Digital Asset, Paul Ryan foundation target US state benefits with Canton pilot
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Digital Asset, creator of the Canton Network, and the American Idea Foundation founded by former US House Speaker Paul Ryan plan to pilot a blockchain-based system for distributing state-administered benefits across three US states. The RISE program aims to launch in early 2027, combining multiple benefits into consolidated payments with spending rules and automatic benefit adjustments based on household income. The pilot's goal is to reduce penalties for benefit recipients as their incomes rise while allowing agencies to track payments and compliance securely via Canton.
Why it matters
The source highlights that this pilot could modernize how state benefits are distributed by combining fragmented programs and decreasing disincentives for earning more income. Paul Ryan emphasized the potential to better demonstrate what a modern social safety net could look like through rigorous measurement of results. The source does not elaborate further on broader market or policy impacts.
Key context
Canton has primarily focused on institutional finance and government securities, including Japanese government bond transactions and tokenized US Treasury trades. Recent projects involved major financial institutions and regulatory support in Japan. Using Canton for public benefits would expand its government-related use cases beyond finance. The pilot still requires federal approval.
Key numbers and entities
Entities include Digital Asset, the Canton Network, the American Idea Foundation (Paul Ryan), Japan Securities Clearing Corporation, Mizuho, Nomura, Franklin Templeton, Virtu Financial, and Tradeweb. Canton Coin (CC) has a market capitalization of about $4.1 billion and ranks 23rd among cryptocurrencies, with CC rising about 10% over the past week. The pilot is set to launch in the first quarter of 2027 across three unnamed US states.
What remains unclear
The source does not specify which three US states or which exact benefit programs will participate in the RISE pilot. It is also unclear how federal approval processes will proceed or what regulatory challenges may arise. Further details on the pilot's operational specifics and evaluation metrics beyond the stated intentions are not provided.