company
The Clearing House is a US bank-owned payments company operating RTP and ACH infrastructure, now building a tokenized deposit network.
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The Clearing House, owned by 25 of the largest US banks, picked Quant to power a tokenized deposit network it expects to launch in the first half of 2027. QNT's 300% weekly rally is a bet that fees from those banks will one day run through the token.
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Economists at the Dallas Fed have put numbers on what instant, round-the-clock deposits would cost bank lending capacity. The banks building those rails are the ones carrying the exposure.
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The BankChain Alliance says its members will choose vendors, set pricing and own the network. The deals they signed to get access in the meantime run seven and 10 years.
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Twenty-one institutions have set a first-half-2027 date for a jointly issued dollar token. The float arithmetic points to a different motive: defending settlement flows, not earning on reserves.
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The transaction ran between two of the twelve banks that designed Swift's digital ledger, so what it proves is that the plumbing works. The money question is whether treasurers will pay to give up two days of float.
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Lloyds, NatWest, Barclays and HSBC settled Britain's first interbank transfers of tokenised sterling deposits in three pilot transactions. The Bank of England favours such tokens over private stablecoins, yet it still sketches a system where the two convert at par.
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Canada's regulator said on September 10 that a tokenized deposit is still just a deposit, and twelve days later all six of the country's largest banks said they would build a shared Canadian-dollar rail together.
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A tokenized deposit is legally the same deposit in a different wrapper, so what the six banks are buying is round-the-clock movement and programmable instructions. Five of them also own US banks with about $805 billion in assets.
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A Wells Fargo, Bank of America and Santander token for commercial clients is moving in parallel. Of all these efforts, only the tokenized-deposit network carries a date, aimed at the first half of 2027.
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A sensitivity case in the analysis removes about 12% of the interest-rate exposure banks fund with sticky deposits. The Dallas Fed says the replacement funding gets billed to borrowers.
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The Cari Network is expected to be fully operational by the fourth quarter. Participating banks say the hard part is rebuilding liquidity and reconciliation controls built around a close of business.
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Custody+ adds digital asset custody later this year, starting with bitcoin, inside the framework Citi uses for traditional securities. The bank says it will hold native tokens rather than route them out.
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