The Clearing House Picks Quant for US Tokenized Deposit Network
The planned system will connect tokenized-deposit settlement with the RTP and CHIPS payment networks, with access expected in the first half of 2027.
The Clearing House selected Quant on Sept. 24 to provide the interoperability and transaction-management layer for a U.S. network designed to clear and settle tokenized deposits across existing payment rails.
Quant will coordinate interoperability, orchestration and transaction management for the planned On-Chain Money Initiative. The network is expected to connect with the RTP and CHIPS payment systems, with participating financial institutions expected to gain access in the first half of 2027.
Tokenized deposits are digital representations of deposits held at financial institutions. The initiative is designed to support programmable movement of commercial bank money across blockchain-based systems while retaining the existing banking framework.
The Clearing House’s U.S. payment networks clear and settle more than $2 trillion each day across wire, ACH, check-image and real-time payments. “Building interbank infrastructure for tokenized deposits requires proven technology that can scale,” said Sal Karakaplan, chief strategy officer of The Clearing House.
The initiative was first announced June 5 at 8:35 a.m. ET (12:35 p.m. UTC), with plans to connect on-chain clearing and settlement with RTP and CHIPS.
