Canton Network
| Deliverable | Acceptance Criteria | Deadline | Weight earned |
|---|---|---|---|
| Active policy and educational engagement via the Ubyx Association | At least one of each by deadline:
|
+60 Days from CIP Approval | 0.5 |
| Add strategic participants to the Canton Network | Ubyx successfully transacts with strategic participants on Canton. The strategic participants would be likely coming from one of the following categories and must be approved names by the GSF Tokenomics Working Group to count: ERP (Top 5 by market share) Corporate Customer Banks (More than $800 billion total assets for weight 1, or more than $300 billion total assets for weight 0.5) Multi-National Corporations (More than $1 billion in annual sales) |
+180 days from Go-Live of B2B stablecoin payment application | 0.5 per corporate customer bank with >$300B total assets using Ubyx applications 1 per participant in the ERP or Multi-National Corporations category or corporate customer bank with >$800B total assets using Ubyx applications up to a total maximum of SV Weight 2 |
Milestone Mechanics:
- The GSF Tokenomics committee commits to deliberate each proposed participant and clearly notify Ubyx if the participant would count against the commitment to add strategic participants to the Canton Network.
- Ubyx will meet with the GSF Tokenomics committee once every 60 days and provide a progress report towards stated deliverables.
SV Reward Mechanics:
- An extraBeneficiary PartyID associated with the 'escrowed' Super Validator will be set up by the GSF with an SV Weight at the maximum earnable weight in the CIP that grants rights to that Super Validator.
- The Applicant is responsible for all costs associated with the operation of the escrow SV
- The escrow SV will NOT mint rewards on a block by block basis
- All escrow SV rewards will go to the Unclaimed Rewards pool
- The Applicant is responsible for all costs associated with the operation of the escrow SV
- 2/3 of the Super Validator Operators will update their configurations to allow GSF to host the full weight to be earned by the given Super Validator
- Applicant is required to present proof of successful completed milestones to the Tokenomics Working Group
- Applicant is required to present a calculation for number of Canton Coin it should earn for meeting the requirements of the milestone
- Applicant is required to present a calculation for number of Canton Coin it should earn for meeting the requirements of the milestone
- If the Tokenomics Working Group agrees the milestone has been met and agrees with the calculation, an announcement will be sent via the Tokenomics-Announce mailing List
- The GSF will update the extraBeneficiary to an active PartyID controlled by that Super Validator.
- 2/3 of Super Validator Operators will then assign a portion of the Unclaimed Rewards to be minted by the Applicant's Validator, based on the calculation approved by the Tokenomics working group.
- The GSF will update the extraBeneficiary to an active PartyID controlled by that Super Validator.
- If any milestones and associated rewards are not achieved by the deadline
- Applicant will be notified they have not met a deliverable by the GSF
- Remaining SV Weight assigned to the extraBeneficiary SV will be removed from the GSF node configuration, and the total SV weight of the GSF SV node will be reduced by the same amount by a vote of the Super Validators.
- The Tokenomics Working Group will make a recommendation to the SVs on what to do with the Unclaimed Rewards
- Applicant will be notified they have not met a deliverable by the GSF
- Applicant is subject to CIP-0045 : SV Operating Requirements
- If, at any time, the Applicant has been rewarded SV Weight > 2.5, they are required to operate their SV within 6 months of crossing that Weight. This SV node will join the network with an SV weight of zero (0) and may add weights as the SV completes the milestones listed in this CIP.
Appendix I - Motivation
The Canton Network's unique value lies in its ability to support private, composable transactions which is a key requirement for institutional-grade financial workflows.
Ubyx intends to unlock real-world adoption of these capabilities by enabling regulated B2B payments that preserve privacy, enable reconciliation, and integrate directly with existing enterprise systems. Key use cases include central functions in corporate treasury like vendor payments and intra-group cash movements, which is a market segment that held over $54.6 trillion in deposits globally in 2022 (McKinsey).
To achieve this, Ubyx is developing integrations with core ERP systems, where the majority of B2B payments are initiated and reconciled. This will be supported through partnerships with major ERP providers, Swift, and IntellectEU. These connections will enable corporates, banks, stablecoin issuers, and tokenized deposit providers to access the Canton ecosystem more easily using their existing infrastructure.
Given its domain expertise, deep ties to financial institutions, and a strong team, Ubyx is well-positioned to bring large-scale B2B flows to Canton. This initiative could serve as a multi-bank analog to JPMorgan's Kinexsys, with built-in support for interoperability, privacy, and regulatory compliance.
Appendix II - Scope of Work
As outlined in the "Deliverables for Full SV Reward" section, Ubyx will execute two core workstreams in parallel:
Enabling new workflows on Canton Network
Ubyx will focus on building critical infrastructure to support privacy-preserving, interoperable B2B payments on Canton. This includes:
- Defining a capability roadmap in collaboration with IntellectEU, Swift, and major ERP software providers, targeting key corporate treasury use cases.
- Developing standardized data structures in Daml to represent key financial messages and transactions, with extensibility to the broader ISO20022 standard.
- Building an ISO20022 Gateway to facilitate seamless integration of corporate systems with Canton workflows.
- Enhancing network composability by linking ISO20022 messages with Canton's existing utilities, ensuring atomicity, and metadata propagation while preserving privacy.
- Enabling regulatorily compliant B2B stablecoin payments, including privacy, ISO20022 integrations, as well as ERP integration.
Enabling on-ledger Demand Deposit Tokens on Canton
Ubyx will support the introduction of demand deposit tokens (DDT) on Canton by
- Identifying and onboarding a commercial bank partner to issue DDTs on Canton.
- Providing architectural and operational guidance to ensure the bank's integration aligns with Canton's ecosystem standards (e.g., registry utility).
- Integrating DDTs into the broader B2B payments infrastructure, making it possible for regulated entities to transact using on-ledger commercial bank money in a wide variety of use cases beyond Ubyx's own applications.
This scope is designed to deliver reusable components and institutional-grade integrations that benefit not only Ubyx, but the broader Canton ecosystem.