Gate Opens USDCx Deposits and Withdrawals on Canton Network

On May 25, Gate, a popular cryptocurrency exchange, announced that it is planning to support deposits and withdrawals of a stablecoin called USDCx on the Canton Network. 

USDCx, the CIP-56 compliant stablecoin on @CantonNetwork backed 1:1 by USDC through @Circle‘s xReserve smart contract, is now supported for deposits and withdrawals on @Gate.

CIP-56 defines the standard for how assets are issued, transferred, and composed across the Canton… pic.twitter.com/VXv9hpVLaO

— Canton Foundation (@CantonFdn) CoinNewsSpan

Gate Launches USDCx Deposits and Withdrawals on Canton Network 

USDCx is the native stablecoin of the Canton Network, and it is fully pegged in a 1:1 ratio with USDC through a smart contract called Circle xReserve. This integration will allow users to transfer funds easily into and out of Gate for trading, managing their assets, and taking part in the Canton blockchain network.

USDCx is working under the Canton CIP 56 token standard. This standard helps allow the network to gain cross-chain interoperability with great privacy features that are designed for institutional use. To get USDCx, users deposit USDC into the xReserve on the Ethereum network, which then creates USDCx on Canton.

Users can also redeem USDCx back to USDC at any time. This system is providing clear proof that the stablecoin is fully backed, while also allowing private transactions that are only visible to the parties involved. This privacy feature is a key advantage for regulated finance.

To announce the launch, the cryptocurrency exchange has introduced many promotional campaigns with a total reward pool of $150,000 in CC, which is the utility token of the Canton Network. These campaigns include a promotion called CandyDrop, a USDCx Deposit Challenge, and Simple Earn products. The purpose is to encourage more liquidity and wider adoption of the stablecoin on the platform.

“By supporting deposits and withdrawals for Canton Network’s USDCx and launching multi-dimensional incentive campaigns centered around CC, Gate is further enhancing the liquidity and user reach of Canton ecosystem assets while demonstrating its ongoing commitment to integrating emerging public blockchain ecosystems, expanding interoperable digital asset infrastructure and supporting the evolution of institutional on-chain finance,” stated in the official announcement. 

The Canton Network is a public blockchain that protects user privacy and is built specifically for financial institutions. It combines the openness of public networks with the privacy controls and confidentiality that capital markets require. The network is built using Digital Asset Daml smart contract language.

It supports transactions that settle instantly and can work across different participants, all while keeping sensitive data private. Major financial players such as DTCC, Visa, and others are involved in its ecosystem for handling tokenized assets and settling trades efficiently.

The stablecoin sector has seen explosive growth since the approval of the GENIUS Act in July 2025. U.S. President Donald Trump has signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) into law, and it created the first complete federal framework for payment stablecoins.

This law is making it mandatory for each stablecoin to be backed one-to-one with high-quality assets. Stablecoin issuers will also have to provide monthly reports on their reserves and follow strict anti-money laundering rules. Only permitted companies are allowed to issue stablecoins under the GENIUS Act.

After the positive regulatory developments for the digital asset sector, the total value of all stablecoins has soared above $320 billion, according to DeFiLIama.