Cardano Foundation Launches Programmable Tokens and Identity Spin-out at TOKEN2049

The Cardano Foundation has launched its CIP-0113 programmable token standard and spun out Veridian as an independent digital identity firm. By embedding compliance rules directly into the ledger, Cardano is positioning its infrastructure to handle regulated real-world assets, addressing the critical institutional need for verifiable identity and automated regulatory enforcement within the blockchain ecosystem.

What was announced

Unveiled at TOKEN2049 in Singapore, the Cardano Foundation introduced the CIP-0113 programmable token standard on the Cardano mainnet. This technical framework allows issuers of regulated financial instruments—including stablecoins, tokenized funds, and bonds—to embed specific rules directly into the token. These rules encompass KYC and AML checks, sanctions screening, and transfer restrictions, which are enforced by the Cardano ledger every time a token is moved. This shift moves compliance from an external, manual process to an automated function of the infrastructure layer.

Simultaneously, the Foundation announced the spin-out of Veridian, a new independent digital identity company led by CEO Thomas A. Mayfield. Veridian provides governments, organizations, and AI agents with verifiable credentials to prove identity and authorization without the need for a centralized database. In a demonstration of the new token standard, Veridian’s own corporate shares have become the first asset tokenized on Cardano using the CIP-0113 framework. Veridian has outlined plans to seek strategic partners and investors in 2027 to support its work with US state governments, European enterprise clients, and issuer networks across the Asia-Pacific region.

The announcement also highlighted the progress of the Cardano Foundation’s integration with Fireblocks. This partnership, which aims to bring Cardano native tokens to the Fireblocks platform, is scheduled to have its custody route established by March. Furthermore, the Foundation’s collaboration with venture firm Draper Dragon continues via the $80 million Orion Fund, which launched in early 2026 to support founders within the UTXO ecosystem.

"Transparency is a public good, but most people start from zero transparency and then go halfway. Instead, we should start with full transparency on a public blockchain, and then layer on privacy tech stacks. That will work better for everyone, especially in terms of regulation and investor protection."

Frederik Gregaard at the Cardano Foundation.

The companies involved

The Cardano Foundation is a non-profit organization tasked with advancing the Cardano blockchain. It focuses on core infrastructure development, ecosystem growth, and legal oversight. Frederik Gregaard serves as the CEO of the Foundation and also holds the position of Chair at Veridian. Veridian, the newly independent entity, focuses on decentralized identity solutions, moving away from the "siloed" data models typical of traditional identity management.

Fireblocks is a prominent digital asset custody and settlement platform used by banks, exchanges, and fintechs globally. Its integration with Cardano is a significant step in providing institutional-grade security for assets issued on the network. Draper Dragon, a venture capital firm, partners with the Foundation to provide financial backing to early-to-growth-stage startups through initiatives like the Orion Fund. Thomas A. Mayfield, who leads Veridian as CEO, is tasked with scaling the identity layer across multiple jurisdictions. Other key figures involved in the Singapore launch events included Stephen Richardson, Chief Strategy Officer & Head of Banking at Fireblocks, and David Wachsman, President at Hawkeye Digital, Inc.

What FF News has reported before

FF News has closely followed the institutional pivot of the Cardano ecosystem. In September 2026, we reported that Fireblocks Integrates Cardano Native Tokens to Drive Institutional Adoption, a move designed to allow financial institutions to hold and move Cardano-based assets under existing regulatory controls. This followed a series of major moves by Fireblocks in the tokenization space, including when Abra and Fireblocks Launch Institutional-Grade Custody for Tokenized Strategy Assets.

Additionally, Fireblocks’ role in the broader stablecoin and settlement market was highlighted when Bitpace Partners with Fireblocks to Accelerate Global Stablecoin Settlements. The Cardano Foundation’s focus on regulated assets mirrors broader industry trends, such as when Fiserv Launches Digital Asset Platform with Bank of North Dakota’s Roughrider Coin, signaling a growing appetite for ledger-based financial products among traditional institutions.

What this means

The launch of CIP-0113 represents a significant shift in the "Real World Asset" (RWA) narrative. By moving compliance from the application layer to the protocol layer, Cardano is challenging the dominance of Ethereum-based standards that often require complex middleware for regulatory adherence. This moves the needle for institutional investors who have remained cautious due to the "trust gap" in decentralized identity. However, this strategy places immense pressure on Veridian to achieve rapid adoption; a programmable token standard is only as useful as the identity credentials it recognizes. The industry must now ask whether regulators will accept automated, ledger-enforced KYC as a replacement for traditional oversight, or if this technology will simply create a new layer of legal complexity.