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New York – September 16th, 2025 – In a landmark move for finance and decentralized markets, Maseer Finance, in collaboration with KraneShares, announced the launch of CANA, a new digital asset fully supported by California Carbon Allowances (CCAs).
CCAs are carbon credits issued and overseen by the state of California, the world’s fourth-largest economy.1 The total traded dollar value of the CCA futures market is approximately $73 billion.2 CCAs are attracting increased investor attention for their structural features, namely a fixed price floor that rises by 5% annually plus inflation as measured by the consumer price index (CPI).3 KraneShares projects strong upside in the medium to long term for the CCA market, contingent on finalization of reforms and reduction of CCA surpluses—potentially supporting prices near ~$90 by 2030, up from the current price of approximately $31.
CANA represents a new category of real-world assets grounded in compliance-grade carbon credits, representing a $900 billion global market4, with CCAs being a major component. CANA creates a novel pathway for on-chain capital to gain exposure to the CCA market.
Each CANA token is underpinned by CCAs, which form the foundation of CANA’s value. CCAs offer verifiable environmental impact and access to a traditionally complex market with a high barrier to entry. Each CANA token is backed 1:1 by a real CCA—with no fund minimums.
“CANA sources California allowances on the backend to ensure full coverage and price efficiency,” said Bradley Allgood, CEO of Maseer Finance. “By tokenizing CCAs and embedding them in Decentralized Finance (“DeFi”) infrastructure, we’re unlocking new channels for a market that has typically been the domain of institutional investors and traditional finance.”
Key Highlights:
Backed by California Carbon Allowances (CCAs)
CANA is anchored by a verifiable, compliance-grade asset. It offers on-chain exposure to a commodity with high barriers to entry.
CCAs represent an inflation-adjusted structurally attractive opportunity
CCAs have a reserve price set by regulators to prevent auction prices from falling too low. This floor automatically rises each year by 5% plus the Consumer Price Index (CPI), offering both potential downside and inflation protection.
Supported by KraneShares
A pioneer in carbon investing through ETFs, KraneShares brings market insight to connect climate-aware capital with digital infrastructure.
Deployed by Maseer Finance
Founded by Web3 and RWA veterans, including Brian McMichael (formerly MakerDAO), Bradley Allgood (Co-Founder Fluent Finance, Catawba Digital Economic zone), and Jawaad Bokhari (Quant, Tradfi & Crypto), Maseer leverages smart contracts and tokenization to bring climate assets into DeFi markets.
Bringing Strategic Markets to the Web3 Era
The California market is one of the most mature carbon markets in the world. Regulated emitters, including energy providers, industrial facilities, and refiners, are required to purchase and retire allowances annually. In 2025, roughly 136 million California carbon allowances, worth approximately $4 billion, are expected to be retired.5 As CCA prices have moved in response to tightening climate targets and declining supply, investor interest has grown sharply.
"California Carbon Allowances are a cornerstone of the global environmental commodity market, supported by robust policy and market design that make them attractive to investors and portfolio managers. Seeing this exposure in a tokenized form is an exciting step that will broaden participation, sharpen price discovery, and accelerate both market growth and climate impact," said James Maund, Head of Capital Markets at KraneShares.
Availability & Roadmap
CANA is fully audited, has completed its soft launch, and is on Uniswap with multiple pools in operation. In addition, eight lending pools for CANA were recently deployed on Morpho, an $8 billion lending market also used by Coinbase for crypto loans, marking the protocol’s live integration into decentralized borrowing and lending. Looking ahead, future developments include broader institutional adoption and expanding liquidity across DeFi ecosystems.
About Maseer Finance
Maseer Finance is a decentralized infrastructure technology firm that brings real-world assets on-chain. With a founding team of DeFi veterans and tokenization specialists, Maseer is building distribution-first permissionless tools to integrate exciting markets into the digital asset economy. Learn more at maseer. finance.
About KraneShares
KraneShares is a global asset manager known for pioneering ETFs in China, climate, and alternatives. With leading ETF strategies focused on the global and California carbon markets, the firm has helped investors access carbon as a strategic part of their portfolios. Learn more at KraneShares.
Disclaimer: This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, financial instruments, or investment products. Certain statements herein may be considered “forward-looking statements,” which are based on current expectations, estimates, and projections and involve known and unknown risks and uncertainties. Actual results may differ materially. Investments in real-world assets—including, but not limited to, real estate, private credit, infrastructure, or commodities—carry risks such as illiquidity, valuation uncertainty, and potential loss of principal. Past performance is not indicative of future results. Any investment opportunities referenced may not be registered under applicable securities laws and may only be offered in compliance with available exemptions. Access may be restricted in certain jurisdictions. KraneShares serves in a cap-and-trade advisory capacity and may benefit, directly or indirectly, from the issuance, sale, or proceeds of CANA.
Citations:
"California is now the 4th largest economy in the world." Office of Governor Gavin Newsom, 23 Apr. 2025, https://www.gov.ca.gov/2025/04/23/california-is-now-the-4th-largest-economy-in-the-world/.
Oliver, Luke. "California Carbon: Policy, Positioning, Performance." KraneShares, 4 Mar. 2025, https://kraneshares.com/california-carbon-policy-positioning-performance/.
Data from California Air Resource Board, "California Cap-and-Trade Program and Québec Cap-and-Trade System, 2025 Annual Auction Reserve Price Notice," December 2, 2024.
"Global carbon markets value hit record $909 bln last year." Reuters, 7 Feb. 2023, https://www.reuters.com/business/sustainable-business/global-carbon-markets-value-hit-record-909-bln-last-year-2023-02-07/.
California Air Resources Board. “Cap-and-Trade Program Vintage 2025 Allocation Summary.” 9 Dec. 2024, https://ww2.arb.ca.gov/sites/default/files/2024-12/nc v2025%20Public%20Allocation%20Summary.pdf.
https://kraneshares.com/maseer-finance-kraneshares-bring-cana-to-market-a-new-real-world-asset-rwa-defi-token-supported-by-california-carbon-allowances/
