Meridian
A private invoice financing & syndication exchange, native to Canton Network — priced by a sealed-bid capital-markets mechanism the ledger itself enforces.
Trade finance still runs on email, PDFs, and spreadsheets.
Invoice financing hasn't moved on-chain — not for lack of tooling, but because no prior chain can satisfy five conflicting privacy requirements at once.
This is already happening — at institutional scale.
Recent, dated network activity confirms exactly the institutional pattern Meridian builds for: regulated financial institutions moving real receivables, deposits, and securities where counterparty and pricing privacy is a legal necessity, not a preference.
Tradeweb executes on-chain Treasury repo trades
Real capital, real counterparties — settled via CIP-56, Meridian's own cash-leg standard.
S&P tokenizes a Treasuries index on Canton
Index-level fixed income, tokenized natively — not wrapped or bridged.
HSBC completes a tokenized-deposit pilot
A globally systemic bank validating Canton for institutional cash-leg settlement.
DTCC × Digital Asset tokenize DTC‑custodied Treasuries
Via ComposerX — bringing custodied U.S. Treasury supply on-chain.
Canton names "24x7 on‑chain financing" a flagship use case
Meridian is that use case — one layer beneath these institutions' balance sheets.
Privacy that's structural, not bolted on.
Canton's privacy model is party-scoped contract visibility — signatory and observer — not an access-control layer sitting on top of a transparent chain.
Party-scoped visibility
A contract's signatory/observer declarations are its actual privacy rules — enforced by the synchronizer, not the application.
Atomic multi-party settlement
One Daml transaction can fetch, exercise, and create contracts across multiple parties' authority — indivisible, all-or-nothing.
A network of networks
Organizations run their own private synchronizer for sensitive workflows, yet still settle atomically with the shared Global Synchronizer.
CIP-56 Token Standard
Holding, TransferFactory, TransferInstruction, Allocation — any compliant wallet moves any compliant asset, no bespoke integration.
A blind auction the ledger enforces — not the app.
Every invited financier is an observer of the same FinancingRequest — but each
Bid contract is scoped to only itself and the supplier. No financier can ever
see another's bid, before or after the round closes.
Supplier opens the round
Selects the invoice, invites specific financiers, sets an oracle-anchored pricing band and a time-boxed deadline.
Financiers see the room, not each other
Each invited financier sees the round exists and an anonymized buyer credit profile — nothing else.
Exactly one sealed bid, each
Every bid references the live reference rate it was anchored against; stale or missing rates are rejected at the contract level.
Supplier compares, awards
Bids are ranked by oracle-normalized effective rate. Award and reassignment fire in one atomic transaction.
One contract. Many typed truths.
The receivable is a single underlying contract exposing distinct, typed interface views — every new field is assigned to exactly one view at design time.
IBuyerView
Payee, amount, due date. Nothing else — ever.
ISupplierView
Full economics and complete bid history for their own invoice.
IFinancierView
Parametrized per financier — each instance exposes only that financier's own data.
IRegulatorView
Jurisdiction and aggregate exposure only — never commercial pricing.
| Visibility matrix (excerpt) | Supplier | Buyer | Own bid (financier) | Other financiers | Regulator |
|---|---|---|---|---|---|
| Invoice line items / face value | Yes | Yes | Once invited | No | Aggregate |
| Own bid terms | Sees all | No | Yes | No | No |
| Funded receivable pricing | Yes | No | If lead | No | Aggregate |
| Syndication cap table | "Funded" only | No | Own slice | No | Aggregate |
Atomic settlement. Invisible syndication.
Award and assignment happen in one Daml transaction. Afterward, a financier can lay off risk on a private secondary market — without the buyer or supplier ever seeing it happen.
Financier B's own view shows only 25% · entry price hidden — never A's or C's terms.
Live on devnet today. Built for mainnet.
The full product — sealed-bid financing, interface-view privacy, oracle-anchored pricing, syndication, and the CIP-56 cash leg — runs end to end on Canton devnet right now.
Every party gets exactly what they need — nothing more.
Suppliers
Same-week cash on receivables, priced by genuine competition, with zero disclosure of financing activity to buyers or the broader market.
Buyers
No operational or reputational change whatsoever from a supplier financing an invoice — they simply learn who to pay.
Financiers
Deal flow priced against real market data, cast-iron assurance competitors can't see their bids, and a path to risk-manage funded positions through syndication.
The Canton ecosystem
A concrete, production-shaped demonstration that a chain can be simultaneously private, atomic, and interoperable — at the receivables layer underneath institutional balance sheets.
Turn any invoice into working capital — in hours, not weeks.
Priced by real competition. Settled atomically. Visible only to those with a right to know.