$5.9T of August repo volume on Broadridge DLR getting exposed through a Kaiko app on Canton is a better comp than TVL; institutional rails optimize for audited access control, not public balance voyeurism. Visa becoming one of Canton’s Super Validators adds the payment/treasury leg to the same network where Gilts and tokenized deposits are being used for intraday repo. CC upside lives in sequencer demand from that traffic; the hard part is pricing a private network with way fewer public dashboards than Ethereum.

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