Kinga Z. Bosse

COO|MPCH|www.mpch.com

Abstract:

 Add Hex Trust as an SV of Weight 7

• Hex Trust commits to:
• Bring an entire financial ecosystem to Canton network through the integration of regulated custody, on/off-ramp, yield products for stablecoins and alternative assets, payments andreal-time on-chain rating
• Support development of Canton by providing practical feedback and suggestions on documentation, requirements and use cases

About Applicant:

Hex Trust is a fully-licensed and regulated digital asset financial institution, providing an end-to-end suite of services to hold, trade, issue and transfer digital assets. Its offerings encompass Custody, Markets services, OTC trading, Escrow and Collateral Management, Staking, Investment solutions, and AssetIssuance all designed to deliver seamless access, robust protection, and operational excellence for institutional and professional clients.

Founded in 2018 in Hong Kong, Hex Trust has rapidly emerged as a global leader in digital assetcustody and financial services, standing at the forefront of innovation in the blockchain and Web3 ecosystem. Built on a foundation of uncompromising security, regulatory compliance, and institutional-grade infrastructure, Hex Trust empowers the world’s most sophisticated investors, builders, and service providers to unlock the full potential of digital assets.

Distinguished by its in-house technology platform and a team of seasoned financial and blockchain experts, Hex Trust combines deep industry expertise with cutting-edge security protocols to safeguardand grow the digital asset portfolios of its clients. Trusted by over 350 institutional clients, the companycontinues to set new standards for operational resilience and institutional adoption of digital assets.

Alongside its institutional offering, Hex Trust has also launched some of the leading on-chain applications in the past 4 years:

1.    Clearpool (https://clearpool.finance/): Clearpool is a decentralized credit marketplace andblockchain platform that connects institutional borrowers with lenders to facilitate unsecured lending and borrowing through DeFi. Clearpool also supports payments financing (PayFi) through its stablecoin-based products, providing a new credit layer for the stablecoin economy and

real-world assets.

2.    Synnax (https://www.synnax.ai/): Synnax AI is building the

institutional-grade intelligence layer for financial and risk analysis, with live products across publicmarkets, private credit, and digital assets. Synnax is already working with top tier global providers of risk analytics and risk advisory to be their infrastructure partner for Digital Assets intelligence and data analytics.

3.    HT Digital Assets (USDX) (https://www.htdigitalassets.com): USDX is a fully fiat-backed, fiat-redeemable stablecoin — designed to expand the availability of

trusted digital dollars for both retail/HNWI and corporate users. Built with compliance at its core, USDX is supported by transparent audits and strong governance. HT Digital Assets is also offering tokenisation of other G10 currencies in a compliant, fiat-backed and fiat-redeemable fashion as well as working on the tokenisation of money market funds in key financial markets such as UAE, SG and EU.

4.    Nara: Nara is an upcoming protocol for tokenised private funds with the vision of making them Defi compatible via innovative protocol design and built in liquidity pockets.

5.    Protos (https://www.protos.finance/): Protos brings a new standard for institutional Bitcoin. A 1:1 custodian-backed wrapper (pBTC) and its yield-bearing version (pBTCc, ~3.5% APY) turn Bitcoin into secure, programmable collateral across DeFi and institutional markets.

With a global presence spanning Singapore, Hong Kong, Dubai, Italy, and Vietnam, Hex Trust serves a diverse and expanding client base across Asia, Europe, the Middle East, and the Americas.Its mission is clear: to be the most trusted partner for institutions navigating the future of finance in the digital age.

Deliverables for full SV Reward:

SV Reward Mechanics:

• An extraBeneficiary PartyID associated with the ‘escrowed’ Super Validator will be set up by theGSF with an SV Weight at the maximum earnable weight. This will not include the potential "First to Production" or "Second to Production" bonus weights.
• Hex Trust is responsible for coordinating the process of setting up the escrowed weights withthe GSF and the operator of the GSF SV node.
• Hex Trust, Clearpool, Synnax AI, Nara and Protos will be jointly responsible for all costsassociated 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
• ⅔ 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
1. 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.
• ⅔ of Super Validator Operators will then assign a portion of the Unclaimed Rewards to beminted by the Applicant’s Validator, based on the calculation approved by the Tokenomics working group.
• 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 sameamount 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 is subject to CIP-0045 : SV Operating Requirements
1. 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.

Copyright

• This CIP is licensed under CC0-1.0: Creative Commons CC0 1.0 Universal.

Changelog

1. 2025-09-26: Initial draft of the proposal.

APPENDIXES

Appendix I — Motivation

The Canton Network’s long-term success depends on its ability to bridge institutional finance with decentralizedinfrastructure in a secure, compliant, and scalable manner. As adoption accelerates, institutional participantsrequire partners that can provide regulated financial services and integrated digital asset infrastructure across jurisdictions.

Hex Trust — as a regulated financial institution across Asia, the Middle East, and Europe — brings this capability to Canton through its established licensing framework and robust infrastructure spanning custody, brokerage, asset management, and payments.

Hex Trust’s mission aligns with Canton’s core principles: to create an institutional-grade and interoperable financial network that can power real-world use cases and regulated asset activity at scale.

Global Regulatory Posture and Institutional Coverage

Hex Trust operates under a multi-jurisdictional regulatory framework, including licenses and authorizations across key financial hubs in Hong Kong, Singapore, Dubai, and Europe.

Through these entities, Hex Trust provides:

• Regulated Custody Services for digital and tokenized assets under financial authority supervision.
• Staking
• Escrow
• Wrapping services
• Broker-Dealer and Asset Management Services, enabling compliant market participation and tokenized investment products.
• Major Payment Institution capabilities, bridging fiat and digital economies through regulated on/off-ramps and settlement rails.

This regulatory breadth ensures that Canton participants benefit from a globally recognized and compliant framework, unlocking institutional confidence and cross-border utility.

From Custody to Connectivity: Expanding Canton’s Institutional Utility

Beyond its regulated businesses, Hex Trust is building a comprehensive ecosystem of decentralized and enterprise-grade applications. These include tools for tokenization, DeFi yield and credit scoring — designed to operate securely on networks like Canton.

This convergence of regulated financial infrastructure and decentralized innovation positions Hex Trust as a key enabler of institutional DeFi on Canton, supporting use cases such as:

• Regulated custody and fund administration of Canton-native assets.
• Fiat-to-tokenized-asset conversions via compliant on/off ramps.
• Risk-assessed yield generation and tokenized credit markets.
• Real-time payments and programmable settlement solutions.

By bringing this end-to-end stack to Canton, Hex Trust enhances the network’s liquidity, credibility, and interoperability,allowing traditional and digital finance to operate seamlessly together.

Appendix II — Hex Trust Ecosystem Offering

Hex Trust’s ecosystem combines regulated financial service infrastructure with decentralized applications that extend far beyond traditional custody or brokerage. Together, they form a full-stack service model that integrates with Canton’s architecture.

1.  Regulated Financial Services

2.  Decentralized & Enterprise Applications

This dual structure — regulated financial services coupled with decentralized applications — makes Hex Trust’scontribution uniquely valuable to Canton’s hybrid institutional ecosystem.

Appendix III — Statement of Work

Hex Trust commits to implementing a four-phase roadmap designed to progressively integrate its regulated and decentralized infrastructure into the Canton Network.

Phase 1 — Custody Integration

• Integrate Canton Coin and the Canton token standard into Hex Trust’s custody infrastructure.
• Enable Canton-native wallet management and reporting for institutional clients.
• Launch Canton support within Hex Safe, providing secure, regulated access for institutions.
• Enable Custody-based value-adding services: Escrow and Collateral Management.

Phase 2 — On/Off-Ramp and Brokerage Connectivity

• Deploy compliant fiat-to-Canton asset on/off-ramp capabilities under Hex Trust’s payment licenses.
• Integrate brokerage APIs for Canton participants to trade and settle tokenized assets.
• Enable cross-border settlement through Canton-linked payment channels.
• Introduce portfolio abstraction tools for seamless transition between custody, brokerage, and validator wallets.

Phase 3 — Credit Rating and Yield Infrastructure

• Deploy an on-chain credit and risk analytics module enabling real-time credit scoring and risk classification of Canton participants tokenised assets on Canton Network.
• Deploy an on-chain data distribution of real-time credit analytics of over 15,000 public listed companies in support of Canton participants credit and portfolio risk management.
• Integrate credit and risk analytics for regulated stablecoins yield products and alternative assets (staking, repo, and structured yield).
• Collaborate with Canton’s Tokenomics Committee to define yield distribution and collateral frameworks.

Phase 4 — Payments and Institutional DeFi

• Launch programmable payments and settlement solutions using Canton smart contracts.
• Connect Canton-native stablecoins to Hex Trust’s payment APIs and external payment rails.
• Enable pilot transactions between regulated institutions across multiple jurisdictions using Canton infrastructure.
• Expand Hex Trust’s decentralized applications to include treasury automation, escrow services, and tokenized credit instruments.