onRails Announces cSOL Is Live on Canton Network, Citing $1.55B of SOL Held by US Spot SOL ETFs
onRails says the wrapped SOL token, backed one to one and operated by the company, has been on MainNet since mid September. CantonCap data shows about $132,800 of cSOL outstanding and no trading in the last 24 hours.
onRails said on 29 October 2026 that cSOL, its one to one wrapped version of SOL, is live on the Canton Network. In a post on X, the company framed the launch against US spot SOL exchange-traded funds, saying funds from Bitwise, Fidelity, VanEck, Grayscale, Invesco and Morgan Stanley hold $1.55B of SOL a year after the first such fund was listed. "cSOL brings the asset to Canton," onRails wrote.
The announcement follows earlier activity on MainNet. In a featured app application filed on 17 September 2026, onRails said cSOL had been live on MainNet since 15 September. CantonCap market data read on 29 October puts cSOL at $150.39, with a fully diluted value of about $132,800.
What onRails is offering
onRails, which also issues cETH on Canton, describes cSOL as wrapped SOL backed one to one. Users deposit SOL to receive cSOL, hold and transfer it in Canton wallets and apps, and burn cSOL to redeem their SOL.
The company's whitepaper, dated September 2026, describes a lock and mint model: SOL is held in a vault program on Solana, and a multisig relayer mints or releases on the other side. The token is issued through the Digital Asset Utility registry under the CIP-56 token standard.
The ETF holdings figure in the 29 October post is onRails's own claim. It refers to SOL held by those funds, not to any holding of cSOL.
Size and trading on CantonCap
cSOL remains small. CantonCap data as of 12:01 UTC on 29 October shows:
- Price: $150.39, up 22.07% over seven days
- Fully diluted value: about $132,800
- 24-hour volume: zero
At that price, the fully diluted value implies roughly 883 cSOL outstanding, in line with the 882.793 total supply the Digital Asset Utility registry reported on 9 October. When CantonCap checked on 11 October, the Solana vault account named on onRails's transparency page held 882.793021 SOL, matching the registry supply.
Featured app application and audit
In its featured app application to the Canton Foundation's Tokenomics group, onRails said:
- Sponsor: Digital Asset is the Super Validator sponsor
- Locking: the locking party is already funded with 25 million CC
- Integrations: more than ten venues have confirmed, including Console, Tradecraft, Kora and Modulo
- Audit: an audit has been arranged with Consensys Diligence, with the report to be published once complete
These are onRails's own statements. CantonCap's earlier review found no published cSOL audit report; the application points to onRails's cETH audit by Consensys Diligence for reference. onRails also said the token was already supported by Bron and DFNS.
