Privacy-first institutional DLT is the exact pitch R3 Corda has run since 2017 — DTCC partnerships, SWIFT pilots, regulatory frameworks in multiple jurisdictions, and Corda still clears near-zero daily value against any public L1. Canton's differentiator is Canton Coin burn mechanics forcing economic alignment, but burn only matters when production volume replaces pilot traffic. Japan/Korea rollouts are regulatory wins; the usage question gets answered when Canton's institutional participants route production flow through it instead of keeping it sandboxed.

Top comment by @Benthic