The Depository Trust & Clearing Corporation (DTCC) in the US holds $114 trillion in custody assets. It is responsible for settling stocks, US Treasuries, and ETFs across the US. On the 15th, it demonstrated the entire end-to-end process of real-time blockchain-based stock settlement in the US. It did not use any blockchain from the crypto industry; instead, it used a consortium blockchain it developed itself. This also indirectly proves that traditional finance will use blockchain technology, but it will not use existing public chains to settle such massive amounts of funds. This is undoubtedly a blow to crypto public chains. At first, we thought the odds of using ETH and SOL were high—so that they could boost relative-price increases in their favor. Combined with previous actions by Visa, Meilong Bank, Morgan Stanley, and others, it looks like they won’t use crypto public chains anymore.

It used Canton network, a regulated blockchain, and it’s very similar to the blockchain used in China!

There’s also another public chain called Stellar, which is a crypto public chain that has existed for a long time—released back in 2018. Its token is called Stellar Lumens, and its ticker is $XLM . If you entered the crypto space early and experienced the 3.21 old “revolutionaries,” you would definitely know this coin.

The reasons may be as follows:
1. Ethereum relies on ERC20 contracts to execute; Solana relies on SPL programs. Contracts can have vulnerabilities that lead to theft, and at the level of trillions, such things cannot be allowed. XLM does not require contract deployment, which can prevent vulnerabilities.
2. Ethereum’s price fluctuates greatly; gas fees are unstable, and they’re expensive and slow. When I first tried it, I even “got in the dirt-bug” on mainnet. I had a deep experience trading on Uni before, and Ethereum can be rolled back—ETC came about because of this. Solana often has downtime and instability, but it can also be rolled back.
3. XLM was originally created for institutional payments and securities settlement. Sol and ETH, on the other hand, have many meme coins, DeFi, and all kinds of speculation. Depending on the narrative, interest can be high at times and low at other times—so it’s not stable.

You can take a look at XLM.