Quant

Quant's QNT token surged about 58% by 11:35 a.m. ET Sunday as investors continued to react to the company's selection by The Clearing House to provide technology for a new blockchain-based banking payments network. The Clearing House said Thursday that it selected Quant to power key parts of its On-Chain Money Initiative, which is being developed to let banks clear and settle transactions involving tokenized deposits, with the network expected to become available to participating financial institutions in the first half of 2027. QNT traded around $160 Sunday after climbing above $190 earlier in the session, though the price has been highly volatile since the partnership was announced. The Clearing House operates payment networks that clear and settle more than $2 trillion each day, and its On-Chain Money Initiative is backed by financial institutions including Bank of America, BMO, U.S. Bank and Wells Fargo, while The Clearing House itself is owned by 25 large U.S. financial institutions. Quant will provide technology handling interoperability, transaction management and orchestration, connecting the blockchain-based network with traditional payment systems including The Clearing House's RTP real-time payments network and CHIPS, which handles large-value payments. The announcement did not disclose the financial terms of the agreement or specify how adoption of the new network would translate into demand for the QNT token.

Seven of the UK's largest banks, including Lloyds, NatWest, Barclays and HSBC, completed the world's first interbank blockchain transactions using tokenized deposits on September 24, 2026, clearing and settling remortgage completions and marketplace peer-to-peer payments on Quant's Overledger platform with support from EY and Linklaters. The program, formally the Grantham Business Tokenized Deposits initiative, connected the seven banks to the Bank of England's RTGS, Faster Payments and Open Banking infrastructure, with the deposits functioning as commercial bank money rather than a separate asset class. The same Quant platform was selected by The Clearing House for its US On-Chain Money Initiative, which will bring tokenized deposits to 25 of the largest US banks, including Bank of America, Citi, JPMorgan, Wells Fargo, HSBC, BNY Mellon, PNC, US Bank and Truist, targeting an H1 2027 launch aligned with the GENIUS Act enforcement cliff of January 18, 2027. Bank of England Governor Andrew Bailey said in a July 2025 interview with The Times that he could not understand the need for stablecoins and believed tokenisation offered more value, a stance favoring tokenized deposits over stablecoins for wholesale settlement. Three digital bonds are planned for early 2027 settled with tokenized deposits, a dedicated company is being formed to govern the program, and a governance framework is being established to manage the transition from pilot to production.

The Clearing House confirmed on September 24, 2026 that it selected UK-based Quant as the technology partner for its On-Chain Money Initiative, the institutional settlement layer for tokenized deposits. The initiative, first announced by TCH on June 5, 2026, has secured the commitment of 25 of the largest US financial institutions, including Bank of America, BMO, BNY, Citi, Citizens, Fifth Third, HSBC, Huntington, J.P. Morgan, KeyBank, PNC, Regions, Santander, TD Bank, Truist, U.S. Bank, and Wells Fargo. Quant will supply the interoperability, orchestration, and transaction-management layer through its Overledger platform, which has already connected seven major UK banks to RTGS, Faster Payments, and Open Banking. TCH, which already clears and settles more than $2 trillion each day, is targeting a first-half 2027 launch, timed to the GENIUS Act enforcement cliff on January 18, 2027. TCH CEO David Watson said the organization is proud to help banks scale this movement by leveraging existing, proven infrastructure, while Citi's Shahmir Khaliq cited the critical need for clearing infrastructure across member banks for both traditional and tokenized deposits.