Clearing House Chooses Quant for Tokenized Deposit Network
The Clearing House (TCH), a US banking company that processes over $2 trillion in payments daily, has chosen Quant ($QNT) for its new tokenized deposit network. This move is significant because TCH is looking to integrate blockchain technology into the existing banking system.
According to Sal Karakaplan, Chief Strategy Officer at The Clearing House, Quant's technology offers interoperability and experience working with banks and regulated financial institutions. The On-Chain Money Initiative will allow banks to send and settle tokenized deposits more efficiently.
The project has support from 25 financial institutions, including Citi, Bank of America, JPMorgan Chase, and Wells Fargo. Tokenized deposits are digital versions of money already in bank accounts, remaining a liability of the issuing bank and connected to the traditional banking system.