The Clearing House picks Quant for tokenized deposit network

The Clearing House selected London-based fintech Quant on Sept. 24 to provide the software layer for a planned on-chain network that will move tokenized commercial-bank deposits between institutions. The network is part of The Clearing House’s On-Chain Money Initiative and is expected to be available to participating institutions in the first half of 2027.

The initiative aims to let banks clear and settle digital representations of deposits that remain claims on the issuing bank rather than function as public stablecoins. The announced design links the on-chain activity to existing payment rails, including the RTP real-time payments system and the CHIPS wire system, to enable movement between on-chain and conventional infrastructure and to support immediate settlement and payments triggered by agreed conditions. The Clearing House said its existing wire, ACH, check-image and real-time-payment networks clear and settle more than $2 trillion each day.

Quant’s role includes connecting systems, orchestrating activity and managing transactions across the planned network. Quant will offer Tokenized Deposits-as-a-Service to U.S. institutions using The Clearing House that do not have their own tokenized-deposit capability. The public notices did not name participating banks, provide a pilot schedule, or publish expected transaction volumes or service revenue.

Quant’s general terms describe QNT as a utility token customers may use for access to Quant products and services. An earlier description of Quant’s Overledger interoperability platform said transactions on that platform are powered by QNT. Quant’s FAQ and payment terms allow platform fees to be paid in U.S. dollars, and fees can be set during ordering, shown on a subscription dashboard, or specified in an order form. The announcements for the Clearing House network do not state that banks must acquire, hold, or use QNT as a settlement asset.

Market trading of QNT showed volatility after the Sept. 24 selection. The token reached an intraday high of $373 on Sept. 27 and an intraday low of $195.35 on Sept. 28 before later recovering.

The Clearing House and Quant provided technical and timing details for the planned network but did not disclose whether the network will require QNT, how fees will be charged and settled, or which banks will participate.