Cardano founder Charles Hoskinson has emphasized that Midnight’s expansion into traditional finance is just beginning, as U.K.-regulated Monument Bank prepares to bring up to £250 million in retail customer deposits onto the privacy-focused blockchain. Hoskinson responded to a community post suggesting the integration could launch “in days” by stating, “This is just the beginning. All the assets of the world want some $NIGHT Mode.” This reflects Midnight’s broader goal of serving as privacy infrastructure for regulated real-world assets beyond crypto-native applications.
Monument Bank, which manages approximately £7 billion in deposits, plans to tokenize retail deposits on Midnight in a one-to-one ratio with pounds sterling. The tokenized deposits will continue earning interest, remain redeemable in pounds, and retain Financial Services Compensation Scheme protections. The initial phase targets £250 million, with future phases potentially extending to tokenized real-world assets like private equity and commodity funds.
The rollout was delayed earlier in 2026 due to custody challenges but is now expected to proceed soon. Hoskinson’s mention of “$NIGHT Mode” highlights Midnight’s use of zero-knowledge technology to allow institutions to leverage public blockchain infrastructure while protecting sensitive financial data. $NIGHT, the network’s native token, is trading around $0.048, up 13.7% in the past 24 hours, with a market capitalization nearing $795 million.
While the Monument integration does not guarantee further price appreciation for $NIGHT, it provides a real-world test of Midnight’s ability to integrate conventional assets onto public blockchains while meeting traditional banking standards. If successful, the initiative could pave the way for broader adoption of tokenized deposits and investment products, supporting Hoskinson’s assertion that this is only the start.