The Clearing House Picks Quant for Tokenized Deposit Network
The Clearing House has chosen Quant to supply software for its planned tokenized deposit network. The deal is part of the On-Chain Money Initiative, which aims to let banks clear and settle tokenized deposit transactions. A tokenized deposit is a digital version of a bank deposit that keeps the protections of a regular deposit.
Quant will run the network's interoperability, orchestration, and transaction management layer. This part coordinates the clearing and settlement of tokenized deposits. Its technology will also connect the network to RTP and CHIPS, two existing payment systems run by The Clearing House. This would let bank money move between blockchain and traditional systems.
Quant plans to offer Tokenized Deposits-as-a-Service for US institutions using The Clearing House that do not have their own tokenized deposit tools. The network is expected to open to participating institutions in the first half of 2027, with over $2 trillion in daily transactions cleared and settled.
The QNT token will be used by customers as payment for Quant's products and services. However, fees may also be paid in US dollars, leaving room for banks to pay without using the token. The price of QNT has swung sharply since the news, hitting an intraday high of $373 on September 27 before falling to a low of $195.35 on September 28.
Quant's founder and CEO Gilbert Verdian called the deal 'a defining step in the global transition to programmable money.'