The Cardano Foundation has spun out Veridian, its digital-identity project, as an independent Swiss company and tokenized most of the company’s one million shares on Cardano using the network’s new programmable-token standard.
Frederik Gregaard, the foundation’s chief executive and Veridian’s chair, told CoinDesk in an emailed statement that Veridian is “the first to tokenize its own shares on the new CIP-0113” announced this week. The shares are not being offered to the public.
CIP-0113, a so-called Cardano Improvement Proposal that defines programmable native tokens, lets an issuer attach rules to an asset — who may hold it, and whether it can be frozen, seized or restricted — while the token remains a native Cardano asset.
Related: CIP-113 programmable tokens on mainnet
The foundation’s 7 Oct note said the standard is live on mainnet with wallet and explorer support, and that CMTA recognizes CIP-113 as a smart-contract equivalent to CMTAT for its certification scheme.
Why it matters
Regulated issuers have asked for ledger-enforced compliance on public chains. Stablecoins, funds and tokenized securities often need identity checks and sanctions controls that travel with the asset. Veridian’s equity gives CIP-113 an operating-company example rather than a testnet demo.
Related: What tokenized stocks are
It does not make ADA itself freezeable. The controls apply only to tokens issued under the standard.
Identity tools, not a share sale
Veridian is led by Thomas A. Mayfield, who previously ran decentralized trust and identity work at the foundation. The company builds credentials, using open standards known as KERI and ACDC, so people, businesses and software agents can prove identity or authority without a central database holding the data.
Gregaard said the firm has one million shares in total and that most have been tokenized. Veridian plans to seek strategic investors in 2027, CoinDesk reported, citing the foundation. A mobile wallet is live on iOS and Android, and the project has mapped Utah’s State Endorsed Digital Identity Program under SB 275.
Masumi, an AI-agent payment and identity network on Cardano built by Serviceplan Group and NMKR, already uses Veridian, the companies say, so a counterparty can check an agent’s credentials before a payment and revoke them if the agent is compromised.
Controls that travel with the token
Programmable tokens keep Cardano’s EUTXO accounting model. Wallets and explorers can treat them like other native assets while compliance logic stays attached. That is useful for issuers. Holders give up some of the “no intermediary can freeze this” property that open tokens advertise — a trade-off peer chains have also accepted for regulated products.
Market line
ADA traded near $0.235 on Kraken in European early hours on Friday, 9 Oct, still digesting Thursday’s slide. The Veridian news is a product and governance story, not a supply shock for the coin. The next milestone to watch is whether other issuers announce CIP-113 assets — and whether Veridian’s 2027 fundraising stays private.
Related: Coin Levels on ADA
This article is for information only and is not investment advice.