Quant Token Soars on Clearing House Partnership
Quant's QNT token has seen significant price action in recent days, climbing from around $90 on September 24 to an intraday high near $357 on September 30. The seven-day gain of more than 400% from the lows is largely attributed to Quant being picked by The Clearing House to power its On-Chain Money Initiative for tokenized bank deposits.
The initiative aims to clear and settle tokenized commercial bank deposits, with Quant supplying the interoperability and transaction-management layer. This system will connect to existing payment rails like RTP and CHIPS, which together clear more than $2 trillion a day. Seven UK banks have already completed live transactions using Quant's infrastructure for tokenized sterling deposits.
Despite the price surge, analyst Crypto Patel has warned that QNT may be due for a correction. He pointed to a short zone between $330 and $430, with downside targets of $200, then $130, and potentially below $100 if momentum fades. However, Quant's partnerships with Murex on capital-markets infrastructure and Dentsu Soken in Japan on tokenized deposits may continue to drive interest in the token.