The Cardano Foundation says Veridian, its digital identity venture, has become an independent commercial company, with its shares tokenized on Cardano using CIP-0113. The Foundation announced the programmable-asset standard as live on Cardano mainnet on 7 October 2026, a day before the spinout announcement. The tokenized shares are not being offered to the public, according to CoinDesk.
What is Veridian?
Veridian is a digital identity company spun out of the Cardano Foundation on 8 October 2026. The Foundation describes it as trust infrastructure for proving identity and authority in digital interactions without relying on a central database. That is the Foundation’s characterization; its technology and product claims have not been independently tested here.
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Veridian CEO Thomas A. Mayfield said the team spent three years building the project inside the Foundation before the spinout. The Foundation says Veridian is built on the open KERI and ACDC identity standards, and that its wallet is available on iOS and Android. It also says Mayfield and his team mapped all 142 requirements in Utah’s State-Endorsed Digital Identity implementation guide. These are claims in the Foundation’s 8 October announcement, not independent assessments of the product or its readiness.
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The Foundation also says Veridian credentials are used by Masumi, an AI-agent identity and payment network developed by Serviceplan Group and NMKR. It describes a use case in which counterparties can verify an agent before payment and revoke credentials if the agent is compromised. The announcement describes Utah as the first US state to pass State-Endorsed Digital Identity legislation in 2026 and says more than ten states were observing its model; those statements are attributed to the Foundation, not independently verified legal findings.
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Why did the Cardano Foundation spin out Veridian?
The Foundation’s announcement presents the spinout as a move to develop Veridian as a commercial business, separate from the nonprofit that incubated it. Veridian CEO Thomas A. Mayfield framed the need around online identity and the growing role of AI agents: “The internet shipped without a way to prove who is on the other side. That was a problem when it was only people. It is a far bigger one now that AI agents are moving money and data on our behalf.”
Cardano Foundation CEO and Veridian chair Frederik Gregaard called the move a milestone for the ecosystem, saying Veridian has a product in the market and addresses a problem governments are writing into law. The release says Veridian plans to seek strategic partners and investors in 2027. That is a stated future plan, not a current public fundraising offer.
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Did Veridian tokenize its shares on Cardano?
Yes. The Foundation says Veridian shares were natively tokenized on Cardano as ledger-based securities under Switzerland’s DLT Act, using CIP-0113. It calls Veridian the first asset of this kind deployed on Cardano. CoinDesk reports that Veridian has 1 million shares in total and that most were tokenized; the tokenized shares are not being offered to the public.
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Tokenization records an asset as a digital token on a ledger. In this case, the Foundation says the shares use a standard designed to let issuers attach transfer and compliance rules to native Cardano tokens. The existence of a token does not by itself establish that it is publicly tradeable, available to retail investors, or compliant with every jurisdiction’s laws.
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What is CIP-0113?
CIP-0113 is Cardano’s Programmable Asset Token standard. In its 7 October 2026 launch announcement, the Cardano Foundation said it was live on Cardano mainnet following development with community experts and multiple independent security audits. According to the Foundation, the standard lets issuers configure rules such as KYC/AML checks, sanctions screening, transfer restrictions, and freeze or seize functions. The ledger checks applicable rules when tokens are transferred, minted, or burned.
The Foundation says CIP-0113 is based on Cardano’s EUTXO model, can be configured through modules, and does not require a hard fork. It also says that, after integration, programmable tokens remain native Cardano assets that existing wallets, explorers, and applications can handle. As Cardano Foundation Senior Blockchain Architect Giovanni Gargiulo put it: “On Cardano, a programmable token is still a native asset, so the whole ecosystem can work with it, while the issuer’s rules are checked by the ledger on every transaction.” These are descriptions from the Foundation’s launch announcement, not an independent review of Veridian’s specific share contract.
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What the standard does—and does not—establish
Issuer-configured ledger rules can limit what a token does on-chain, but they are not a blanket legal approval or a guarantee of compliance in every country. Cardano’s general Tokenized Assets explainer notes that controls depend on scripts and deployment authorities, and advises investors to understand who can change the rules. That is general documentation context; it does not establish who controls Veridian’s specific contract.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe Foundation says the Swiss Capital Markets and Technology Association (CMTA) recognized CIP-113 Programmable Asset Tokens as a smart-contract equivalent to CMTAT within CMTA’s certification scheme, including for certification of ledger-based equity securities. This recognition applies within that scheme; it is not a blanket regulator endorsement.
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- Effortless Transactions - Simplify your crypto management with the Arculus Cold Storage Wallet and Arculus App, to seamlessly send, swap, or receive assets with a simple tap to your mobile device.
- CC EAL6+ Secure Element Technology – Safeguard your keys on the Arculus Card through robust, certified encryption, protecting against unauthorized access.
- Supports 95% of the Cryptocurrency Market Cap, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP (XRP), and Cardano (ADA), Litecoin (LTC), Polkadot (DOT), and other popular coins.
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Can the public buy Veridian shares?
No public offer is reported. CoinDesk says the tokenized shares are not being offered to the public. The Foundation’s statement that Veridian plans to seek strategic partners and investors in 2027 does not change that current status.
What is verified about Veridian’s use and readiness?
The Foundation’s announcement says identity fraud cost US consumers $27.3 billion in 2025, attributing the figure to Javelin Strategy & Research. The underlying Javelin publication was not independently reviewed here, so the figure should be understood as the Foundation’s reported attribution, not a separately confirmed statistic.
The Foundation also says Veridian’s wallet is live on iOS and Android and that Masumi uses Veridian credentials. Those announcements indicate stated product availability and a named integration, but do not by themselves establish independent security testing, adoption levels, or the effectiveness of identity verification and revocation in practice.
There is a documentation discrepancy on CIP-0113’s status: the Foundation’s dated 7 October launch announcement says it is live on mainnet, while Cardano’s Tokenized Assets explainer still describes it as “under review.” The dated launch announcement is the more current status statement.
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