Another “XRP Killer” Enters Wall Street: Bitwise Files ETF for Canton (CC)

The long-running search for an “XRP killer” has taken a new turn as Canton (CC) makes its way into the traditional finance arena through an ETF filing. Asset manager Bitwise recently submitted applications for 11 Strategy ETFs, one of which is dedicated to CC. This places Canton alongside well-known crypto assets such as AAVE, NEAR, TRX, UNI, and SUI—an unusual development for a project that has largely flown under the retail radar.

While an ETF filing does not guarantee regulatory approval or capital inflows, it carries significant symbolic weight. For institutional allocators, ETF applications often serve as an initial screening mechanism. As such, Canton’s inclusion signals that it is now being evaluated through a traditional finance lens, rather than purely as a speculative crypto narrative.

Market reaction has been swift. The CC token surged approximately 54.5% over the past week, trading near $0.15, with daily trading volume exceeding $50 million. Although Canton remains far from mega-cap status, this level of activity suggests that investors are actively repositioning around the ETF narrative rather than ignoring it.

Canton’s positioning as an “XRP killer” stems from its focus on real-world assets (RWA) and institution-friendly infrastructure. Proponents argue that CC is designed to bridge traditional finance and blockchain more directly than legacy crypto networks. However, this claim is contested. Charles Hoskinson, founder of Cardano, has publicly criticized Canton, describing it as a tokenized extension of legacy finance rather than a true competitor to networks like XRP, which he argues already operate at far greater scale.

The ETF filing adds a new dimension to this debate. Should the process advance toward approval, CC’s future price action may be driven less by online speculation and more by institutional allocation models. Conversely, if the filing stalls or is rejected, the recent rally could prove to be a short-lived speculative surge.

In essence, Bitwise’s CC Strategy ETF application represents more than just another crypto product proposal. It marks an attempt to formalize the “XRP killer” thesis within traditional financial markets. Whether Canton can live up to that narrative will depend not only on regulatory outcomes, but also on whether institutions ultimately view CC as a viable long-term alternative—or just another passing storyline in crypto’s evolving landscape.